Steve Shepherd of Newmark - and a member at St. Gabriel’s parish - volunteered to sell the parcel on behalf of the church. With a recentnearby sale comparable, it was apparent that a dense residential project would provide the best return on the asset for the church. Thelist price was set at $1.96MM with Steve estimating the church would achieve a sale price at or near $1.5MM based on the nearby Molineapartment sale comp. Cushman Wakefield also pitched the sale opportunity and recommended a list price around $800,000.

The marketing campaign was targeted to the Newmark team’s database of likely buyer prospects in the Southwest market focusing ondevelopers with a track record for closing and delivering successful multi-unit housing projects. Dozens of calls and emails were placed tolikely buyers, many of whom had experience working with Steve.

Newmark ultimately secured four competing offers and presented all to the council. Offerees were each given an opportunity to improve their proposals and two finalists were selected to present their final and best. A market rate developer and a non-profit affordable housing builderrose to the top as the best two candidates.