Seller accepts and closes on best offer after competitive bidding for Kentfield office building
Challenge: Five partners owned, operated, and some occupied office space in their multi- tenant office building. The partners were not experienced as CRE owners and did not keep tabs on the current market, therefore were not certain of the buildings value or marketability. The loan was coming due within six months, there was no time to waste.
Action: Ces Cecchin, a specialized Commercial Real Estate broker at Meridian Commercial conducted a full market investment analysis to determine the sales value, then applied the custom Full Market Exposure Program to seek offers. The property was presented in multiple sale channels including social media, USPS, industry subscription services, direct call marketing and good old fashion networking.
Results: The owners attained offers from competing buyers within one week. Ces fully analyzed and compared the offers for the partnership providing the important information to make the best decisions that would lead to reaching their goals. The partnership had the tools to accept the offer that best met ownership’s needs for a qualified buyer that could close for a strong price. The property closed within ninety days to a medical owner user.
- Multi-tenant office building sells to owner user
- Assisted partnership in selecting best of competing offers
- Closed within 90 days with SBA financing
Property Description
1044 Sir Francis Drake Blvd is a two-story medical/office building built in 1970, currently classified as Class C. It has about 2,730 square feet of building area, split roughly into two floors of ~1,365 sq ft each. The property sits on approximately 0.23 acres. Zoning is OP (Planned Office). The building offers about 30 parking spaces, which gives a parking ratio of roughly 10.99 spaces per 1,000 square feet leased.
Location Description
This property is located on Sir Francis Drake Boulevard in Kentfield, a highly visible area with great traffic exposure. Kentfield is an upscale community with many affluent residents, making it a great place for medical, healthcare, or professional offices. The area has a strong customer base, which is ideal for businesses in these fields.
The property is easy for patients and clients to access, with plenty of parking available. It is also surrounded by other professional and medical offices, creating a convenient hub for these services. Plus, Kentfield is located just minutes from Highway 101, making it easy to reach nearby cities and areas. This location offers great visibility, easy access, and a solid community of potential clients.
Highlights
- Medical/office use with flexible zoning suitable for light medical or healthcare practices
- Single-tenant building with ~2,730 sf spread over two levels
- Strong parking availability: ~30 spaces, ample for the building size
- High visibility along a well-trafficked arterial road
- Located in a high-end market base with affluent tenant/demand demographics
Testimonial: “Ces Cecchin was transparent, presented all of the options, and helped us make the important decisions. I trust him and would recommend him to anyone looking to sell their investment building.” – Edward D. Owner/Partner
“Ces Cecchin is the best! With his efficiency, hard work, and outstanding marketing he stirred up multiple offers in a tough market and got us in contract in less than ten days! I highly recommend Ces. You can trust him, and he’ll get the work done!” – Wendy E., Owner/Partner