CRESCO Real Estate was hired as the exclusive agent to sell thirty-five (35) acres of Industrial Land in Chardon, Ohio. The Client had purchased the property to build a facility in the early 1990’s but the economy and business model changed and the facility was never built.

Approach

• Formulated an effective marketing plan to dispose of the largest parcel (35 acres) of industrially zoned land in the city of Chardon in Geauga County. Chardon, the County Seat, is the only municipality in the County with a city income tax and very strict zoning regulations.
• Discussed with the city assistance in floating a bond to pay for road and utility improvements in order to make the property available to less than twenty (20) users but was turned down.
• Attempted to fins and merge three (3) separate Buyers in need of their own buildings, which together would buy all thirty five (35) acres and close simultaneously.
• Had contracts drawn up for three Buyer, but deal took too long and the largest user decided to buy and existing building.

Results

• Ascertained that under all of the existing conditions, short of finding a 35 acre user, other concepts were warranted.
• Solicited bids from Retail Developers, whose offers, while being close to or actually financially acceptable, were unacceptable due to the time frame and uncertainty of rezoning for their new use.
• Saw that Geauga County was discussing building new County facilities over 10 miles from Chardon and potentially relocating the County Seat. We presented the property to the Geauga County commissioners, who in turn put the property under contract for $750,000, helping to the keep the County Seat in Chardon.
• To complicate matters, shortly after the purchase agreement was signed, ECKA Granules, a German Company, terminated their head of US Operations, the only person within the US knowledgeable about the property, making communications with the Seller near impossible.
• Site was placed under contract with a developer and the deal closed in a timely fashion with minimal complications.