Property Overview

I represented the Seller of a prominent Walmart Outlot located at 545 Conestoga Pkwy, Shepherdsville, KY 40165. The property was part of a larger development with several restrictions imposed by Walmart and the original developer, which included business uses, building types, and parking regulations.

Client Background

My client was a lender headquartered in Puerto Rico. They had recently foreclosed on the developer who owned the property and sought to sell it based on a 2021 appraisal.

Strategic Insights

Upon reviewing the appraisal, I realized the proposed listing price was well below the current 2023 market value. I convinced the lender to adjust the pricing strategy, nearly doubling the original listing price based on my market analysis.

Challenges Encountered

This transaction had several complexities, including:

• Navigating the development’s restrictions on usage, structures, and parking.
• Filtering through offers to ensure compliance with these criteria.
• Convincing the lender to trust my market analysis and adjust the pricing strategy.

Negotiation & Outcome

Once listed, the property quickly generated interest and attracted multiple offers. After reviewing development documents and evaluating buyers, we selected a strong offer that aligned with the development’s requirements. The property ultimately closed at a price well above the lender’s initial expectations.

Conclusion

This transaction showcases the importance of hiring an experienced commercial agent to guide you to the best possible outcome. If you’re considering buying, selling, or leasing commercial property in Louisville or the surrounding areas, let’s connect! You can reach me at 502-536-7315 or raphael@grisantigroup.com.