CHALLENGE
The old Nissen Buggy Factory had sat empty for 10+ years. It had been marketed by several brokers before but had fallen into extreme disrepair. In addition, it required environmental testing and needed to be shepherded through the Brownfields Agreement process. It was an extreme value-add property that the sellers were marketing on their own. It required a strategic plan given the various repair and renovation bids and the complexities in play.
ACTION
The team pitched the opportunity to a client, including market rental comp data and a rough budget and strategy to reposition, renovate, and rent the property. Nick was able to assist the purchaser in obtaining multiple contractor estimates and helped formulate a schedule, plan, and financial pro forma.
RESULT
The transaction was successfully completed off-market. Linville Team Partners assisted in coordinating all bids, serving as liaison with the environmental attorney, and helping formulate a leasing plan. The sale was negotiated with terms very favorable to the buyer. Within a week of closing, construction had started and the property was available for lease.