NAI Koella | RM Moore Closes a $3.3 Million Deal, 8 Years in the Making
NAI Koella | RM Moore closes a $3.3 million deal, 8 years in the making
KNOXVILLE, TENNESSEE - Financial Plaza, a 63,000-square-foot office building located at 9050 Executive Park Drive, has been sold for $3.3 million.
Heidi Adams, of NAI Koella | RM Moore represented the seller on the deal, Granite Financial Plaza Holdings, LLC. The buyer, Financial Plaza, LLC, was not represented.
Adams took over the leasing and management of Financial Plaza in December of 2009, after the property had fallen into foreclosure. She represented a special servicer of Wells Fargo and was asked to increase occupancy during an economic downturn, with a limited allowance for tenant improvements or capital improvements due to the property’s financial state.
In September of 2014, Granite Financial Plaza Holdings, LLC purchased the property and elected to keep Adams on board as the exclusive leasing agent, due to her previous success and knowledge of the property. With a new owner dedicated to repositioning the property, Adams continued to increase tenant occupancy over the next three years and brought much needed stability to the complex.
In 2017, Granite Financial Plaza Holdings, LLC decided it was time to sell, and wanted to finalize a transaction by year’s end. The owners looked to Adams and the team at NAI Koella | RM Moore to exclusively represent them in the sale. With the deadline quickly approaching, Adams leased approximately 12,000 square feet of additional space in the second half of 2017, bringing occupancy to 70% and ensuring buyer interest when the property went up for auction.
Working in conjunction with Ten-X, LLC, an online commercial real estate auction marketplace, Adams brought in multiple bidders for the property. The deal was finalized in December with Financial Plaza, LLC, which did not have brokerage representation throughout the transaction.
As East Tennessee’s largest commercial real estate and property management company, there is no problem too big and no problem too small for NAI Koella | RM Moore. Our only real estate service is total peace of mind.