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Commercial retail broker Michael Milano with Colliers Arnold may be on to something.
Milano recently closed a sale of the 143,000-square-foot Western Way shopping center in Brooksville for $11.5 million.
The reason it closed more quickly than other sales was because the buyer, Isram Western Way, had a very clear idea of what it wanted and told the seller, WR Dallas Limited Partnership. In this case, Isram wanted a cap rate of 9.25%.
“The buyers who are going to be successful are ones who can define and explain their investment criteria,” Milano told Coffee Talk. “There's a lot of capital and cash in the market looking for real estate, but investors need to be specific. It is like saying, 'I want to buy a great car.' You have narrow it down.”
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