After Land Deleot leased the Class A office building for nearly 15 years, the family office ownership engaged Equitable Property Company to market and sell the $20M asset. The property is located in the highly desirable Brentwood submarket.
The Brentwood submarket vacancy rate crept up to the mid-teens due to large healthcare tenants moving into Nashville’s Central Business District. At the same time, the COVID-19 virus emerged from China and Europe. The selection of a qualified buyer became especially important as the first US cases appeared, states began to quarantine, equity partners became unpredictable, and capital markets began to react to the Pandemic.
Land Deleot navigated the uncertainty of marketing and selling a multimillion-dollar asset by streamlining the sales process with Elmington Capital, one of the highest bidders with a track record of performing. In partnership, Deleot, Elmington, Institutional equity, and an institutional lender navigated economic uncertainty. The partnership raised significant additional equity two weeks prior to closing to plug the equity gap caused by fear associated with Pandemic. In 90 days, the building closed as the country was still in lockdown.