J-4 Holdings Ltd. had enlisted the commercial real estate services of Chad Biafore and Jack Shabbits to dispose of a portfolio of four commercial properties they had owned since the 1970s. The properties were fully leased and offered potential upside to a buyer through increased rents or redevelopment.
J-4 Holdings Ltd. became a client to Chad Biafore and Jack Shabbits in 2017 when the brokers directly approached neighbouring property owners of one of their listings. One of those property owners was J-4 Holdings Ltd. and although the company did not end up purchasing the neighbouring property, their positive experience with the brokers led them to engage their commercial real estate services a few months later to market and sell a redevelopment site at the corner of Sadler Road and Highway 33 in Kelowna. Following the successful disposition of the property for $1.34 million, the owners re-engaged the services of Chad Biafore and Jack Shabbits in June 2018 to market and sell a portfolio of four commercial properties in Kelowna. The family had owned the properties since the 1970s and were ready to dispose of their interest after having successfully owned and maintained the properties for nearly 50 years.
Following a detailed evaluation of each property, Colliers developed a comprehensive marketing package to clearly articulate the opportunity to investors by highlighting the property’s features and value. Colliers utilized various marketing channels to ensure maximum exposure to the market, including an email marketing campaign, the Okanagan Mainline’s multiple listing service (MLS), direct contact with existing and previous clients, as well as the Colliers Canada website.
Chad Biafore and Jack Shabbits were able to secure offers on three of the four commercial properties almost immediately after going to the market with the portfolio. Shortly thereafter, they secured an offer on the final property, 716 Adams Court. Maximizing their pool of resources, the brokers successfully sold all four properties generating more than $9.6 million in sales revenue for the owners, which not only exceeded the expectations of the owners but set new pricing records in the market.