Bealls

Challenge

Coldwell Banker Commercial, Capital Advisors took on a new client looking to sell their Beall’s investment property in a smaller market. Unfortunately, Stage Stores Inc., the backer of Bealls, declared bankruptcy a month into the marketing process.

In response, Jordan Wood and Jesse Rincones, assigned to the case, faced the challenge of backfilling 16,000 square feet in this tertiary market. The property, initially purchased as an investment, had 8 years remaining on the lease at the time of the tenant’s bankruptcy.

Action

Jordan and Jesse promptly initiated the marketing efforts to lease the property. Through multiple successful campaigns and extensive outreach, he managed to secure a fitting tenant. Interestingly, the tenant turned out to be Bealls again, this time backed by the Bealls family from Bradenton, FL.

The new arrangement necessitated a significant remodel of the premises. Jordan skillfully navigated the complexities of the remodel by assisting the owner in obtaining funding from the Economic Development Corporation of Seminole in the form of a forgivable note.

Result

With the forgivable note secured, Jordan and Jesse not only preserved the owner’s equity in the deal but also secured a new, robust 10-year lease from a more financially stable tenant. Subsequently, he efficiently sold the property to a new owner who now benefits from a fully renovated property with a secure, long-term tenant in place.

Jordan




For More Information, Contact:

Jordan Wood, CCIM
Investment Specialist
jordan.wood@cbclubbock.com
(806) 317-4666

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For More Information, Contact:

Jesse Rincones
Investment Specialist
jesse@cbclubbock.com
(806) 470-0179