Arnold’s Garage

5005 West 29th Ave. Denver, CO 80212

Buyer: 5005 West 29th Ave., LLC

Challenges

Arnold’s Garage was being marketed as an adaptive re-use of an automotive repair shop into office space. While the property itself was in great condition, several other issues made finding the right buyer difficult:

The seller requested that we quietly list and sell the property at a top-dollar sale price without exposing it to the open market

The timing of the sale was past the peak of the development cycle with construction costs – to build anything new would steadily continue to increase at an unpredictable rate

During Buyer Due Diligence, we discovered that the site may not have been properly mitigated when fuel tanks used to exist on the property prior to the current ownership

Actions

We utilized our large network to quietly market the property to a short list of neighbors, developers, and users.

Very quickly, we received multiple offers and contracted with the highest-paying developer at that time, while continuing to market it to the neighbors and users we identified.

We used the existing contract on the purchase as a means of leverage in our continued pursuit of marketing the property with the backup offers we received.

Results

The developer tried to renegotiate the terms and price of the contract after discovering the site wasn’t properly mitigated previously years ago. In turn, we negotiated with our multiple backup offers and let the first offering party cancel the contract.

Through our commitment to continue negotiations even after the property was originally under contract, we were able to close on the property with a different buyer at a price that was $400,000 higher than their first offer and six figures higher than the contract we terminated.

My first impression of Mike was that he’s a nice guy, which is exactly what I wrote on his business card when I first met him 7 years ago. Recently, when I was looking to sell my garage, I came across Mike’s business card with my note written on it, and knew I wanted to work with him. Mike is an honest, straight-up guy who I highly recommend working with. He helped me out a lot and he is definitely a broker to deal with!

Joe Vigil

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