Property Assessment/Sales

A Midwest based manufacturing company retained Gerry Norton and his team to sell or lease four locations across the United States. Three of the sites were sold. The Story City, IA site was successfully secured by a long-term, income generating lease with Land O’ Lakes/Winfield Solutions.

Pella Corporation retained Gerry Norton and his team to sell or lease four locations across the United States. Three of the sites were sold. The Story City, IA site was successfully secured by a long-term, income generating lease with Land O’ Lakes/Winfield Solutions.

In December 2016, Pella approached Gerry about selling the Story City location. Gerry and his team developed a plan to maximize value of the site through a multiple-step process versus taking the project to market in its current status.

THE SITUATION

  • Pella Corporation is a market leading window and door manufacturer
  • Gerry has completed multiple transactions forPella in more than ten states
  • Pella Corporation desired to sell Story City, IA location
  • Gerry Norton developed a plan to maximize the property’s value by securing a new long-term lease, ideally with the existing tenant
  • Final stage of the plan was to take the property to the institutional investor market

THE SOLUTION

  • Gerry Norton successfully negotiated a lease renewal with in Land O’ Lakes/Winfield Solutions to for ten years, which benefits the surrounding community
  • Modest renovations were completed to enhance value and condition of the property for future occupancy and ownership
  • Gerry Norton joint-ventured with Colliers International to present the project to institutional investor markets
  • Marketing packages were developed and distributed to a qualified list of potential investors
  • Multiple offers were received
  • A buyer was selected, and Pella Corporation succeeded in closing the sale of their Story City property by end of 2017
  • With the assistance and implementation of the plan, Gerry Norton, his team, and Pella Corporation increased the value of the Story City site from $9 to $21 million

“Gerry has been a great business partner helping Pella manage 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.” Rob Bradley, PD&Q Controller