This article originally appeared in the April 2024 issue of BID Magazine. For more updates and insights on the Phoenix CRE market, download your free digital copy here.
Eric Wichterman heads the top private capital markets team in the Greater Phoenix area, where he specializes in the sale of office investment properties. Over the course of over 29 years in commercial real estate, he has sold over 595 office buildings totaling nearly $5B in consideration.
Wichterman has sold 22 properties on the Ten-X platform, including the recently closed 3030 N Central Ave, a high-rise office property in Phoenix, Arizona. He shares his experience and expertise partnering with Ten-X to bring speed and certainty of close to his clients.
Ten-X: What attracted your seller to use Ten-X for your transaction?
Eric Wichterman: When the seller consulted my team on the auction strategy, I knew from my experience selling office in the wake of the global financial crisis that this was a good idea.
There were several routes to solving its occupancy problems. Its small 13,000 square foot floor plates would work well for apartment or hotel conversion; while at the same time, the small floor plates played perfectly into metro Phoenix’s red-hot small tenant market.
Regardless of a buyer’s intended strategy, our seller was looking to transact in a timely manner and any high-rise in escrow in the country (or world) has a major probability of a challenging escrow and a near-certain re-trade on price.
Based on your experience, what are the benefits of online auctions?
The certainty of close is fantastic. Auctions for the most part escape most major threats to a smooth closing such as price re-trades and escrow terminations by forcing upfront due diligence and non-refundable deposits.
Despite the stringent due diligence and bidding qualifications, auctions seem to always generate a high level of competitive bidding.
What has your experience been with the Ten-X team?
Execution by the Ten-X team is swift, thoughtful, and error-free. Brittany Hoskins is my lead contact. She’s tenacious, and she’s a phenomenal asset. She’s deeply involved in the transactions, great in recruitment, and a champion for getting my name out there.
Interested in reading more about Wichterman's collaboration with Ten-X to transact 3030 N Central Ave? Read the full story in our Behind the Deals feature.