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Class-A Medical Office Building Sold Using Unconventional Methods

Covington, LA, Dec. 31, 2019 (GLOBE NEWSWIRE) -- Class-A state-of-the-art medical facility, leased to Children’s Hospital, finds new owner after years of searching. The original owners of the property knew the most likely buyer was St. Tammany Parish Hospital, but despite several well-received attempts to engage the hospital in negotiations, the property remained unsold. The hospital board for one reason or another was unable to agree upon and produce an offer and procrastinated the purchase for years. Eventually the sellers became impatient and sought out an alternative solution.

“We decided to use The Future of Real Estate’s online auction and national advertising campaign based on their track record of stirring up the market for Class-A properties and bringing ‘fence-sitters’—such as the hospital—to the table,” says St. Romaine, seller of the Medical Building.

The auction marketing campaign generated a great deal of interest from across the country and, “As predicted, when faced with the realization they could lose the opportunity to purchase the property, the hospital stopped procrastinating and placed a bid,” says Bill Lange, President of the Future of Real Estate. At the end of the day, the local hospital was the highest bidder and purchased the multimillion-dollar facility all cash, closing in just 60 days.

About The Future of Real Estate (FRE)

FRE has over 35 years' experience in transactional real estate, selling billions of dollars in commercial and residential properties worldwide. Past clients include Coca-Cola, Wells Fargo Bank, Century 21, US Bank, Bank of America, and many other financial institutions, government agencies, international brokerages, developers, residential builders, and private sellers.

Attachments

Matthew Collaco
The Future of Real Estate (FRE)
(949)706-6113
mcollaco@lfc.com