Questions on how to sell my a 1.05 Acre outparcel in a Publix plaza

[Jesse Johnson]

Hello,

I signed up here a while ago but have never posted before.

I want to be descriptive, but not too descriptive in order to not violate the self promotion rule but I need some advice.

  Back in 2021 I bought a 1.05 Acre Out parcel that is located next to a Publix here in Palm Bay, Florida.  The community is called Bayside lakes and it is one of the nicer parts of town.  Upon finding the property, which was undervalued, I immediately listed it with CBRE.  They to agreed that I got a good deal and had appraised it at a higher value.  During the first 2 years of having the property listed with them I had a lot of interest.  Multiple people inquired, 2 were serious, and 1 put it under contract to build a Dunkin Donuts.  That person eventual backed out. My property is on the south west side of the plaza, meanwhile on the the north east side of the plaza, they have built a Starbucks, Advanced Auto, Mavis tire, and another commercial building is currently under construction.  What I had found out was that someone in the same CBRE office was involved in those deals and some of the initial parties interested decided to build over there.  I didn't really like that, and i understand that there's other factors such as ADT and certain requirements from franchises, but it kind of left a bad taste in my mouth.  So when the next listing agreement was up, I switched to have the local group that sold me the property as my broker.  Upon doing so I quickly realized that they are not really doing much to push this property, communication is a fraction of what I got from CBRE, in fact after signing the listing agreement with them, i hadn't heard anything for 4 months until i reached out.  When having the conversation about "are you sending out email blast to your client list?"  and "what strategies do you have to sell the property"  first answer was asking me to reduce the price.  The Starbucks was built on an 1 acre lot and the lot sold for $840,000.  I was asking $600,000 for my 1.05 and on the brokers request lowered the price to $575,000.  Which in my mind makes it makes it look like the value proposition is price only.  I don't like that.  Admittedly I am a novice, but I have a good real estate attorney on retainer, and have a good business skill set.  What should I do to get this property under contract?  Do I need to reach out to national vendors myself?  I feel like that's the brokers job.  Do I need to contact a land planner?  My listing agreement with the local company is up at the end of June.  Is it better to go with national brokers with a bigger list of buyers?  Any feedback would be appreciated.

couple quick details about the property

was previous purchase for $575,000 in 2009 by a company that was going to build a carwash on it.

site plan for carwash was approved by city.

Zoning is PUD, approved for commercial use as well as medical, or office.

is allowed to share the drainage and retention of the Publix plaza.

Thanks

[Evan Polaski]

@Jesse Johnson, again I highly recommend you start talking to retail brokers in your market.

Commercial real estate is controlled by specialists.  The industrial teams don't know what the retailers are doing.  The retailers don't know what office users are looking for.  

This is why you likely had a generally active listing with strong communication from CBRE and are getting nothing from your local team.  CBRE put your property with the retail team, who is talking to other retail brokers and tenants all day every, whether in CBRE or outside retail brokers.  They know the players. They all want to get deals done, whether for your listing and their others.

Your local team (assuming the loopnet listing I found is the right one) does industrial, primarily.  They likely don't know who they are even supposed to be calling on a retail property.

Again, there are likely 3-4 major retail brokers in your market.  So you don't need to work with CBRE again.  But I would pick a group that specializes in retail. If it is Colliers, for instance, they still know the CBRE guys.  They are talking to them frequently, because all these guys just want to get deals done so they can get paid.