February 2015 – This month, IPG Real Estate sold a 9,000 sf supermarket in Queens Village for $2.5M. A distressed asset sale, the new owner is a developer with plans to repurpose the property. A prime location on Springfield Boulevard, the store is well built with a retail association membership.
“In this particular situation, the client needed quick and guaranteed solution,” said George Donohue of IPG Real Estate. “Failure was not an option.The buyer we were looking for had to be financially strong and guaranteed to buy. After thorough analysis of the situation, and the needs of the seller, IPG came up with the perfect solution – find a 1031 buyer who also needed to transact quickly.”
Although the premises were marketed to supermarket competitors, the buyer found the property suitable for re-purposing.
“This particular situation had it’s challenges,” said Kristine Scheufele of IPG Real Estate. “For example, there was an existing auto-repair connected to the site that had to be vacated, and there were existing violations that needed to be resolved. IPG knew it had to find a buyer that could move quickly, was financially strong, and not afraid of the building repair issues.”
“This was the perfect real estate textbook solution,” Donohue said. “The buyer and seller were both highly motivated to close quickly. The seller wanted to move fast because of the dures and the buyer wanted to move fast for incentivized tax savings.”