Mad Boar Investments LLC

Seeing What’s Possible

With the right disposition strategy, a prime First Hill property could indeed be worth double what the owner was originally willing to accept.

Challenge

When an unsolicited $12 million offer for a prime property on Seattle’s First Hill was presented to Mad Boar Investments, the family-owned entity decided to accept. They approached an attorney asking for help. The attorney insisted, over some resistance, that they hire a broker who truly knew how to maximize value of significant properties. Mad Boar eventually agreed, but remained skeptical about the value a broker would bring.

Solution

Kinzer teamed up with Meriwether Partners to represent the client and determine if other legitimate buyers would be willing to pay more than $12 million for this in-city block. The team began with a comprehensive analysis of development potential, complete with conceptual drawings. Then they identified key players in the area and solicited bids from those high-end developers and the medical community. This approach resulted in a bidding frenzy and a $24 million purchase agreement with Virginia Mason Medical Center. Virginia Mason wasn’t the highest bidder, but the family agreed that the center’s expansion plan was good for the community, and good in terms of reducing the risk of retrading prior to close.

Applied Expertise

• Strategic owner representation and disposition services
• Confidential management of multiple rounds of bids from regional and national developers designed to maximize competition
• Transaction management and closing