When a client of Fleet Capital Corporation defaulted on their loan, Fleet was left with the task of disposing of a 96,646-square-foot manufacturing plant in order to recoup some of their losses.  Colliers Pinkard’s Industrial Services team disposed of the Charlotte, NC facility for Fleet Capital.

Challenges

• The property had difficult and limited access due to its location at the dead end of a service road.
• The building was situated near the center of 20 acres with vacant excess land that fronted on both I-85 and the I-85 bypass.
• The facility was a specialized manufacturing building with a dysfunctional floor plan layout.
• The building was on the market when the region was losing thousands of manufacturing jobs.
• Through the buyer’s Phase II environmental due diligence, it was determined that the site had ground water contamination.

Services

• Colliers Pinkard created a four-page, full color, professionally printed brochure using aerial photos and graphic site plans and are maps to demonstrate the property’s attributes including the road improvements by the D.O.T. that would give this property great access in the future.
• The Industrial team completed extensive marketing locally, regionally and nationally to attempt to locate a buyer for the property that could utilize the unique features of the property.
• Colliers Pinkard provided a single point of contact, a Broker Opinion of Value and obtained the cooperation of outside real estate brokers.
• Colliers Pinkard coordinated the hiring of an environmental engineer, Law-Mactec, on behalf of Fleet Capital and worked closely with them and kept the buyer and buyer’s broker informed of the progress.

Results

• Through communication with an outside broker, the team secured a buyer, Reeves Floral, for the property.
• Despite a severe downturn in the economy, loss of manufacturing jobs and environmental challenges to overcome, Colliers Pinkard was able to close this transaction for Fleet Capital in less than 12 months.

Lane Holbert, CCIM of Colliers Pinkard’s Industrial Services Team, represented the seller, Fleet Capital.  Mr. Holbert is based out of Colliers Pinkard’s Charlotte, NC office.

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