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Region: Edina, MN

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Services Provided: Seller Representation

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Size:  15,000 RSF

CHALLENGE

  • The property was a 15,000 RSF office building owned by a non-profit association that had used it as headquarters for many years.

  • The owners operated on a tight budget and had fallen behind on maintenance, leaving major building systems in need of investment: roof, elevator, windows, lights, and HVAC.

  • Despite its Class A location adjacent to Fairview Southdale Hospital, the building’s economics were challenging due to the significant capital expenditures required.

SOLUTION

  • Newmark launched an aggressive marketing campaign targeting medical users, Edina professional services firms, residential redevelopers, and commercial developers.

  • A website, Matterport virtual tour, and custom print materials were created to highlight the opportunity. The property was listed online, announced to the brokerage community via email and social media, and promoted through mailers to nearby businesses.

  • Matt Elder and Steve Shepherd leveraged their decade-long database of prospects, making direct calls and emails to generate interest.

  • Multiple offers were received, but initial contracts fell through after buyers retraded based on quantified improvement costs.

  • With a complete due diligence file compiled, the team shifted strategy to a Ten-X auction, allowing prospects to review all building information upfront and eliminating lengthy due diligence periods.

  • The auction process expanded the buyer pool to value-add investors familiar with Ten-X, while ensuring contractual certainty of close within a short time frame.

RESULTS

  • The auction generated excitement and competitive bidding, with two finalists emerging: a developer and an owner-user identified by Newmark.

  • During the live auction, Newmark worked closely with both parties, and ultimately the owner-user prevailed.

  • The buyer’s vision led to demolition of the existing building and construction of a new surgery center for his gastrointestinal medicine practice.

  • The sellers achieved a sale price in line with Newmark’s valuation and closed within 30 days, meeting their goals through the auction process.

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