Hi there, this is my very first post only after reading tons of good info on here. Here’s my particular situation. I’m putting one of our strip centers up for sale. This is the first time we’ve put commercial real estate for sale and are using a ‘qualified intermediary.’
My question is how long do strip centers typically stay on the market? I’ve spoken to tons of brokers and agents and they all say pretty much the same thing, “it depends on this…and it depends on that…” They could never tell me on ‘average’ or their best estimate of how long will it take to sell the strip center. It produces good income and in no way are we motivated as it still produces income for us.
It’s located in the Los Angeles area, current cap at asking price is 5.63%, proforma is 7.71% within 2 yrs. We want to keep the property, but here’s the irony, we own a dental practice in the Northern California, but we lease the space. So in turn we wanted to sell the LA strip center to purchase something back in Northern California.
With preliminary figures like the CAPs I’ve given you - typically how long will it take to sell. Anyone’s advice is greatly appreciated. If it’s too long, I don’t want to go through the hassle of listing it and scaring tenants, I’d rather just refinance at that point…
Thanks.