This was a rare large industrial site located in the industrial area of North Columbia Blvd a mile west of Interstate 5. Todd and Cascade Commercial had been working with the long term ownership family for close to a decade with consulting on rents, market information and property positioning.
Giving the owners up-to-date market information that pointed to industrial lands diminishing due to increased development and well-located sites experiencing red hot demand, the ownership group saw an opportunity to sell this singular exceptional asset.
By educating the owners on recent sales and development activity Todd and Cascade Commercial priced this property at a very aggressive premium price given the lack of large industrial sites and strong demand in the market. After initial marketing, a half dozen offers were received, all by very qualified national and regional buyers. Through a best and final process, a final price of $18 million to a national auto parts company was achieved, which was $7 million over a recent appraisal.
With over a half dozen tenants on the property with many needing to vacate along with other conditions challenges, the process to get to closing took lots of “hand holding”, communication and working with the Buyer to keep due diligence on track and all parties in alignment.