Achieving a local price record in spite of a tenant’s right of first refusal – $5,500,000
The owner of 2505 Pitkin Ave had leased the property to a City-chartered pre-school for many decades. As the lease neared a long-anticipated expiration, the owner intended to shift the property’s equity into higher profit investments. As a result, he wanted to sell this asset, however the expiring lease included a tenant’s right of first refusal. The owner wanted to maximize sales value, but it was concerned that many buyers would shy away from making potentially fruitless bids.
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