The Chevron container terminal in Charleston, South Carolina, is a 43-acre facility with deep-water access located adjacent to the Port of Charleston. When Chevron and Texaco merged, this property was declared surplus, and due to tax reasons, had to sell by the end of 2007.

After interviewing national brokerage firms, Chevron awarded Colliers Keenan with the assignment to sell this property in July 2007. With only six months to find a buyer and to close on the property, we quickly began developing an online data site in order to help a potential buyer with up-front due diligence. By early August, this site contained over 10,000 pages of data, and we were then able to start the marketing process.  

By using direct and electronic mail, the property was quickly exposed to more than 18,000 brokers globally. We targeted industrial brokers as well as brokers with experience in third-party logistics. After exposing the site to this network, a database of target industries was built. Companies with experience in bulk distribution, ethanol production, biodiesel, chemical manufacturing, refrigeration storage and other relevant backgrounds were identified. In short, we very quickly targeted 20 industries that we felt may have an interest in this site.

By using the data site as a clearinghouse, we had the ability to track every person that accessed information. We knew how long they were on the site, what information they were accessing, and even how long they spent on one particular page. By using this information, a target list of prospects was developed. We then began to make phone calls to anyone that we felt may have had a potential interest in the property.

Because a requirement of this listing was to sell the property by the end of the year, a call for offers was issued in September. Fourteen offers were received, and contracts were negotiated with the top five offerors. This allowed the seller to foresee any contingencies that might arise and postpone the closing of the property.

After a final buyer was selected, Colliers Keenan put in place a team of local environmental attorneys and engineers that understood state and local laws. This allowed all due diligence to be completed in 45 days, and the site ultimately closed on December 28, 2007, for a sales price of $20,000,000.

“Colliers Keenan was instrumental in achieving a quick closing on the Chevron site. They were able to coordinate a team of local players that were the experts in their respective industries in order to facilitate this sale in the time frame that we laid out. Having our roots in Russia, it was extremely helpful to have someone on the ground as we worked through this process.”  Tony Williams, Vice President, Delphin Group USA

“The Colliers Keenan team was the right choice for Chevron to help dispose of a valuable and complicated property within a short time period. They not only remained within a tight time frame but achieved a value higher than expected. Their professionalism, sophisticated web-based marketing approach and personal support were outstanding. I will certainly look forward to continuing our association for any future sales within their area.”  Chuck Whiteneck, Senior Real Estate Representative, Chevron Business and Real Estate Services.

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