Stirling Investment Advisors was tapped to sell a newly developed medical office building in New Orleans, Louisiana. Although the facility was fully leased to a major healthcare provider, the lease structure included a purchase option in favor of the tenant. The property was brought to market during the onset of the COVID-19 pandemic, which limited physical views by potential buyers and delayed the tenant from occupying the space, further altering the visual perspective for likely investors. Another challenge for the SIA team was the uncertainty of who future neighbors may be on the undeveloped adjacent land.
First, the SIA team dove into the existing lease to fully understand the terms and what they were working with. Then, they launched an aggressive marketing campaign targeting regional and national investors. Knowing that more than half of similar real estate deals in Louisiana are bought and sold by out of state investors, SIA’s goal was to garner national exposure and place the property front and center of every significant commercial syndicated site.
The SIA team successfully achieved national attention for the property and delivered multiple interested and qualified buyers to their client. They were also able to provide an immediate lending source and legal team for potential investors. Ultimately, the tenant exercised its right of refusal and acquired the property.
- The property listing received more than 1,651 views from potential investors, resulting in 81 executed confidentiality agreements
- The client received an optimal sales price and maintained a great relationship with a major healthcare provider
- The property sold for $671.35 per square foot, a record high for medical office assets in the immediate trade area
- The SIA team was able to build relationships with other potential buyers—regardless of the outcome—further strengthening their investment sales pipeline for future deals
When we decided to put our medical property on the market, we needed an investment sales team with national reach to target prospects and local expertise to tell the property’s story. We felt confident working through the sales process of our investment property in New Orleans with Stirling Investment Advisors. Beezie, Griffin, and Justin successfully produced multiple offers and the team at SIA navigated a great deal of uncertainty throughout the pandemic.
– Scott Day, CFO – Kent Design + Build