Without blinking, the well-seasoned pros at MMG Real Estate Advisors told the developers exactly what they never thought they’d hear: “Don’t take the bid.” Like you, the sellers at the time were thinking, “Wait, what?! Seriously?” Even though the bid was in the targeted range, MMG was confident in the ability to do better for the client which ultimately, boils down to the difference between simply being transactional versus going with the strategic advisory approach. But of course, it’s always the client’s call.
For the sake of conversation, let’s call it “the road less traveled” (thank you, Robert Frost). The logic was that with a little bit of healthy competition, the property value would feasibly go up exponentially and the ultimate buyer would end up paying well over this bid as a result. Make sense? We thought so, too. The reality is that people generally operate in their best interest …
Why does a buyer go direct? For a deal! Because of the incredibly detailed evaluation at the onset, MMG had an intimate understanding of what was really possible with the asset, and just how far the needle could theoretically be moved on a transaction of this magnitude.
Now, without further ado …