Kidder Mathews was engaged by Associated Grocers to list for sale the Associated Grocers 55.23 acre Seattle Distribution property. This property included about 1.1 million square feet of improvements, primarily distribution and cooler / freezer industrial buildings.
Kidder Mathews won the exclusive listing assignment competition for the disposition of the AG Seattle property. The assignment included creation, organization, and dissemination of the exhaustive materials relating to the subject property in less than three weeks, with the goal of launching the full marketing program and identifying the final purchaser prior to mid-December, in the middle of the Holiday season of that year.
A full marketing program was created and launched for the Associated Grocers disposition. Within the first round offering timeline of the first week of December, close to 250 separate
prospective buyer registrations, from the initial marketing database of nearly 40,000 prospects, were received. Each registered prospect was, thereafter, carefully catalogued and tracked by the listing agent doing the following:
- Preliminary vetting of the capabilities and financial capacity of each registered prospect
- Monitoring of document downloads by registered prospects to determine their level of engagement in the subject sale offering.
- Receipt, cataloging and secondary vetting of prospects that submitted initial purchase offers at the first round “call for offers”
- Selection of a final 7 (appox.) offers that were subsequently invited to “better their offers” for the second offering round
- In person interviews of the final three selected offering “finalists” after receiving their second round offers
- Selection of the final purchaser, The Sabey Corporation, based upon the in person interview and careful analysis of the finalists engagement and understanding of the Associated Grocers offering
From an initial anticipated Associated Grocers’ sale goal of $75 million, listing agent bid the final
purchase price up to $91 million.
Assignment exceeded client’s pricing and timing goals in less than 6 weeks of total transaction time.