Vincent Lighting Systems

Warrensville Heights/Solon, Ohio
Seller Representation/Tenant Representation

Bob Garber, SIOR of CRESCO Real Estate was hired as the exclusive agent to dispose of a 19,180 square foot industrial facility and locate a replacement building of approximately 25,000 square feet.

Approach

• Formulate an effective marketing plan to dispose of a current asset that the company had outgrown, in a submarket that offered some perception challenges.
• Determine the asset value and recommend improvements that the Owner should undertake to increase value and decrease marketing time.
• Expose property to the market through print and electronic media and conventional marketing methods.
• Locate replacement real estate that fits company growth needs.
• Coordinate efficient, quick alternative space search and documentation turnaround.

Result

• The disposition of the real estate was to a company (Pyramyd Air) approximately 10 miles away who had also outgrown their space and wanted to own a building. The process moved very quickly once the buyer was located.
• Due to the tough real estate lending environment, Vincent Lighting opted to lease instead of acquire a new facility. After an exhaustive search, an almost move-in condition unit was located in Solon, Ohio. The lease signing and full occupancy occurred in less than thirty (30) days.
• Explored and coordinated a tax abatement package for Vincent Lighting in regards to their payroll tax. The savings will be over $100,000 for the allocated period.