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Dandridge, TN | Retail | Closed on RealINSIGHT Marketplace

  • Jun 03, 2020
  • Marketplace Closings

Grocery-anchored shopping center closed just 30 days!

RealINSIGHT Marketplace and Atlantic Retail are pleased to announce the closing of Squirewood Village in Dandridge, Tennessee. Despite current uncertainty surrounding retail, the 57,589 SF, grocery-anchored shopping center closed just 30 days after surpassing pricing expectations in an online auction.

At the time of the sale, the property was 89% occupied but offered challenges as the anchor tenant had a near-term expiration date.

The Marketplace team worked closely with Atlantic Retail to deploy a custom marketing plan generating strong interest in the form of 76 signed confidentiality agreements by investors from 19 different states. The effort resulted in 15 fully vetted bidders who drove pricing to 108% of the reserve during the two-day online auction event. Within 24 hours, the asset was under contract with a non-refundable deposit, and the sale closed just 30 days later.

“RealINSIGHT Marketplace has become a tremendous partner to both brokers and sellers when conducting the disposition of commercial real estate. Having closed multiple transactions with the RealINSIGHT Marketplace team, I can wholeheartedly say that their technology platform increased the marketing exposure for our assets, ensured timely closings of our transactions, and exceeded seller pricing expectations on each deal. Our firms will do more business together in the future!” - David Hoppe, Atlantic Retail

The ability to surpass pricing expectations and trade retail assets in the current environment demonstrates the power of the RealINSIGHT Marketplace online CRE auction platform. Our relationships, experience transacting commercial real estate, and the flexibility of the platform help to make RealINSIGHT Marketplace the fastest growing online commercial real estate auction site in the country.

To learn more about this deal, please visit the Squirewood Village asset page or contact us at info@rimarketplace.com.