Intero Real Estate Services, a Berkshire Hathaway affiliate and wholly owned subsidiary of HomeServices of America, Inc., closed on a major commercial property at 564 University Avenue in Palo Alto at the end of December last year.
Intero’s exceptional negotiating skills on both sides of the deal were instrumental in making sure all parties were represented with the utmost professionalism and care. By representing both the buyer and the seller in the execution of an all-cash transaction of more than 21 million US dollars, Intero was able to close on the property in two days. After a number of unsuccessful attempts with other brokers, the Beijing-based buyer, reached out to Intero because of their reputation with managing successful international property transactions, as well as their ability to navigate the complexities of legislation such as the Patriot Act among other potential obstacles.
Steve Becerra, General Manager of Intero Commercial says of the transaction, “This renovation project, and working with our clients to close this transaction in two days, was an amazing experience and a testament to Intero’s ability to navigate the intricacies of international real estate deals.” Mr. Becerra, having already worked with a number of high-end commercial negotiations said of the sale, “We’re so proud to have worked with such a prominent international investment company, as well as the local seller, to reach an agreement that was greatly beneficial to both parties.”
At 7,910 square feet, the historic commercial building was renovated to the specifications outlined by the Historical Commission in Palo Alto. Intero Commercial was able to quickly secure a single, long-term tenant from the Tech and VC community. Their familiarity and experience in restoration frequently contributes to the elevated value of the properties they represent. Having won numerous awards for this particular restoration, Intero was able to not only secure a buyer, but also sold this Class A property for the unprecedented price of $2,700 per square foot. In doing so, Intero captured a major market segment in their region.
Expressing his appreciation, the seller, Rick Bleszynski, said, “It was truly a pleasure working with Intero. Their excellent reputation with international investors was paramount in securing a well-respected buyer, and was crucial for us to be able to close this transaction quickly.”