This Tampa canning plant was assessed to contain contamination in the form of oil and grease-based hydrocarbons in the soil as a result of the tooling process.  It featured a 230,000 SF metal building on a 28+ acre site.  The vacated building showed signs of significant deferred maintenance.  The site was zoned for heavy industrial use; however, it is surrounded by economic drivers that do not support industrial or manufacturing activity.  We represented an investor in purchasing the site.  Thereafter we coordinated market and engineering studies to determine highest and best use.  We proceeded with marketing on a dual track:  1. To rezone and reposition the property to office, retail and residential mixed use; or 2. To find a user/buyer to purchase as is.

Results:
Colliers Arnold worked with a team of land use experts to implement the 9-month long land use and zoning change process.  We generated multiple buyers for the site and created an auction among them to increase the offered price.  The owner/investor achieved a sale price that was more than double their purchase price in net returns, even after deduction of all research, carry and disposition costs.

Sales Team:  Edward Miller, CCIM, SIOR  and Dolores Seymour MCR, CCIM, SIOR

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