New York, NY According to TrueRate Investment Sales, Samuel Finkler, Audley Clarke, and Andrew Hyans have closed three transactions within the period of one month, with a total sale value of $44 million.
Together, these three properties are comprised of a 122,000 s/f Walmart SuperCenter in Saukville, WI, and a combined total of 204 units across two multifamily properties in Lowell, MA. and Spartanburg, S.C.
“As a new firm, we have already closed three deals totaling $44 million and have another $40 million under hard contract,” said Finkler, vice president of investment sales. “This success largely stems from our data analysis tools, which ensure maximum exposure for each deal within a short time period, fostering a competitive bidding environment and the highest resulting price possible. For each of these three deals, our process proved superior over the competition and maximized the value of our client’s hard-earned assets.”
For the Walmart SuperCenter deal, TrueRate was hired exclusively to market this property at a 5% going in cap rate with only five years remaining on the initial lease term. The team was able to produce multiple offers in writing for the seller in only a matter of weeks, resulting in a sale price equaling the asking price. The team was also able to negotiate a contract on behalf of the sellers that contained zero contingencies and ensured the deal was not re-traded from contract to close.
“For my Super Walmart store in suburban Milwaukee, the Sam Finkler/Audley Clarke TrueRate team brought me two offers at full asking price and we succeeded in transacting smoothly with one of those buyers, a highly credible party of longstanding repute,” said Zell K, principal of Morning Sky Capital.
For the 72-unit Upstate Coliving deal in Spartanburg, S.C., TrueRate’s system of identifying buyers with the highest likelihood of transacting on each deal yielded a buyer that was higher in price and better in terms than the competition. TrueRate negotiated a sales price that was $200,000 higher than the initial asking price; this marked a price record for Spartanburg on a price per unit basis.
For the 132-unit Oak Residences in Lowell, MA., the sellers owned the property for just 12 months before TrueRate utilized a data-driven approach and notified the sellers that their property had appreciated by 23% over just a 12-month holding period. TrueRate brought a reputable buyer that closed in 30 days and the property was sold for a going-in cap rate of 4.25%.
This combination of multifamily and retail properties exemplifies the team’s ability to close on all asset types nationwide, positioning them as an expert on investment sales in various markets.
TrueRate focuses on incorporating data, technology, predictive valuation and underwriting analytics into every transaction, leading to a quicker close and transparent deal process. The team represents CRE owner-operators of all asset types nationwide, emphasizing client relationships and building a competitive bidding process around each listing. Their unrivaled leading-edge technology aids generate the highest number of qualified buyers and precise estimates of the property’s current market value, giving them an extensive competitive edge over other industry players.