The objective in selling the building was to do it as a sale-leaseback. The owner of the building (and of the business until it sold) was committing the business to a 10-year lease. The purchaser of the building would have the business assets as security against default on the loan.
That fall, I began an aggressive marketing program targeted at local regional, and national investors. Soon he secured an acceptable offer; after the proper due diligence period, the proposed buyer backed away from the transaction.
This happened again within the next few months with a second buyer.
I got with the owner and devised a means wherein any new potential buyer would have most critical due diligence items transparent at the time of entering into a contract – permitting a Purchase Contract to be agreed to that would drastically reduce the odds of another buyer changing course.
The property finally sold to a local Cincinnati investor for the same price as agreed to earlier in the year: $5.3 million. This was one of the highest industrial prices achieved ever for an industrial property of this size in the Greater Cincinnati market.