Industrial Redevelopment

  • Location: 17 Haywood Drive, Greenville, SC
  • Client: Advanced Automation, Inc. (Doerfer Corporation) and Professional Party Rentals
  • Size: 100,000 sf
  • Type of Project: Seller Representation
  • Service Type: Industrial Redevelopment

Situation
Advanced Automation, Inc. is an industrial technology provider that specializes in designing and manufacturing production machines and tracking technologies.  They service customers in the manufacturing, warehousing, distribution, agriculture and healthcare environments. The company owned and occupied an older 100,000 sf building, but the location no longer met operational requirements as the company was exploring consolidation of multiple regional facilities. 

In addition, this industrial property was situated in a redeveloping area, in close proximity to multi-family units, high end residential and retail. The property was also adjacent to a planned $100M Laurens Rd./Verdae corridor improvement plan. The local market created an opportunity for the Seller to free-up trapped equity in the building, however,  the seller wanted to minimize the operational impact of a sale and subsequent move. 

Solution
Avison Young mobilized resources for valuation and sale of existing property, consulting with seller to create a customized marketing plan. Property was offered as an owner/occupier purchase with a midterm lease-back at market rate. Avison Young implemented a comprehensive marketing plan, utilizing brokerage channels, networks, and digital assets to target domestic investors and potential buyers.  

Results
During the marketing, negotiation and escrow phases, Avison Young continuously assured strong seller positioning. The property sold above-market value for $3.7M to Professional Party Rentals with a lease back period to the Sellers allowing the Seller to have time to phase their move-out.  This also created cash-flow for the Buyer while they went through their construction planning and permitting process. The client continues to recommend Avison Young to their network for advisory, acquisition/disposition and valuation services.

 

Testimonial
“Rob and his team impressed me with their strategies to achieve the highest value for our industrial property in Greenville, SC. Rob’s regional insight was instrumental in a successful sale within the advised timeline, resulting in us seeking Avison Young’s counsel in other markets.”
Sunder Subbaroyan, Chairman, Doerfer Corporation, Waverly, IA