The Colliers team was selected as exclusive agent to develop and implement the marketing program for Butterfield Center for Business and Industry and literally watched this property develop from the bare ground up. While this agency represents only one of several business park assignments for which they had served as exclusive agent, this development represented the largest and most successful project.
The team’s activities resulted in the sale of approximately 160 acres and the sale or lease of approximately 2,900,000 SF of industrial buildings.
In December of 2005 the team was engaged by the venture to sell the 258-acre Unit III component of the development. They issued an offering package in January 2006 for $4.00 per square foot, on a bulk sale basis, “as is-where is” with 90-day due diligence and 30 days to close.
The competitive bid process resulted in a closing transaction price of $40,000,000, which was 30% more that the venture anticipated. The transaction closed in August 2006.