A retired business owner (“Client”) residing in Monterey, California owned a 16,000 sq. ft. two-story office building in Orange County, California. She and her husband (since passed away) had owned the property for many years. It served as the headquarters of the food brokerage business they started, grew and eventually sold. The new business owner decided to vacate the premises, so the property was to become vacant. The Client was introduced to Gibson Company by her Tax Advisor. The Advisor recommended she consider Gibson to oversee the broker hiring and selling of the property. The Client’s initial inclination was to list with a local broker she had known for years. Gibson agreed to include that broker in the evaluation process, and so the Client engaged Gibson Company to proceed.
Gibson identified a select group of top brokers with expertise in the target market and similar property sales. Gibson prepared an evaluation and comparison matrix of the brokers, including the Client’s broker acquaintance. After interviewing the candidates, the Client chose one of Gibson’s recommended brokers to handle the assignment. Gibson communicated the decision to the Client’s broker acquaintance, so she was relieved from making the call. Gibson then assisted to negotiate the listing agreement with the broker chosen by the Client.
The Listing Broker extensively marketed the asset on a multi-state basis. A commercial broker in Sacramento representing the California Lottery responded to the marketing campaign. After touring the property, offers to purchase were initiated by the Lottery. Negotiations led to a definitive purchase agreement. The Due Diligence process uncovered previously unknown title defects including invalid ingress/egress easements. Gibson took charge of resolving the problems. Gibson secured cooperation of a neighboring property owner to rectify the easement problems. This was accomplished without the Seller incurring any costs. Once title issues were resolved, the sale was closed.