MT Industries
Macedonia, Ohio
Tenant Representation/Landlord Representation
Bob Garber, SIOR of 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 64,149 square foot corporate office and manufacturing plant.
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 for the new entity, MT Industries/Sunless, Inc.
- Developed a comprehensive list of locally available property, since it 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 aggressive timeframes to execute the move and eliminate production downtime, CRESCO proactively oversaw the lease process and contractor recommendations.
Result
- 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. Actually during the process, it was determined more space was needed and the Landlord and Tenant agreed to space reconfigurations that aided both parties. The space was increased from an initial lease of 45,000 square feet to occupy the whole building encompassing 64,149 square feet.
- Negotiated a fair and equitable deal upfront for both sides of the transaction, so that time was not wasted in unnecessary “ping-pong” discussions.
- Represented Tenant in front of City Council to negotiate a fifty percent (50%) 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.