BF Goodrich Aerospace/Aerostructures Group had announced the closing of several aerospace production facilities, including the 422,540-square-foor facility on 55.7 acres in Hagerstown, Maryland.  The project dated back to 1965 and had experienced several expansions over the years.

Challenge

• The project was designed specifically for the manufacturing of aerospace parts.   It would require adaptive reuse to appeal to an alternate use.
• The project lacked adequate loading and ceiling heights.

Services

• Colliers Pinkard designed a two-tiered marketing effort. 
• The initial focus was on selling the various buildings as an operating facility with equipment in place.  All logical prospects were identified on a global basis through the Colliers International platform.
• The second and parallel effort was to market to distribution-oriented companies and investors/developers for a value-added redevelopment opportunity.

Results

• Within five months, expressions of interest were generated from several potential buyers and a regional developer/logistics company, Bowman Development-Bowman Transportation, subsequently placed the project under contract in excess of the appraised value.
• Michael A. Elardo, SIOR and J. Richard Latini, SIOR of Colliers Pinkard in Baltimore together with Ronald Jasinski of Colliers International in Toronto, Canada, represented BF Goodrich.

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