CRESCO Real Estate was hired as the exclusive agent to dispose of an 8,473 square foot industrial facility situated on 0.42 acres located on the Westside of Cleveland. The Seller was referred to CRESCO by another Cleveland area commercial realtor.

Approach

• Utilized local market expertise and past experiences to promote the above standard amenities of the offering, as compared to the competitive offerings in the marketplace, via “state of the art” marketing materials geared towards a target market.
• Informed the Seller that property was in foreclosure upon execution of a LOI.
• Challenges during due diligence included: Utilities being turned off due to non- payment, Buyer requested building improvements, unapproved removal of essential building fixtures at auction and Phase 1 testing, recommending Phase 2 testing.

Results

• The property sold within the “Secondary User” value range nine months after CRESCO’s engagement by the Seller, seven months after the Buyers first tour.
• Facilitated financial settlement between Lender, Lender’s Attorney, Receiver, Seller and Seller’s Attorney for an amount equal to less than what was owed on the property.
• Coordinated payment of past due utility bill. Completed requested building improvements and needed repairs caused by Auction Company and monitored Environmental Company during Phase 2 site work.