Region: St. Louis Park, MN
Services Provided: Seller Representation
Size: 12,000 RSF
CHALLENGE
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The Newmark sale team was engaged to bring this owner-occupant office building near West End, St. Louis Park to market on March 1, 2020.
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Initial demand was strong due to its central location and income potential from several lower-level tenants.
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On March 11, 2020, the World Health Organization declared COVID-19 a global pandemic, dramatically shifting how businesses viewed office space and stalling buyer confidence across the market.
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Despite the uncertainty, the building’s fundamentals remained attractive: a well-maintained structure, excellent highway and amenity access, desirable market size at 12,000 RSF, and flexibility to fully occupy or collect income from long-term tenants.
SOLUTION
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The Newmark team launched its proven marketing process, producing high-end print and electronic collateral, listing on accessible information conduits, targeted email initiatives, and direct outreach to brokers and prospects.
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While initial activity was steady, the pandemic disrupted closings across the market. The team reevaluated its target audience and expanded outreach to retail-service-oriented businesses and brokers.
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Clear and consistent communication was maintained with the seller throughout the changing environment.
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The team built a sizable list of prospects during the pandemic, continuing to follow up and nurture interest, often hearing “not right now” rather than outright rejection.
RESULTS
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As vaccine rollouts renewed confidence in the office market, Newmark leveraged its curated prospect list to generate competing offers.
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The chosen buyer intended to repurpose the building as a cosmetology school and practice, a sector with strong demand.
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Competitive bidding resulted in a closing price and timeline that exceeded the seller’s expectations, despite the challenging market conditions.