August 24, 2010: McQuaid Commercial has sold a warehouse in Kent, representing the seller who is an out of state bank that foreclosed on the property late last year.
“When I first arrived at the property I discovered it to be in complete disarray following a bankruptcy auction of essentially the entire interior of the building.” Michael McQuaid, the agent for Private Bank, said Tuesday. “This included all HVAC equipment and the vandalism/theft of most of the plumbing and wiring distribution, so I knew selling this property would be a significant challenge”.
The seller wished to find a broker known for being able to assess a situation like this one and give guidance; acting as the eyes and ears of the owner with a single goal of selling the property as quickly as possible in a market place with very, very few sales comparables. While there were several offers from buyers hoping to pay land value only, McQuaid continued to seek an owner-user type buyer and then worked with his agent to coordinate the challenges of obtaining financing due to the condition of the building. In the end, the buyer, a local food distribution company, obtained a great loan from two SBA participating lenders.
The property sold for $2,100,000. The building was a shell of 44,000 square feet on a 77,000 square foot parcel of land located at 22613 76th Ave S in the city of Kent, WA
MCQUAID Commercial Real Estate is located at 400 Roy Street in lower Queen Anne. It is an open-concept boutique-style firm offering advising services and focuses on superior client representation.
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