CCIM ROI
DAVID SIGMON , CCIM , MATT VANVICK , CCIM , AND JOSH TEW , CCIM
Three CCIMs worked together to ensure a smooth transaction for a $ 67.5 million , 60-acre mixed-use property in South Carolina .
For many businesses , the back half of December , with all the holiday celebrations , is as dead as the Midwest winter . But David Sigmon , CCIM , Matt Vanvick , CCIM , and Josh Tew , CCIM , with Pintail Capital Partners popped the champagne on Dec . 21 , 2021 , after closing a $ 67.5 million deal for a 60-acre , 700,000-sf mixed-use property in Greenville , S . C .
Sigmon and Vanvick represented Zeta Partnership LLC in the sale of Merovan Business Center and The Shops @ Merovan , which includes nine flex buildings and a retail shopping center , while Tew and another colleague represented the buyer , RealtyLink . Constructed in 1978 , the property had never changed ownership in the previous 43 years .
“ An important detail to disclose to the potential buyers was a pending [ South Carolina Department of Transportation ] project that , if adopted , could centrally bisect the property ,” Sigmon says . “ Our team saw this as a positive that would eventually allow for better access and visibility for tenants and / or future redevelopment . We worked to educate the buyers on the
details and potential outcomes of the project , highlighting the long-term value-added effects .”
Pintail Capital Partners relied on its established relationships with both buyer and seller to win the business . Sigmon and Vanvick were able to gather more than 20 written offers . Tew and his colleague , meanwhile , had a professional relationship with RealtyLink for years , helping to establish trust in a deal that could include significant changes with the SCDOT proposal .
“ There is a layer of comfort when dealing with another CCIM ,” Tew says . “ In this case , I worked with two other designees and , because of that , I could expect a high level of credibility and commitment to bring the deal to fruition . When working on a deal of this size , there are always challenges — both expected and unexpected .
“ It was imperative that the seller close by year-end , which accelerated our time frame . Having three like-minded problem-solvers at the table was invaluable as we brought our collective experience and creativity to bear to close the deal beneficially for both buyer and seller .”
CIREMAGAZINE . COM COMMERCIAL INVESTMENT REAL ESTATE MAGAZINE 47