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CREATIVE MARKETING PLAN EXCEEDED EXPECTATIONS WITH COMPLEX ASSIGNMENT
CHALLENGE
New owner purchased the note for a failed, partially built 6 building office complex on I-5 in Natomas. Tower Investments hired our team to sell or lease the remaining 5 buildings, each comprised of 20,000 – 30,000 SF.
STRATEGY
With only concrete walls tilted, the project was abandoned and needed a creative marketing plan to show the vision of what the project ‘could be’, to potential owner user buyers or tenants. We advised Tower to construct one building on spec. The Tower team agreed and took some risk, but we put the spec building into contract before the shell was completed. From there we continued to pull permits and spec buildings, while finding owner user buyers for 4 of the buildings before the work was done. We secured Sutter Health to lease the 5th and final building, for a 10 year term and are now in contract with an investor buyer to purchase, immediately upon Sutter’s occupancy.
RESULTS
We became a true partner in this complex project by meeting with City officials, the architectural team, contractors and ownership on a regular basis, which allowed us to execute flawlessly on what was a high risk, high reward venture for the ownership. The drive North on I-5 is now a much better visual experience for everyone and the business owners and residents of North Natomas appreciate us taking a horrible eyesore to what is now a professional, productive environment.
Relevant to the lease-up/sale strategy for 930 G: We are currently in contract with an Investor-Buyer to purchase the final building which we leased to Sutter Health. The other building sales were ±195/SF by the spending ±$90/SF in TI’s and other costs, our new contract price is ±$500/SF to the Investor.
