MAGAZINE STREET PARCELS FETCH HIGH PRICE WITH OPEN BID PROCESS

RE/MAX Commercial Brokers senior agents Martin O. Miller III, CCIM and Matt Eaton, CCIM listed and helped sell two of the largest, last remaining vacant parcels of land on Magazine Street, each measuring roughly 30,000 sq.ft.  Through an open-bid process developers were asked to submit their highest and best offers to acquire 1310 & 1339 Magazine Street.  Although not a conventional process, the open bid method for these parcels proved to be the best course of action for the sellers netting them one of the highest sales prices per square foot on Magazine Street to date.  The local developer that purchased the property has a proven track record in the city with developments on Magazine Street and in the CBD.  People are eager to see their plans for these two sites. 

The open-bid sales method is when multiple offers are received from buyers within a certain time frame.  This method works for highly desirable properties as it creates a competitive environment and a frenzy for the property versus standard marketing where there are no deadlines or a sense of urgency.  For this process to work there has to be good coordination with the sellers, brokers and buyers along with adequate marketing and promotion of the property prior to the offer deadlines.  

For more information on this property or the open-bid process, please contact Martin O. Miller III, CCIM at (504) 838-0001 or momiller@ccim.net.