In this case, the investor was looking to exchange up to a property closer in to the Portland core. HFO was selected on the strength of its marketing platform and commitment to help locate an exchange up-leg.
HFO priced the property aggressively - especially for a tertiary market - and was able to deliver on those pricing expectations with several offers. Two extensions were built into the closing timeline in order to give the seller more time to find a 1031 exchange, and she was ultimately able to put an exchange property under contract before the closing date.
Boston Square sold for $1.625 million.
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