CCIM ROI
FRANK C . MARTIN III , CCIM , AND MATT HUFF , CCIM
Saying timing is everything may be a bit hyperbolic — CCIMs , after all , play their parts in closing deals . But in completing the $ 9.5 million transaction for a 46,467-sf office building in Roanoke , Va ., Frank C . Martin III , CCIM , and Matt Huff , CCIM , benefited from a timely confluence of factors during the global pandemic .
“[ COVID-19 ] actually helped in my mind ,” says Huff , who represented Goodview Properties LLC , the seller of the property . “ The building was 75 percent occupied by a tenant , but because everyone was working from home , it made getting everything done easier .”
The national instability related to the pandemic was refreshingly absent in this case , with Huff ’ s client interested in selling and Martin ’ s client , Freedom First Federal Credit Union , looking to expand .
“ Freedom First is a longstanding client that I have worked with through many transactions in the past few years ,” Martin says . “ For this property , they were looking to consolidate many of their offices into one highly visible downtown building with significant market presence . And this building — recently renovated in a cool , retro way — fit their needs perfectly .”
About that renovation : The office building has gone through a handful of iterations , some more appealing than others . It housed a chemical sales company previously , then lay
vacant for a time , hosted a furniture store , and even boasted a bright orange exterior , which received mixed reviews . But a little over a decade ago , Huff ’ s clients completely rehabbed the building .
“ This building is iconic to downtown Roanoke ,” Matt Huff , CCIM , says . “ It is very visible to nearby I-581 which is the main north-south traffic artery through Roanoke . The owner completely renovated the building when he purchased it in 2010 and created a modern office building that became a jewel in the downtown Roanoke skyline .”
While both representatives agreed the transaction progressed more smoothly than others , Huff and Martin credited each other ’ s abilities and professionalism in closing the deal .
“ This was unique in that we did not have a single issue or problem that I was worried would torpedo the deal ,” Martin says . “ There were some quirks , such as the parcel ( included in building parking lot ) that is owned by the Commonwealth of Virginia , but we worked through that .”
A small issue like the parking lot proved less a bump in the road , thanks to a willingness and determination to do what needed to be done .
“ I have to give Frank a lot of credit here , as he handled any issues that came up with the attitude that everything can be solved , and I really appreciate that ,” Huff says .
48 COMMERCIAL INVESTMENT REAL ESTATE MAGAZINE WINTER 2022