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Following a similar deal conducted last July, Albert Fontana has yet again facilitated a multi-million dollar “marriage.”
The NAI Harcourts Metro agent’s latest transaction involves a deal worth over $10 million dollars, after he put in the groundwork to match two sellers, which eventually resulted in the vendors trading their properties.
Harcourts has described it as a “perfect marriage” between one vendor who was selling two commercial buildings and another who was looking to part with three vacant lots.
Explaining how the deal came about, Mr Fontana revealed he first approached the owner of the two commercial buildings, valued at $3 million apiece, to see if he would be open to “taking a trade of three vacant lots of land and add the cash difference to make up the price of the three parcels of land”.
He added he believed such a deal would be of interest to the commercial building seller due to the fact that his main source of business activity is as a property developer.
Following this, Mr Fontana made contact with the landowner, proposing that, instead of a traditional sale, “he consider purchasing the two buildings, earning income from the leases, and receive the cash difference to make up the extra value of the land.”
“Both vendors decided this property trade would satisfy their investment objectives, resulting in a sale value of all five properties totalling $10.15 million,” he said.
Jason Luckhardt, national manager of NAI Harcourts, praised Mr Fontana for achieving this result, which he described as “particularly pleasing.”
Mr Luckhardt praised Mr Fontana’s ability to work hard in “areas many find too complicated.”
“Albert continues to stand out as one of our leading performers,” he added, pointing out his belief Mr Fontana’s success is born from his “particularly unique ability to structure deals.”
“Agents generally don’t think of bringing two parties together for a property trade concept and few would have the patience and skill to construct the multi-layered deals that Albert so regularly does,” he explained.
Outlining how he achieves his outcomes, Mr Fontana says his first task is “to establish the reason for property owners to sell their property,” which, in doing so, provides him “the direction to match the sellers and buyers for a qualified property trade.”
“It’s all about the proposal,” he insisted.
REB previously covered a similar deal broached by Mr Fontana in July last year between a vendor selling a neighbourhood shopping centre and another wishing to part a quantity of shares held in a hotel trust.
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