Mark Jensen, Senior Vice President of Investment Sales with Newmark Grubb ACRES, recently sold one of Utah’s highest profile corners located on the southwest corner of 5300 South and State Street in Murray, Utah.
Two years ago, Mark was engaged to market the corner of 5300 South and State Street as he had identified that the corner was grossly underutilized and that the owner could achieve much higher return on equity through a new lease, build-to-suit, or an outright sale and 1031 exchange into another asset. Ultimately, he created a competitive environment, raising the pricing and expectation beyond the original target and sourcing a national credit tenant that “had to be there”. Mark worked with attorneys and architects and coordinated third parties, and through a tenant dispute, sign dispute, and 26 months of negotiating two contracts and nine addenda, finally brought the deal to a close.
Mark expressed his thanks to all of the parties involved to achieve this true “win-win”. “No deal is easy, but this was definitely one of the longest and most challenging I have experienced in my 12 years of brokering deals!” He said, adding, “Properties like this very rarely trade hands, but this hot market has given me tools as a broker to bring value to my clients, and I am grateful for the opportunity - this was truly a team effort and I am thankful for the commitment of the buyer and seller to cross the finish line.”