Georgia's Savannah Mall, where our Retail team serves as Leasing and Property Manager, had done well for itself. Beginning 10 years ago, dated outgoing anchors were replaced by healthy contributors such as Target, Bass Pro Shops, Burlington Coat Factory and Steve & Barry's. The owners decided to cash in on their investment.<br><br>Since our Retail services include a strong Capital Markets capability, our partnership with mall ownership was extended with an assignment to market the property to its best advantage. From years of hands-on experience, our team created a compelling story to demonstrate how re-tenanting created lasting value, particularly in light of the exceptional growth in single-family housing we knew was occurring in the area. And our deep global connections to property investors enabled maximum prospecting for qualified suitors.<br><br>After more than 100 offering memorandums generated more than a dozen formal property tours, the owners received 17 bids. Fifteen offerings were in excess of pricing expectations, and a "best and final" round raised three offers even higher. The satisfied owners sold the mall to a joint venture for a substantial return.