JEFFREY CORWIN, BB&T Bank, Aspen Dental / MD Now, Sweet Tomatoes & First Watch

Jim and his team at Marcus & Millichap were a great asset to my company. They made great efforts to locate qualified buyers through Marcus & Millichap’s National marketing platform. Their efforts yielded 12 offers. The property and assignment proved to be challenging as the asset was located in a Community Redevelopment Area, which is a submarket that has low income and is in the midst of being gentrified. This aspect did not appeal to many buyers. Additionally, the bank had an extremely low level of deposits, which is the main metric of which banks are measured for stability and perpetuity of the lease, specifically for investment purposes. Jim also created several market studies which included a market rent analysis, concept analysis and a void analysis to prove to the buyer pool that if BB&T Bank did not continue their lease, the property could be easily converted to a plethora of national brands and concepts for an equal or greater rent. These models, coupled with Jim’s enthusiasm, salesmanship and relentless determination, were ultimately the reasons we were able to secure a buyer and close the property.

Total Represented Transaction Volume: $11,975,000