“There are many realtors around, but the one I picked and would pick again, was David Kinnard. He was honest and forthcoming with every decision or issue that arose. He sold my Tampa property in a timely manner and was always available for any and all questions. He had my complete trust all the way to closing. David Kinnard was working for me without any pressure from him.”

– Connie Pitts

Challenge

Connie Pitts is a widow who had decided to leave Florida and move closer to family in Ohio. She and her deceased husband owned a neighborhood strip center in Tampa. Her husband was a chiropractor and had his practice in one of the units. When he passed, Mrs. Pitts took over managing the property.

The center was 95% occupied and there was a mix of small businesses in the center. There was a CPA, a church, hair salon, a small office rental, and dry cleaner. In the mid-1980s the owner of the dry cleaners dumped chemicals in the ground and created a contamination on the site. The site was part of an environmental cleanup fund with the State of Florida and was listed as a site to be remediated at no cost to the owner, when funds were available.

Action

Mrs. Pitts hired David Kinnard of Kinnard Commercial Real Estate Group to sell her building. She had purchased a home in Ohio and needed to sell the building. The first task for David was to analyze the building and make a recommendation. David took two approaches; the first was to value the property based on the comparable sales and the second approach was to analyze the property on a cash flow basis. A recommendation was given for the price to sell with factors such as the environmental and parking issues considered.

Result

A marketing plan was enacted that utilized a combination of channels to reach the maximum number of potential buyers. Because of the environmental issues, cash investors were sought after. Investors who had similar buildings were called on the phone, next a mailing campaign created, and then space was posted to several commercial multiple listing services. The building was sold for a price Mrs. Pitts was satisfied with in 7 months to a cash buyer.