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Remedy Medical
Size: 108,685 SF
Sector: Medical/Office
Service: Property Disposition
The Remedy to Four Difficult Medical Properties
The Need
Remedy Medical is the largest owner of healthcare properties in the United States, with over 600 locations. With existing broker relationships nationwide, Remedy Medical turned to Ten-X for a solution in selling four difficult properties.
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Two of the properties were vacant and the other two properties would also soon be vacant with leases expiring within 12 months
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Three of the properties had either ground or air rights leases, and extensive restrictive covenants that encumbered leasing and use
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Three of the properties had Right of First Refusal and/or Right of First Offer provisions
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All four properties were cash-flow negative
These significant obstacles scared buyers and brokers alike, which is why Ten-X and Remedy Medical partnered with BellCornerstone.
The BellCornerstone Approach
BellCornerstone began the approach by producing four custom 26-page offering memorandums and 672 custom direct mail postcards that were sent to target buyers in each market. Additionally, customized auction banners with QR codes were created and installed at each property. BellCornerstone then coordinated twelve open houses with local brokers, to create a sense of urgency and excitement around the properties. Parallel to these efforts, BellCornerstone’s marketing team dispatched multiple LoopNet CDX blasts and social media releases, while the telecommunications team made over 700 outbound calls and sent more than 1,100 emails to prospective buyers.
The Result
With a methodical and complete approach, the BellCornerstone team attracted 243 bidders to the auction site. Each of these bidders were individually qualified, and 30 of them registered. This created a competitive bidding environment, ultimately driving multiple offers for each property. One of the properties would go on to sell for 3x the reserve price!