Richmond, Virginia
The Deal
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- + 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
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- + 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.
Our Results
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- + 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.
