750,000 SF Industrial Campus Sale

Challenge

Environmentally challenged Industrial campus with 9 buildings totaling +/- 750,000 SF. The client feared the property would not sell given the environmental challenges and feedback from their internal environmental consultants.

Tactics & Process

• Created data vault for qualified purchasers to review important property documents including preliminary site plans, environmental reports, operating expenses, etc.

• Initiated Market Analysis, Pricing Process, and Target buyers.

• Contacted Savills qualified local and global purchaser list for the subject.

• Executed confidentiality agreements with all qualified interested parties.

• Prior to bid date, interviewed all qualified purchasers to share information and learn their most updated thoughts on market and subject site.

• Set bid date and built vigorous increasing momentum in the market.

• Reinterviewed bidders with seller environmental experts prior to 2nd round purchaser bids to confirm they understood the site.

• Ongoing calls with third party environmental consultants discussing key milestone dates.

• Created and presented Bid Matrix to Seller and called for best and final bids.

Results

Despite the complex environmental challenges and no phase II testing requirements – Savills secured 12 bids from qualified purchasers and negotiated favorable indemnification language to the seller.