CRESCO Real Estate served in a dual agency capacity representing both the Landlord (8909 Properties, LLC) and the Tenant (MT Industries) in the relocation and leasing process for a new 45,000 square foot corporate office and manufacturing plant, which quickly grew into a final space need of 65,000 square feet.

Approach

• Magic Tan Corporation was in the process of acquiring Mystic Tan, a Dallas, Texas based corporation and required a full fledged property analysis of best locations of the new entity, MT Industries.
• Developed a comprehensive list of locally available property, since is was the preference to retain the business in Ohio, and expand by moving the newly acquired Texas operation.
• Worked with local municipalities and Tenant’s financial advisors to review operating cost structures and tax abatement packages. A full comparison was completed comparing moving the Texas entity to Ohio or vice versa.
• Due to aggessive time frames to execute the move and eliminate production downtime, CRESCO proactively oversaw the lease process and contractor recommendations.

Results

• In less than a sixty (60) day period, the prime location in Macedonia, Ohio was located and a full lease was negotiated between Landlord and Tenant. During the process, it was determined more space was needed and the Landlord and Tenant agreed to space reconfigurations that aided both parties.
• Negotiated a fair and equitable deal upfront for both sides of the transaction so that ime was not wasted in unnecessary “ping-pong” discussions.
• Represented the Tenant in front of City Council to negotiate a fifty percent (50%0 tax abatement package for a ten (10) year term on payroll taxes. Approximate savings of $50,000 per year.
• Due to long term relationships, we continue to work on multiple assignments for both parties.