The Deal
- 220,000+ sf industrial building situated on 29 acres sold for $7,800,000.
- Located in an established industrial submarket undergoing a resurgence in multi-tenant and single-occupant activity.
- Seller was a long-time client of the CCP team and the property’s tenant lease was expiring, so time was of the essence.
- The team quickly identified the best Buyer, a private equity group, and orchestrated the purchase terms to help all parties achieve their varied objectives.
- Buyer closed ahead of schedule with a lead tenant lease underway.
The Hurdles
- The property was under lease and due to expire, so the Seller made a decision to sell without providing much lead time.
- COVID restrictions complicated the showing and the due diligence process.
- There were significant due diligence hurdles that came to light that had to be addressed in record time.
The Results
- The team helped all parties successfully navigate through timing and due diligence matters to achieve satisfactory compromises for all, and ensure expedited settlement.
- A lead tenant was generated for the Buyer as a result of achieving an expedited settlement.
- The team was engaged by the new Owner to continue marketing the repurposed residual space in the existing building.
- The team is working with numerous qualified prospects, while exceeding the existing space, and has the potential for build-to-suits as well.
- Activity the team has generated to date already is exceeding the Buyer’s expectations.
