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Project Outline
As a result of their very successful marketing campaign for the
disposition of the Associated Grocers’ property, the ultimate purchaser
of that property, Dave Sabey, President of the Sabey Corporation,
engaged Jason Rosauer and Dave Speers of GVA Kidder Mathews, for his
planned disposition of Sabey’s, Post-Intelligencer (P.I.) Building; a
Class A “perimeter” office property located just north of Seattle’s CBD
on Elliott Avenue in the Lower Queen Anne submarket of Seattle.
The Sabey Corporation developed the P.I. Building in 1986, and had come
to the conclusion that it was time to sell this asset. Similar to the
Associated Grocers’ assignment, The Sabey Corporation wanted the sale of
the subject property “fast tracked” and due to a variety of economic and
“political” considerations, they wanted the listing agents to perform
somewhat of a “stealthy” marketing program for the assent, with the goal
of not widely disseminating marking materials to the local market, but
rather focus on a national prospect “audience” for this disposition
assignment.
Services Provided
The listing team essentially prepared in a similar expedited timeline,
the sale comprehensive marketing program that they assembled for the
Associated Grocers assignment, including an equivalent amount of
property-related and ancillary supporting materials for their custom
(proprietary) web-based marketing platform. The listing team assembled
the full marketing program, including all web-based materials after
constructing a custom web site and prospect tracking system identical to
the Associated Grocers’ assignment, in less than three weeks.
The ownership authorized the listing team to “leak” the potential
availability of the P.I. Building prior to the “official” launch date of
the team’s marketing program for the asset. As a direct result of the
exceeding successful disposition of the Associated Grocers’ property,
and with the threat of the listing agent’s pending campaign for the P.I.
Building, Legacy Partners determined that they did not want to enter
into a bid-process competition for the acquisition of the P.I. Building
– a property they had coveted for some time. Instead, Legacy submitted
an unsolicited “preemptive” offer for the P.I. Building asset.
How We Added Value
By making certain selected prospective buyers aware of the pending
availability of the P.I. Building property, and with the broader market
knowledge of our prior very successful disposition of the Associated
Grocers’ Seattle Distribution Center property at well above predicted
pricing, we compelled a very aggressive buyer to preempt our pending
disposition program for the asset in a effort to acquire the property
ahead of our planned orchestrated competitive bid process for that
assignment.
Therefore the listing team:
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Leveraged its prior recent success,
achieving a bid-up price well beyond Associated Grocers’
expectations, into a quick and very satisfactory premarketing sale
of the P.I. Building property.
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The Sabey Corporation achieved a price for the
property well over its internal anticipated sale price of $35
million, receiving a final purchase price of $40,022,400 - $400.00
per square foot - without going to the open market for the property
offering, and achieving this above-projected pricing without
exposing the asset to broader broker and buyer market, acceding to
the ownerships confidentiality requirements.
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Seattle, Washington
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