Bluewater Properties recently had the opportunity to work alongside the Ryan family in the sale of their Northfield commercial property. What does this process look like?
Paula Ryan shares her story, “My father bought the building in Northfield in a 1031 exchange some years back. He had accepted the financial statements from the seller who had some kind of arrangement with the main tenant, a real estate firm. The P&L reflected an inflated rent, i.e., it was pro forma, and shortly after the sale, the main tenant left.
My father had very little experience with commercial real estate and was at his winter home in Florida when all this took place. For some time, a local individual managed the property.
I told my dad he needed local professionals involved with managing and renovations of the common areas. I live in California so I had to do my research online and was able to connect with Chris Ekern and his team at Bluewater. I scheduled a meeting with my dad, the Bluewater gang, and the existing manager. Within an hour of a tour of the building, my dad agreed to let the other guy go, we got Chris on board and within 18 months, the property was ready to market.
We brought it to market with Bluewater as the listing agent at the suggested price Chris gave us and within a few weeks, we had multiple offers. Bluewater did a great just managing the property and bringing it up to snuff as well and walking my 87 year old dad through a complicated escrow and closing. I would recommend them to anyone considering using them for property management or as realtors in a sale.”
“Bluewater took over [managing my property], got all the leases in place and did an outstanding job of managing the property. When I decided to sell, they did a similar professional job of preparing it for the market place and in short order had multiple offers. They then carried it in to the closing. I could not have been more satisfied.” – Tom Ryan
Bluewater is always grateful to work with tenants like the Ryans. Chris Ekern comments, “First off, we really enjoyed working with the Ryan’s in managing and selling their property. They are the perfect example of the type of owner that can benefit from the services Bluewater can provide.
They live out of town for most of the year and rely on someone they can trust to keep their property running. In a short amount of time, we were able to build trust in them with our knowledge of the local market, management and leasing, and ultimately disposition of the property.
We quickly familiarized ourselves with the property, were able to target areas that needed attention; whether it was under-market leases or maintenance issues. Just as importantly, we were able to meet with all the tenants and discuss their challenges with the property. I believe they were surprised at the level of professionalism we take pride in and the swiftness that their questions and concerns were addressed.”
