CRESCO was hired to assist the Client and its lender with the disposition of a three (3) building industrial complex prior to implementing a foreclosure on the property. The end result was the sale of a 108,843 square foot industrial property on 11.12 acres of land.

Approach

• Suggested a multi sale approach to the asset in an effort to maximize the sale proceeds and reduce the amount of time required to accelerate the selling process.
• Evaluated each property as a stand alone asset and proceeded with the lot split approval process to minimize the due diligence time required by potential buyers.
• Ordered physical inspections and EPA Phase 1 Inspection reports to further reduce the time required to close on the properties.
• Conducted a full evaluation of each property, reviewed the specifications of the assets to educate legitimate prospects and eliminate any surprises during the due diligence process.
• Conducted an aggressive marketing campaign soliciting the assistance of local and regional government officials and real estate professionals who may have had an interest in the asset.

Results

• Located two separate Buyers who wanted to be in the Dover area and could utilize the unique qualities of each distinct property.
• Closed within the specified time frame with enough proceeds to satisfy the mortgage and avoid a short sale or foreclosure.