An unexpected vacancy can quickly change the strategy behind a commercial property sale. When a long-term tenant at 312 Baldwin Street announced plans to vacate 3,500 square feet shortly after the property was listed, approximately 26% of the 13,262-square-foot building became available.
Bob Lotzar of NAI Wisinski of West Michigan responded by repositioning the property for both investors and owner-users while continuing to pursue leasing opportunities. The strategy generated significant buyer interest, ultimately resulting in three offers on the same day and a competitive best-and-final process.
312 Baldwin Street was initially brought to market as a largely occupied commercial investment property. Shortly after marketing began, a tenant that had occupied approximately 3,500 square feet for 12 years announced plans to vacate.
With approximately 26% of the building becoming available, the property’s investment profile changed considerably. Bob needed to maintain buyer interest and pursue a strong sale outcome despite the unexpected vacancy.
Rather than allowing the vacancy to slow the process, Bob adjusted the sales strategy. Instead of marketing 312 Baldwin exclusively to traditional investors, he expanded the buyer pool to include owner-users who could occupy the available space while benefiting from rental income generated by the existing tenants.
At the same time, Bob continued marketing the vacant space for lease. Pursuing both strategies simultaneously gave the seller multiple paths forward and helped maintain momentum while the property remained on the market.
NAI Wisinski also provided additional support to the California-based seller through its Property Management team. The owner transitioned management of 312 Baldwin to NAI Wisinski, providing local oversight of the property throughout the sales process.
The repositioned property generated significant interest, with approximately 20 to 25 prospective buyers evaluating the opportunity. That activity culminated in three offers arriving on the same day, creating a competitive bidding situation. Bob requested best-and-final offers from all three groups, considering price as well as due diligence, financing requirements, and closing timelines. The process gave the seller multiple options and the ability to select the strongest overall combination of price and terms.
The selected buyer plans to occupy a portion of the available space, reinforcing the decision to expand the marketing strategy beyond traditional commercial real estate investors. Despite losing a long-term tenant shortly after going to market, 312 Baldwin generated substantial buyer interest and moved through a competitive best-and-final process. The transaction delivered a strong outcome for the seller while positioning the property for continued occupancy under its new ownership.
The strategy adapted as the property changed. Instead of treating the vacancy solely as a drawback, Bob recognized that the available space could broaden the property’s appeal to a different group of buyers.
By combining investment sales experience, active leasing efforts, targeted marketing, competitive negotiations, and local property management support, NAI Wisinski was able to maintain momentum throughout the transaction.
For commercial property owners considering a sale in West Michigan, 312 Baldwin demonstrates the value of a flexible sales strategy. When circumstances change, expanding the buyer pool and repositioning the opportunity can help protect value and create a stronger path to closing.
NAI Wisinski of West Michigan is a full-service commercial real estate firm serving businesses, investors, and property owners throughout West and Southwest Michigan. With expertise in brokerage, property management, and commercial real estate advisory services, our team combines local market knowledge with the resources of NAI Global to help clients make informed real estate decisions.
We know West Michigan because it’s our home.
Our team brings generations of experience rooted in West Michigan. With 53 team members and respected industry designations including 8 SIORs, 6 CCIMs, and 4 CPMs, we offer informed guidance shaped by decades of work in this market.
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