Cerrito 866, Piso 2
Buenos Aires, C1010AAR
Tel: +54 11 4819 9500
After competing with three colleagues, and winning a tender, conducted by the HSBC Bank, Colliers International, prior appraisal, was commissioned to make the sale of an important property located in the center of the commercial zone of the City of Mendoza, within a maximum term of 90 days.
In addition, as a premise, La Buenos Aires Seguros [The Buenos Aires Insurance Company], pertaining to the international financial group, was to remain within part of the property as a tenant, at a value below the local market.
Since 2010, the HSBC Group had tried to market the property directly. They got an offer around U$S 2,000,000, but it was unsuccessful.
The strategic actions performed to support the management, were:
•Due to the special market situation, the property was inserted in the market, with a high ‘asking price’ (U$S 4,500,000), bearing in mind that the appraisal resulted in a value of U$S 3,800,000 and HSBC was advised of an “estimated value for immediate sale” of U$S 3,100,000.
•A commercialization and marketing process was implemented with the Commercial Management Unit.
•The immediate surroundings of the property were surveyed, and data was obtained from the municipality of owners of retail stores on San Martín Ave., on which the property is located, to contact them and offer them the property.
Colliers International faced the marketing of the property at the end of November 2011, after an appraisal was performed. Simultaneously the services of “Tenant Representation” were offered to re locate the offices of La Buenos Aires Seguros. The prior sale of this company prevented carrying out the project, and generated the necessity to negotiate the lease of the retail premises and offices occupied by the new owner of the property, at less than market value.
Within a 30-day period, Colliers International obtained two different offers for this property. After a slight price comparison, approval was obtained for the sale of the property for the amount of U$S 3,200,000.
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