NAI Tampa Bay Assists in 4 year long $10,750,000 AutoNation Disposition
4 year long $10,750,000 AutoNation Disposition
John Burpee of NAI Tampa Bay and Ken Kurtz of NAI Rauch Weaver Norfleet & Kurtz are proud to announce the sale and disposition of a former AutoNation Nissan dealership in Largo Fl. The sale took four years to complete due to the sellers requirement to write down the asset value on its balance sheet. Ken Kurtz referred the asset to John Burpee at NAI Tampa Bay in June 2011.
During the marketing process and after several all cash offers, Burpee discovered the client could not sell the asset at the current market price due to the balance it was carrying for the property on its balance sheet. Burpee met with AutoNation executives in Ft. Lauderdale and arranged for a lease with option to purchase agreement for one of his longtime clients CHS Health Services and a contract was drafted. This allowed for the seller to write down the asset over the course of several years as their quarterly earnings would allow.
Burpee’s client CHS Health Services moved into the space in December 2011 but had to wait 4 ½ years to purchase the property. When financial approval came through from AutoNation CHS closed on the site immediately.
NAI Tampa Bay is part of NAI Global, the world's largest managed commercial brokerage network with more than 375 offices and 6,700 associates worldwide. To learn more, visit www.NAITampaBay.com