Standing six stories high on 0.26 acres, The Barrington One Building is an iconic office and retail building in the city of Mansfield, Ohio.
This building has been a historic artifact of the city for nearly 100 years, housing numerous well-known businesses since its opening in 1926. But with fewer than 60,000 people in Mansfield, finding the right buyer for this property would prove to be a challenge.
Paul Schadek has worked with the Columbus developer DRK & Company Realty for over 13 years as an inhouse broker, with over 20 years of CRE experience. As he began the traditional transaction process, he understood that the limited local buyer pool would not be sufficient and sought a solution to give this property more exposure.
This solution was Ten-X.
Paul connected with Wendy Figg, a Ten-X Sales Executive serving Columbus and Cincinnati, to market the property to a larger audience. “She was the expert. Whenever I had a question or needed advice, she was right there.” Wendy and the Ten-X team were there to guide Paul through the process, handling the due diligence while Paul utilized the comprehensive Ten-X dashboard to directly reach a larger pool of potential buyers. The team served as partners to Paul, even reaching out to potential buyers to back him up.
“It was a partnership. I didn’t use Ten-X, I partnered with Ten-X.”
Paul’s journey followed the fully mapped-out Ten-X process. After the initial marketing generated attention from potential buyers, it was time to go to auction. Thanks to Paul and Ten-X’s joint marketing efforts, multiple qualified buyers came to bid against one another that day, creating an exciting atmosphere that would maximize the price. Ten-X’s strategic insights on the auction day were the key to closing the deal. “The strategies that the Ten-X team used to get the deal done were impressive. We were able to lower the reserve, which pushed a couple of people off the fence and into the ring, and one of them ended up closing the deal.”
The property closed for $1,133,000 in just 85 days.