|CLIENT||Squires Office Centers, Inc.|
|LOCATION||Brookfield, WI (Milwaukee suburb)|
|SERVICES||Brokerage & Advisory Services
Purchase & Sale Negotiations
|PROPERTY SIZE||81,863 SF Office|
|FINANCIAL BREAKDOWN||18% Above Market Average|
Damian McKinney initially began working for a group of real estate investors in Los Angeles in 1979. For the past 33 years, McKinney has worked with this group on multiple properties throughout the West Coast and Mid-West regions. Most recently, the investment group requested McKinney Advisory Group to reposition its office portfolio known as Squires I & II in Brookfield Wisconsin, a suburb of Milwaukee. McKinney Advisory Group specialists, Andrew Meyers and Julie Dunlap, successfully completed the repositioning and sale of Squires I & II in December 2012.
Prior to pricing the portfolio for sale, the investment group retained McKinney Advisory Group to create the disposition strategy. Upon review, the properties were determined to be under-performing the market due to lack of proper marketing. The decision to sell was made to avoid uncertain economic consequences and a full scale approach was enacted to ensure timely marketing and sales positioning before year end.
McKinney extensively researched the local office market, personally toured all comps, closely inspected and photo-surveyed the Squires properties, and conducted financial analysis. Based on its findings, McKinney presented an all-inclusive analysis including as-is valuation, market repositioning steps, and cost-benefit analyses as part of a hold-versus-sell overview.
Following an in-person review of the properties and surrounding markets, the client immediately undertook several recommended steps to add value, including retaining professional leasing agents, curing deferred maintenance, and making cosmetic improvements in key areas.
McKinney researched competitive pricing, market analysis, and aligned with a local brokerage firm to market the properties on a national platform and attain maximum exposure. Within a relatively short window of time an agreement was made with a well-qualified buyer. The properties closed escrow 10 days prior to year-end 2012, at a price 18% above the market average for like-kind sales.