Real results from the Fortis Capital Solutions platform.
In the midst of the credit crisis and CMBS meltdown, we exclusively listed for sale a 50,000 square foot retail center with Fortis. This property had been previously listed with another national brokerage firm with minimal, unsuccessful activity over six months. Within days of signing the listing, Fortis was able to procure several offers due to the strength of their national marketing platform. Ultimately, they procured 12 offers in the first 14 days of marketing.
The decision was made to list with the Fortis group in spite of a deeper relationship with a larger brokerage firm. We were convinced that the dedicated team would yield us superior market exposure and the best results. We made the right decision. Fortis produced multiple offers in a rapidly changing market. The total properties sold numbered 12 at an average cap rate of 7.1%. Their network delivered buyers from California, Oregon, Illinois and other markets that were simply out of reach to the other brokers. I can recommend this group without reservation or hesitation.
Fortis represented our organization as the exclusive listing agent for two of our retail shopping centers with a total GLA in excess of 225,000 square feet. The team procured more than a dozen offers from qualified buyers in nearly as many states. Our organization is happy to recommend this group's services to any interested parties.
We listed for sale a portion of one of our retail shopping centers with Fortis. This property was previously listed with another national broker with minimal, unsuccessful activity over six months. Within days of listing, we started receiving offers due to the national marketing platform. We closed the sale at an extremely good price. They have great attention to detail and a sixth sense for who the right buyer is.
In the spring, we acquired a large portfolio of net leased assets across the Midwest with the intent of reselling to individual high net worth and exchange buyers. We engaged Fortis along with several other well-known national brokerage firms. They not only gave important insight and market color, but outperformed their peers in all facets of the process including LOI generation, contracts signed, and ultimately closing sales at prices closer to ask than the competition. We will continue to use and recommend Fortis for future opportunities.
Fortis is tenacious at working toward their goals. While trying to get my business, they made me a believer by bringing me national-tenant buyers at incredibly competitive cap rates.
The Fortis team has become an integral part of our overall strategy, filling the critical role of asset disposition. They are consistently reinventing brokerage performance through consistent analysis, win/win negotiations, and service during and after the sale.
I am writing to THANK YOU for continued outstanding service. In the over 15 deals Fortis has sold for our companies, they have always acted with the utmost integrity and had extreme knowledge of all aspects of the deal. Fortis has been an absolute pleasure to work with and we look forward to a long lasting relationship with one of the premier investment sales companies in our industry.