Essroc Land Sites

Essroc Land Sites

Western Pennsylvania and Eastern Ohio

PROJECT OVERVIEW

Cushman & Wakefield | CRESCO Real Estate along with Grant Street Associates in Pittsburgh and Cushman & Wakefield of San Diego were hired for the disposition of over 600 acres of former exhausted quarry land sites in rural Pennsylvania and Ohio.

THE CHALLENGE

All the sites were located in rural Pennsylvania and Ohio with limited freeway access, and limited new development. The sites were former exhausted quarries, some filled with water and aged infrastructure on each site. This combined with challenging topography issues, a mixture of industrial and conservation zoning drastically limited the number of potential users and buyers.

THE SOLUTION

By focusing on a team approach and assembling the appropriate skill sets within Cushman & Wakefield, we presented a comprehensive marketing plan and execution strategy to Essroc senior management. We utilized the Land Practice Group as well as the Agribusiness, Natural Resources & Energy Practice Group for technical guidance and expertise. We launched a regional and national marketing campaign targeting the top aggregate companies and oil/natural gas companies in the country. After constructing the project website, we distributed detailed marketing materials and numerous phone calls were made to these companies to discuss the offering. The marketing team was able to secure interest from several parties and push the value as a result of our process.

RESULTS ACHIEVED

After three (3) years of marketing, and assisting the buyers in every step of the real estate transaction including government financing, the Cushman & Wakefield team was able to secure one local investor, one regional aggregate company, and one national oil/natural gas entity as buyers. As a result all three (3) sites closed at the start of 2016.