They reach out to certain buyer profiles that are actively buying assets like this in tertiary markets.” “During the auction process, Ten-X explodes the process in terms of marketing. “We reached out to a lot of people who hold similar (properties) or are in the market for larger retail or mixed-use properties,” LaMay said. I think there’s definitely a significant upside.”ĭundas came into the picture after LaMay’s company and Ten-X reached out to buyers who might be interested in a property like the Cranberry Mall. There aren’t a lot of fresh tenants, it’s not happening all the time, but it’s possible.
“It’s a tough market, but it’s not like it hasn’t seen some improvement. “(Dundas) has turned around assets like this in the past, so I think they will bring on the right resources to at least give it a good effort,” LaMay said. Regardless of the price, LaMay thinks the buyer, Dundas Real Estate Investment, is an excellent fit for the property. LaMay also said that he is not allowed to disclose the financial figures to a third party without the buyer’s and seller’s consent. LaMay, who owns and operates the brokerage firm tasked with overseeing the purchase of the mall, explained that the sale has not officially closed, so the final sale price could change until then.
The mall has been bought by Dundas Real Estate Investment, broker Philip LaMay told. (EYT) – The Cranberry Mall has been sold, and the community has a reason for optimism since the buyer has “turned around assets like this in the past.”
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