I arranged for all the market tours with another team member and soon secured the right location for Plastech. Several concessions from the building owner were secured, but with the stipulation that the building would be sold to a new owner. Plastech was not interested in owning the facility.
Plastech signed their lease in late August, 2006.
A local firm quickly placed an offer on the property, but quickly retreated when they learned that the building was one foot below the 100-year flood plain.
I contacted a Boston-based investment firm, Stag Capital, with whom he had a relationship; in discussing the overall parameters of the property, including the flood plain issue and the tenancy. The firm soon arranged a site visit.
Complicating the issue even further was the owner’s insistence that the property be closed upon in calendar year 2006.
I arranged for, and successfully closed on, the property with Stag Capital on December 30, 2006 for $3.8 million.