The owner of the business, Air-Tite Windows, a highly successful Midwest window manufacturing and contracting firm located in West Chester, OH, listed his property for sale with me. The owner was also in the process of selling the business, so the sale would become somewhat complicated with a new owner of the business as the tenant.
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.
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.
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