Property Assessment/Sales

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Property Assessment/Sales

A large, Midwest manufacturing organization retained Gerry Norton and his team to sell or lease four locations across the United States. Three of the sites were sold. A site in central Iowa was successfully secured by a long-term, income generating lease with a highly qualified lessee.
In December 2016, the client approached Gerry about selling the Iowa location. Gerry and his vetted team developed a plan to maximize the value of the site through a multiple-step process versus taking the project to market in its current status.

The Situation

For years, Gerry Norton and his team had served a large, Midwest manufacturing organization, successfully completing multiple transactions throughout more than 10 states. At the time of this engagement, the client owned a manufacturing facility in central Iowa that they had decided to sell. Being familiar with the property, Gerry and his team determined the best option was to make the property attractive to the institutional investor market.

 

The Solution

  • Gerry and his team successfully negotiated a new 10-year lease renewal with the existing tenants, which was a win for everyone including the local community.
  • Modest renovations were completed to enhance the value and condition of the property for future occupancy and ownership.
  • Gerry Norton joint ventured with Colliers International to pronto the project to the institutional investor market.
  • Marketing packages were developed and distributed to a qualified list of potential investors.
  • Multiple offers were received.
  • A buyer was selected, and our client succeeded in closing the sale of this property by the end of 2017.
  • With the assistance and implementation of the plan, Gerry Norton, his team and their client increased the value of this site from $9 million to $21 million.
 
 
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Gerry has been a great business partner, helping manage us through many property transactions over the years. I appreciate Gerry’s guidance and leadership, developing and executing win/win solutions on both leasing and buy/sell transactions. – Customer testimonial