The vacant Eckerd Drugs headquarters included two buildings with 538,000 square feet on 40 acres in Largo, FL. of 1980’s vintage executive offices, warehouse and computer/technical space.   The improvements were developed piece meal to serve Eckerd’s needs, without an eye toward residual value or re-use.  Critical building systems were dated having been repeatedly repaired, not replaced.  Retrofit estimates were costly.  We fully exposed the property to developers and to potential users to realize its maximum value.

Challenge:

• Largest single vacancy in the market.
• Could not subdivide property for individual building sales.
• Roof, HVAC, etc. exceeded their useful life.
• Building design not easily divisible into smaller units.
• Expensive retrofit required on building systems, such as fire safety, to comply with code.  Office building not sprinklered.

Services provided:

• Strategic planning and property analysis for alternative uses.
• Coordination with and promotion to local, regional and national economic development and site selection agencies.
• Development of electronic and point of sale marketing materials and offering packages.
• Exposure to over 4,000 prospects per month.  Intense marketing to users, investors, educational institutions and governmental entities.
• Web site creation, document management and distribution.
• Negotiation on price and contract terms.
• Comprehensive reporting and management of the sales process.

Results:

Colliers Arnold generated twelve offers to purchase and negotiated the final deal with a local developer.  The sale featured a short inspection period at a price of $24 million.

Sales Team:

Edward Miller, CCIM, SIOR
Dolores Seymour MCR, CCIM, SIOR
Colliers Arnold

 back to top