Hyatt Commercial Friday announced the sale of Rivers Corporate LLC’s professional office building in Rivers Corporate Park to biotechnology research company, Shimadzu Scientific Instruments for $10.7 million.
In March 2020, Rivers Corporate LLC, an affiliate of The Reliable Group, purchased the fully leased Class A Office building at 10330 Old Columbia Road for $7.4 million, with the plan of a long-term investment hold. The COVID-19 pandemic struck shortly after, which led to Rivers Corporate facing a potential vacancy of greater than 50%. With limited quality office products on the market for sale, Rivers Corporate saw this as an opportunity to take advantage of attractive financing options and flip the property at a premium to sell to an owner-occupant.
Rivers Corporate then engaged brokers Justin Mullen, John Gallagher, and Shane Denman of Hyatt Commercial to pivot from leasing the property to selling it. Hyatt was eventually able to generate an internal offer from team member Cecil Cummins, who was representing an owner-occupied buyer.
Once the property was put under contract, Hyatt was contacted by Shimadzu Scientific Instruments who was eager to make an offer. The seller, the contract buyer, and Shimadzu later entered a three-way negotiation and were able to secure a deal that was a win-win-win for all parties involved. Shimadzu Scientific Instruments closed on the property May 31 with the intention of occupying vacant space in the building.