Problem: The elderly owner’s husband had passed several years ago and she just shut down the business and closed the doors. Several deals with traditional realtors always fell apart at the last minute. The Industrial park had fallen on hard times being located in an area in transition.
Solution: Our attempt to auction the property initially resulted the same results-we didn’t get is sold. Despite that we knew it was a unique building with good zoning and a drive thru bay-more suited to industrial application and not a destination bound business. We kept working the call list on the property and worked with a Baltimore based Contractor that needed to base of operations in P. C. County.
Result: We entered into a 14 month lease with option purchase. The rental income and purchase option price will result in a total equivalent to the Realtor’s contracts which failed to go to settlement. Yes – it took a year to get it done – but sometimes you have to think outside of the box.