Price Brothers, a concrete pipe manufacturer, consolidated operations in the US and determined their Perryman Road facility to be obsolete.  They selected Colliers Pinkard to facilitate the disposition of the ninety-two (92) acre site.

Challenge

• Due to the nature of their operations, the property was impacted with hazardous soil conditions that would need to be resolved prior to settlement.
• The property's prior manufacturing operation left the property with many functionally obsolete buildings and other unappealing site conditions.

Services

• Colliers Pinkard's Industrial Service team determined the highest and best use for the property was to reposition it as an investment land sale opportunity.
• Location within a state enterprise zone created real property and corporate tax credits for tenants locating to the property.
• Coordinated owner’s selection of Environmental Engineering Consultants.
• Advised the seller to generate a comprehensive offering memorandum including property engineering, title and environmental analysis of property condition.
• Contacted select groups of qualified, institutional investors and national developers to inform them of the property's availability and offered comprehensive feasibility analysis for their consideration.
• Followed up with selected prospects to solicit offers within a specified time frame establishing a competitive bid scenario in order to achieve the highest purchase price.

Results

• As a result of the strategic offering format, the seller was able to select a qualified buyer, Opus East LLC, who was capable of meeting their pricing expectations of $5.3 million and the buyer assumed environmental clean-up responsibilities.
• Colliers Pinkard's Industrial team represented the seller’s interests throughout the negotiations and due diligence process, while maintaining seamless communications with all parties.

"You constantly gave us good advice, or kept us on track.  Using Colliers Pinkard was a good choice for us and confirms my belief that it is always wise to use the best professionals you can find."
     - James S. Clift, Chairman & CEO
       Price Brothers

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