Challenge

Colliers International | Charlotte was retained by Rusty Wallace Incorporated to assist with the marketing and disposition of three Class A motorsports facilities located in Mooresville, NC. The facilities were situated in a campus setting and were in excellent condition. Pricing expectations from the owner were above what other comparable facilities had sold or leased for within the area given the quality of the finishes in each building. Each tenant or buyer and their broker represented had to be educated prior to a property tour on the reason the owner was asking an above market sales price.

Strategy

The Colliers team quickly in crafted a first class electronic and printed marketing package including a dedicated website with a virtual tour that would showcase the features of these buildings. Additionally, the Colliers team held an open house event for commercial brokers and targeted potential prospects. Our team consistently kept the ownership appraised of all inquiries and responded quickly to all showing requests and/or proposals.

Services

The Colliers team provided printed materials, property website, onsite open house, physical canvassing of the surrounding area and a virtual tour for all potential prospects of the three facilities. Also, the Colliers team assisted with transaction management throughout the entire process as well as lease and sale contract negotiations.

Results

Within 120 days a tenant was procured who leasing two of the three buildings. A purchaser for the third building was obtained and closed within seven months of putting the property on the market. Due to the quality marketing materials, education process and leaving the office furniture, the buyer paid 30% above highest market comparable property for the facility.