The Perry Plaza was part of a family trust that had recently lost the main trustee and the expertise and experience they carried with them. After the passing, the center fell into the lap of family members that had little to no involvement or experience with running a property of this type. The ownership had recently leveraged against the previously fee and clear property in order to pay for the necessary improvements needed to procure Orscheln’s Farm and Home. This leverage put financial pressure on the asset and caused the lender to apply pressure as well. Scott was able to reach out to the trustee through the bank and help formulate a fair plan for the family to sell the asset and get all interested family members a fair shot at the property. We held a sealed bid call for offers and sold to the highest and best offer that closed quickly in under 30 days. All debts were covered and the family walked away with the stress gone and money in their pockets. The new investor is bringing life back into the tired center by demolishing the condemned former Hy-Vee, repaving the lot, and freshening up the entire center. This is a win for all, the sellers, the buyer, the tenants and the community.
