150,000 SF COMMERCIAL SPACE, TWO LUXURY HOMES & 90+ ACRES
Houston Run was developed by Anne & Jonas Beiler, the founders of Auntie Anne’s Pretzels in Lancaster County, Pennsylvania. The portfolio included a community center that supported the local Amish community, three commercial buildings totaling over 150,000 square feet, two single-family homes, and over 90 acres of development land.
Much of the property was within one master-planned development and had been on the market for over five years without selling. Following a decision to relocate their family to Texas, our team was hired as a means to expedite the sale of this struggling development, as well as to dispose the ownership’s holdings in the immediate area.
Due to the diverse nature of the properties, we offered them in several different formats – open-outcry and sealed-bid, as well as absolute, regardless of price, and with reserve formats.
Response was generated from across the country with genuine interest coming from all over the world. The sale resulted in all seven parcels being sold to three separate local buyers. The main buyer wished to continue the philanthropic mission that the seller intended for the development.
Additionally, all bids received on all properties offered via the sealed-bid and/or open-outcry auction formats were 100% conforming to the seller’s preapproved terms and conditions. This fact speaks to our experience and expertise in putting together the proper deal structure, depending on each property’s specific nature and market, as well as us effectively communicating with the buying public, and excellent auction follow-through and execution.
This was a private sector portfolio sale with a financially strong client who utilized our process in order to control the timing and structure of the offering to meet their specific objectives while still maximizing price.
One situation in which we recommend sealed-bid sales – aside from difficult-to-value and multi-use assets and/or properties with smaller markets – is, when price is not the top factor in choosing the appropriate purchaser. Although our client was private, one of the properties in their portfolio was a family community center that was funded by our client. We recommended the sealed-bid auction sale method, as opposed to an open-outcry sales strategy for the property, so that our client could approve and make sure the purchaser would continue to make the family center an asset to the community and not convert it for another use.
The core competitive advantages of our portfolio sale program apply to both private and public sector clients, as it is structured as well as flexible, to meet the goals and objectives of both types of clients.