Consolidated Systems, Inc., a privately held company with approximately $300 million per year in revenues, approached Colliers Keenan to sell their corporate office and manufacturing facility to an investor, from which they could subsequently lease back the space.  There were several challenges that needed to be addressed in order to meet the client’s end-goal.  Because CSI is in the steel fabrication industry/business, the majority of the improvements on the property were dated metal buildings that provided little to no residual value for an investor.  The site faced environmental challenges in that it was a former City of Columbia landfill, and within proximity to a chemical manufacturing plant that was a documented Superfund site.  CSI also had a fee-in-lieu of taxes agreement with Richland County.  There was concern that if the site was sold and leased back the property, they would lose the agreement that was in place with the County.

Colliers Keenan was successfully able to negotiate a fee arrangement with the County even though CSI terminated ownership of the property.  We were also able to guide the client through all environmental issues ensuring that a potential buyer was not liable, now or in the future, for any existing damages.  After working through this process, Colliers Keenan executed a bid process from which multiple offers were received.  Ultimately the property sold to an institutional investor based on the credit worthiness of CSI and the future value of the land. 

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