Newark, DE
The client wanted to dispose of a 3.5 MSF automotive assembly plant and 600,000 SF distribution facility that had been in operation since the early 1950’s.
Challenge:
The client wanted to dispose the property quickly, with no lease-back and structure a transaction where they would complete their needed environmental cleanup post closing. While it garnered a lot of attention due to its physical attributes and that it was the largest redevelopment site to be sold in Delaware’s recent history, it was a difficult time to market the property in the midst of a severe economic downturn.
Services:
Colliers Lanard & Axilbund, in conjunction with Equis (Chrysler's Real Estate Consultant), designed a national marketing approach to promote the property to a large pool of developers and investors to positively impact offers, increase negotiating leverage, maximize value and complete a quick transaction.
Results:
Through our marketing efforts, we obtained over 20 offers in less than 45-days from the commencement of the marketing campaign and are currently pursuing multiple offers that will ultimately achieve Chrysler’s objectives.
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