The successful sale of an operating nursery on approximately 6.8 acres of land demonstrates how LFC identifies and targets the appropriate market for each property, no matter how narrow the buyer demographic and demand, while maintaining the highest levels of transparency.
CHALLENGE: As many financial institutions around the country have learned, the problems afflicting the commercial real estate market affect properties of all types. Oftentimes, the more distinctive the property is, the more challenging the sale.
The property, which included an older farm-style, single-family residence and several other structures in addition to the nursery, was located in Sherwood, Oregon, a mostly residential community less than 20 miles southwest of Portland.
The loan for the property was originated by Northwest Bank of Lake Oswego, Oregon, and guaranteed by the U.S. Department of Agriculture's Business & Industry (B&I) Loan Guarantee Program. The nursery was unsuccessfully marketed using conventional means for nearly a year before Northwest Bank took a Deed in Lieu for the property and hired LFC to conduct an auction marketing campaign in September 2010.
IMPLEMENTATION: After conducting thorough research into the local and regional market, LFC quickly developed a comprehensive and concentrated auction marketing campaign that was aimed at local, regional and national horticulture companies through print and Internet advertising, direct mail and email, as well as a public relations outreach to the local and regional press. The targeted marketing campaign generated interest from nursery and horticulture companies nationwide, resulting in 514 visits to the auction web page, 22 registered prospects and 5 on-site property tours.
RESULTS: Both Northwest Bank and the USDA placed a high premium on transparency. The online auction allowed interested buyers to view all available property documents online, resulting in highly informed, and thus more confident, buyers. In addition, the seller had access to the company's advanced Media Prospect Tracking System (MPTS), which allowed them to analyze and track the effectiveness of each marketing program in real time.
CLIENTS & BROKERS WE’VE WORKED WITH
We’ve successfully auction marketed and sold commercial real estate and residential real estate for large financial institutions, government agencies, international brokerages, developers, residential builders and private sellers across the globe.