Recognizing Opportunity and Maximizing Value
Circle K Development 318 Madison Avenue, Montgomery, AL
CHALLENGE Marketing a multiple parcel site in the heart of downtown Montgomery, Alabama. Each lot had ongoing businesses with the largest parcel being an outdated car wash owned by the client/seller. The challenge was three of the four lots were easily marketable, but the largest piece in the middle was landlocked and occupied by an obsolescent car wash. A plan was needed to accomplish the sale of the entire parcel and not allow the overall parcel to be “cherry-picked”.ACTION Seller called John Mottram to get his recommendations. With John’s development experience, he recommended the property be marketed as a single site to national retailers as opposed to what all other brokers were advising, which was to subdivide the properties. John recognized the opportunity and quickly engaged an engineer and developed a master plan. He approached national tenants who he thought would be interested in this rare commercial lot in downtown Montgomery, while simultaneously meeting with city officials to get their guidance and gain their support for the eventual development.
RESULT Within 30 days of the commencement of the marketing campaign, John procured a purchaser and had a well-negotiated Letter of Intent signed by Circle K, Inc., a $55 billion dollar C-Store operator. The results were:
- A closed deal with the largest C-Store operator in North America.
- A purchase price that set records for the property sold in downtown Montgomery.
- The final sales price exceeded the Buyer’s expectations.