Northwest Crossing Office Plaza
Northwest Crossing Office Plaza represented an opportunity to acquire a Class A office building with additional land for a "sister" building. The property was fully stabilized and developer wanted to sell the asset in order to maximize its return. Its biggest challenge was the pending construction of the Northwest Freeway.
The initial objective was to introduce the property to institutional buyers looking for single digit yields. At the insistence of Broker, the focus was shifted to tenant-in-common buyers as they were actively pursuing stabilized assets.
A bid process resulted in 15 offers which were narrowed down to the three best and final offers. Resulting sale achieved a premium of 7.5% above asking price.
Selling process resulted in a bid war with winning bidder being a tenant in common sponsor. Transaction closed above asking price within sixty days.