CRESCO Real Estate represented First Industrial Realty Trust in the leasing of a 257,000 square foot light industrial building situated on 45 acres of land. CRESCO assisted in establishing a competitive lease rate, identifying logical prospects for the property and negotiating local tax incentives, enabling us to demonstrate the lower overall occupancy costs for building occupants.

Approach

• Developed a marketing strategy that included local, regional and national databases and economic development sources.
• Planned open houses and private tour events to develop awareness of the vacancy.
• Packaged the property for marketing to include all vital details, including building specifications, tax valuations, operating expenses, warranty and guarantee information.
• Conducted an inventory of all HVAC, sprinkler, dock equipment and electrical service.
• Negotiated a lot split to lower operating costs to the tenant and raise project value for the landlord.
• Met with local Mayor and Economic Development Director on a regular basis to ensure cooperation on incentive and compliance issues.

Results

• Identified logical prospects early in the marketing process.
• Conducted numerous tours with outside brokerage firms and prospects.
• Illustrated the competitive advantages of the property over the alternatives.
• Demonstrated knowledge and confidence in the building and its components.
• Finalized a long term lease, meeting the needs of both the Tenant and the Landlord.