mast
Clients

CASE STUDY 1: BF GOODRICH TIRE CO.


THE DEAL:
After the decision was made to shut down their manufacturing plant in Oaks Pennsylvania, B. F. Goodrich decided to sell its facility, including all land in its “as-is” condition. The company did not want to invest much money into the plant to sell it, and it wanted us to sell the plant at fair market value.

THE CHALLENGE:
  • To sell a 1,250,000 SF closed manufacturing plant to an entrepreneur or developer who would have the money and vision to create value,
  • To determine fair market value,
  • To determine a focused list of prospects and
  • To carry-out a marketing plan to sell the property at the best price; for the lowest cost; and at the least risk to the owner.

SERVICES:
  • Acquire an appraisal and an Alta survey,
  • Obtain Phase I and II Environmental Assessment Reports,
  • Develop a comprehensive marketing plan,
  • Develop strategies for environmental and other negotiating issues,
  • Negotiate the sales contract and
  • Close the sale.

RESULTS:
  • The appraisal came in at $5.0M,
  • Most of the Phase I issues were remediated immediately, but selected issues were sold “as-is” (i.e. encapsulated asbestos),
  • After 47 prospects had toured the facility, we created a competitive situation wherein 8 LOI’s were submitted ranging from $3.0M to $10.0M. The $10.0M prospect was selected for further negotiations, and all the negotiated legal, business and risk terms were acceptable to the owner and
  • The $10.0 M sale closed achieving all of the owner’s goals and objectives.




CASE STUDY 2: UNIROYAL/GOODRICH TIRE CO.


THE DEAL:
A corporate decision was made to shut down two smaller leased warehouses in California and consolidate operations into a new leased distribution center in Reno, NV.

THE CHALLENGE:
  • Conduct a search for the best 800,000 SF distribution center in Reno,
  • If no distribution centers were acceptable, select the best industrial land site for new construction,
  • Select the best developer for a build-to-suit for lease agreement,
  • Negotiate the BTS for lease agreement,
  • Manage the construction process thru completion and occupancy and
  • Dispose of one of the California warehouse leases.

SERVICES:
  • Search for distribution centers,
  • Search for industrial sites,
  • Select a developer and negotiate a BTS for lease agreement,
  • Manage the construction process and resolve real estate problems and
  • Negotiate an early lease termination buy-out for one of the warehouses.

RESULTS:
  • No available 800,000 SF DCs were found,
  • After the client approved the site that we recommended, we got it under contract,
  • After the client approved the developer that we recommended, we negotiated a BTS lease,
  • We successfully managed the construction process and all revisions thereto and
  • After listening to and working closely with the client’s Distribution Department throughout the entire process, we were able to complete, to the client’s satisfaction, an 816,000 SF DC, including a 16,000 SF office with 35.5’ clear warehouse ceiling height, tilt-up concrete walls, and rail siding.




CASE STUDY 3: VERANDAS AT THE POINT


THE DEAL:
Flournoy Development wanted a site in the upstate to build 700 Class “A” apartments.

THE CHALLENGE:
  • To find a site that was the right size, in the right location, that could be zoned for apartments, at a price point that made financial sense for the developer.

SERVICES:
  • Site selection
  • Transaction management

RESULTS:
  • Got a suitable property under contract within 90 days.
  • The due diligence period included negotiations with the city of Greenville for rezoning, annexation, road and infrastructure improvements.
  • Jim Hopple, CCIM and his team were able to secure all the property entitlements for the buyer to close on the property.
  • The final product will be a two phase luxury apartment complex, “Verandas at the Point” consisting of 700 units.


“I thoroughly enjoyed working with Jim Hopple on the purchase of our development site in Greenville, SC (Project Name:  Verandas at The Point).  He worked very hard to identify the ideal site for our development.  He was also very professional and responsive throughout the due diligence process.” 

Ryan M. Foster
Vice President
Flournoy Development Company



CASE STUDY 4: WALDEN OAKS


THE DEAL:
Disposition of a 31.5 Acre parcel of land for the Wright Family Trust.

THE CHALLENGE:
  • Sell a 31.5 acre land parcel in the city of Anderson, SC that had been on the market for sale by the owner for four years.
  • To sell a large land tract that had been on the market for several years with little activity.

SERVICES:
  • Land disposition
  • Transaction management

RESULTS:
  • Had the property under contract to a qualified developer within 30 days and 3% of the asking price.
  • Due diligence and closing went smoothly and were able to close the deal on time with no hassle to the owners.