Overview

• August 2014
• 9470 Pinecone Blvd, Mentor
• 67,200 square foot manufacturing building
• Largest user sale price (PSF) in Lake County in the past five years

Requirement

Sell a Class A, 67,200 square foot manufacturing building, meanwhile finding space for the tenant in-place to downsize upon transfer of the property.

Challenge

While having many quality manufacturing amenities, one of the downfalls of the building was it was heavily over-officed. At the time, there weren’t many properties on the market for sale or lease, which made this a high sought after property, which meant, there were not many quality options for the tenant to move into after disposition.

Solution

The team positioned the property at a high per square foot price. Even though it was priced high, the seller received two options to purchase within one month of being on the market. One buyer was in a hurry to move in, therefore was able to offer a higher price. In turn, due to their quick needs, the team had to negotiate a short term lease back in order for the tenant to find space and move.

“We were very pleased and satisfied with the timing and speed of our building disposition. The NGKF team handled the marketing, negotiation, and closing. We garnered a higher price than we thought we would thanks to their efforts.”

– Bill Stuart, Owner

Result

The building transferred at the highest per square foot cost, for a user over 25,000 square feet, in Lake County, in the past five years at $48.30/square foot. The team was able to find the tenant a place to move to in Eastlake within their short term-sale lease back period.