6A — December 24, 2021 - January 20, 2022 — DelMarVa — M id A tlantic Real Estate Journal
www.marej.com
D el M ar V a
By Brian C. Hosey, Marcus & Millichap Why Hire an Exclusive Broker?
O
ur experience has shown that owners have three basic needs
not wanting to be “tied up” or not understanding what the word “exclusive” means. Some owners feel that hiring an exclusive broker will limit them in some way and simply say, “bring me an offer.” Oth - ers have the false impression that marketing the property on an “open basis” will result in more brokers working on the transactions. Without proper representation, own- ers often waste tremendous amounts of time and money fielding calls, sending pack - ages and arranging showings. Owners that attempt to handle the sales process themselves get renegotiated on price or locked into onerous terms that are not always in their best interest. Exclusive Listings Earn Higher Prices for Sellers It is a fact that owners who hire a broker exclusively net more money during the sales process than those who do not. When hired exclusively, a real estate professional has a fiduciary responsibility to
act in the seller’s best inter- est. The agent must perform in such a way as to get the highest price and best pos- sible terms for the client. This is not the case with open listings. When a broker brings a buyer to an open list- ing, that agent may actually be representing the buyer. In that scenario, the broker has been hired by the buyer to negotiate the best deal for him. Many owners don’t understand this nuance. Hir - ing a broker exclusively to represent the sale is the only way to ensure that the agent is working in the seller’s best interest. It is no surprise that every day I receive calls from savvy investors asking if I have any “off market” or “quiet” deals. These investors know that if the building is not being marketed properly then it can be purchased at a dis- counted price. Proven Process Listing exclusively sends a message to the investment
community that a seller is serious and not just feeling out the market. Real sellers attract the attention of serious investors and 1031 exchange buyers. In order to avoid taxes, buyers in an exchange often pay a higher price and close in a short amount of time. Once Marcus & Millichap is hired exclusively, a seller gains im- mediate access to the largest pool of qualified buyers in the marketplace. We handle all the marketing of a property and serve as a negotiation buf- fer with the brokerage commu- nity. The extensive marketing resources used in this process include: • Direct mail marketing to potential investors • Proactive outreach to buy - ers (calls, investor sympo- siums, e-presentations and property tours) • Marketing to cooperating brokers • Advertising in local/re - gional newspapers, business journals and trade publications • 1,800 investment profes -
Green Clean Express Auto Wash and Cushman &Wake - field | Thalhimer announced the sale of one acre of land at 9486 West Broad St. in Henrico County. Green Clean Express plans for the imme- diate development of their third location in the Rich- mond metropolitan area. Alex Wotring of Cushman & Wakefield | Thalhimer represented the purchaser, Green Clean, in the $1.5 mil- lion sale transaction. Green Clean also recently acquired multiple proper- ties in Portsmouth along with sites in Suffolk, Nor - folk, Chesapeake, Charlot- tesville and Elizabeth City. Construction is currently underway on nine additional sites, with more than a dozen Green Clean Express loca- tions slated to open across the region by Q1 2022, with more scheduled in 2022. Green Clean’s “Clean Pass” Unlimited Wash Program can be used at any Green Clean Express Auto Wash location. MAREJ sionals nationwide promoting the property to their buyers • Access to the largest pool of qualified investors and 1031 exchange buyers nationwide • Creation of an auction-like environment that results in the highest possible price In our sophisticated invest- ment environment, it is impor- tant that a seller be represent- ed by a real estate professional that will act in their best interest. Once hired exclu - sively, Marcus & Millichap has a fiduciary responsibility to create a competitive bid- ding environment that results in the highest price and best possible terms for our clients. To find out more about how this process can benefit you, please contact me for a complimentary analysis. Brian C. Hosey is first vice president/district manager of Marcus & Millichap’s Charlotte Up- town, Greensboro, Ra- leigh, Charleston, Colum- bia, Hampton Roads, and Richmond offices. MAREJ
when selling p r o p e r t y . Gene r a l l y , sellers want: • The high -
MANASSAS, VA — Cush- man & Wakefield | Thal - himer’s Capital Markets Group has represented the seller in the disposition of Portsmouth Station Shop- ping Center in Manassas. The 147,305 s/f, neighbor- hood center is currently 78% leased to 20 tenants and anchored by Regency Furni- ture and Aldi. The property is comprised of two multi- tenant retail buildings along with a corporately leased 7-Eleven outparcel within a densely populated Washing- ton, DC suburb. Pe t r o l eum Marke t i ng Group out of Falls Church, VA acquired the asset on October 15th, 2021, for $19.45 million ($132/SF). The transaction was completed by Catha- rine Spangler of Cushman & Wakefield | Thalhimer’s Capital Markets Group. Sha- ron Schmidt and Berkley Mitchell with Thalhimer’s Fredericksburg office handle leasing representation for the shopping center. In a second transaction, Cushman & Wakef ield | Thalhimer’s Capital Markets Group represented Rio Road Shops, LLC in the sale of est price and best possible terms • A buyer who will perform • A process that is stream - lined and efficient An exclusive listing provides all of the above benefits to the seller, which results in maxi- mum exposure of the property and, ultimately, a competitive bidding environment that en- sures the highest price. There- fore, it is baffling that some sellers choose to market their property quietly and not fully expose it to the marketplace. Sellers who market on an open basis consistently leave money on the table. When meeting with poten- tial sellers, we hear all types of concerns, including sellers Brian C. Hosey
Cushman &Wakefield | Thalhimer completes sale of Portsmouth Station SC for $7.15 million ($486.53/SF) as part of a 1031 exchange. Sale negotiations were han- dled by Spangler.
Portsmouth Station Shopping Center intersection of Rio Rd. & Rte. 29, shadow-anchored by Char- lottesville Fashion Square. The property has five tenants, including Verizon, Jimmy
The Rio Road Shops located in Charlottesville, VA. The property is a 100% leased, 14,696 s/f retail strip center located at the highly traveled
Johns, Mattress Firm, Sport - Clips and Vitamin Shoppe. A private, Richmond based investment firm acquired the asset on November 9, 2021,
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