Monumental Life had purchased a smaller life insurance company which owned 27 small sales offices throughout the southeastern United States. Monumental Life wanted to dispose of all 27 properties and remove the assets from their books.

Challenge
Each office property was less than 5,000 square feet, located in small towns in eight states.  Monumental Life wanted a coordinated sales effort to remove the properties from its books at a profit-over-book-value within 18 months.

Services

• Colliers Pinkard’s Valuation Department coordinated the appraisal for each building.
• Colliers Pinkard interviewed and hired real estate firms in each town for local expertise.
• All hired firms reported directly to Colliers Pinkard in an effort to coordinate and streamline the sales process. 
• Virtual Premise, a web-enabled project management system, was used for client reporting, which gave the client 24/7 access to the status of each property.

Results

• Colliers Pinkard sold 24 of the 27 buildings in the first 12 months; the remaining properties were sold by the deadline.
• 85% of the properties were sold at breakeven or better.
• The primary goal of selling the properties was achieved.

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