“We have had the Big Yellow House on the market for over a year and couldn’t make a deal stick until January 2011 when all of a sudden we had several competing offers. We have not seen multiple offers on commercial property since late 2007…we expect more up ahead” said Scott Glenn, Principal at Radius Group.
“The buyer is a local investor who intends to restore and upgrade the property to accommodate one or more future retail tenants. He has the patience and the ability to create one of the nicest facilities on the South Coast, said Steve Brown, one of Radius Group’s four founding principals., “This is not just another sales transaction, but a big plus for the community that a very prominent property that had slipped into disrepair will be restored and returned to a vibrant retail center. We will be looking for a suitable tenant as soon as the restoration begins.”