CRESCO Real Estate was charged with disposing of a design challenged 86,700 square foot office building with substantial deferred maintenance. CRESCO created value by designing a unique marketing strategy which expedited a quick sale and allowed the Seller to relocate to a much more cost efficient new space.

Approach

• Created a unique “three tier” approach to targeted quick sale.
• 1. Identified potential Users/Buyers – highest and best price offers expected.
  2. Identified potential redevelopers – least likely to yield high selling price.
  3. Identified large user tenants to couple with redevelopers for reasonable selling price.
• Created a vision of a green sustainable building using the existing building constraints.

Results

• Met with Client (Advanstar) and listed the 86,700 square foot building for Sale.
• Presented two (2) offers from developers eager to meet Advanstars’ 30,000 square foot tenant need within their existing buildings.
• Presented Quadex, the logical User/Buyer, the building within one week if verbal listing and received and offer one month later.
• Sold to Quadex at a price and timeframe very suitable to Advanstar.