Over the previous 24 months, our team had been tracking this building as the company had recently ceased production and was currently using only a portion for distribution / warehousing purposes. Additionally, our main point of contact had recently left the company leaving us in limbo on who to stay in touch with. The parent company is located in Japan and all decision making was coming from Japan at that time. In order to keep us involved and the language barrier with the process we enlisted the assistance of Michael Yamada of our Detroit office. Michael makes regular trips to Japan and coincidentally was traveling to the area where Toyo Seal was headquartered. With Michael’s assistance, we were able to create and continue dialog with company officials who had come to the decision to sale the property. However, they would need to by March 31, 2014 (their fiscal year end). On top of the deadline to sale the property by, we needed to address several other issues created by the language barrier and perceived customs in real estate transactions taking place in the United States.
- Contract Negotiations
- Transaction Management
We discussed the asset with the buyer and were able to provide a Letter of Intent to the seller for the purchase of the building. The seller accepted the terms of the LOI and we moved to having a purchase and sale agreement drafted. Due to time constraints, the purchaser moved forward with due diligence while the contract was being drafted and translated to Japanese. In a mere 56 days, we were able to move forward from a fully executed letter of intent to the closing of the property. Had it not been for teamwork and communication between all involved this transaction would have been much more difficult.