News
BENNI-GONE'S
June 17, 2010
| Presented with a portfolio of sites for the now-defunct Bennigan's from a receiver, Annandale's prez Jay Annand used every trick up his sleeve to move the properties faster than a waitress can fill your glass of ice tea. | |||
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| Jay says the team used accelerated marketing and worked with an auctioneer to sell the properties. Traditional brokering started the process to move the low hanging fruit: "We maximized the deal by getting rid of the easiest first." In Babe Ruth style, Jay called his shot. “We promised the client they'd be sold by certain amount of time, and within six months, we disposed of all 15 Bennigan's throughout the country—some by auction.†Jay says the auction was key. “We've done something most groups haven't been able to do. There are several other Bennigan's portfolios sitting unsold.†| |||
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| Annandale leadership staff: Mary Rosenbleeth, Sue Hageman,Fred Hopkins, Jay (center), Hugh Wall, Rob Exline, and Alan Hargrove. Jay says starting a business (less than two years ago) in a down economy required creativity to dispose of assets. There's lots of inventory out there, but little to no debt. The effort paid off, as the firm has recently picked up leasing gigs for three shopping centers (two in Okla. and one in Plano) through Oxford Capital. | |||
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| The Cambridge Square Shopping Center is among the projects the firm scored. Jay's recipe for success: bring on former senior leaders who were weary of the corporate environment. Hugh adds that the boutique firm is nimble. That includes outside the office: Hugh is heading to Canada for fly fishing. Jay is biking 100 miles at Lake Tahoe for Team in Training fundraising in honor of his 12-year-old nephew Jack Barker, who has leukemia. Sue hikes and bikes. Rob is contemplating running with the bulls in Spain (again). And Fred hasn't narrowed down his travel plans yet, but admitted to playing a mean flamenco guitar. Maybe he can join Rob in Spain? | |||
