Michael Forrest, David Shorenstein and Peter Vassiliou, seniorassociates in Marcus & Millichap Real Estate InvestmentServices, represented the seller. "This was a very difficulttransaction for Marcus & Millichap to negotiate," explainsForrest. "In fact, a number of banks backed out of this transactionbefore previously scheduled closing dates."
[IMGCAP(2)]Shorenstein tells GlobeSt.com that the sale wasdelayed for about a year due to the bank withdrawals, which heattributes to the current credit market. He further notes thatthere was tremendous interest in the parcels. "There was a lot ofcompetition."
Bids were originally due by Feb. 17, 2006, GlobeSt.com learnedfrom the marketing brochure. "Eventually, we were able to broker asales price that satisfied the buyer, seller and the lender,"Forrest says. "Given the current state of the credit markets, thissale is a testament to the buyer's creativity and persistence insecuring favorable debt and equity terms in this tumultuousmarket."
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