ECR was hired by the owner in January of 2014 to provide marketing and disposition services on a 16,000 square foot project with excess land for future development. The ownership purchased the property to facilitate their machining business in 1998 and occupied until 2007 when they constructed a new, larger facility for their business. The owner looked to ECR to dispose of the asset quickly while also needing to net a specific sales price meaning the ECR team was tasked at targeting users and brokers within the Williamson County markets for the purchase.
ECR met with the owner to understand his bottom line on the price as the property had seen significant vacancy since 2007 and was starting to show its age. ECR implemented a marketing strategy to promote the property to wide range of users while emphasizing that the “bones” of the property were still in good shape and that renovating the existing structure and site would be both cheaper and quicker in the end than building from ground up. The team also promoted the existing billboard and its income producing lease which would help off-set a percentage of the mortgage cost.
ECR worked with a local broker representing a firm from Round Rock that had an immediate need to identify and purchase a 10,000+ square feet facility to occupy within 12 months. The property’s current Tenant had one year remaining on the lease which the new owner leveraged for the continued income stream of both the lease and billboard to again help off-set a percentage of the mortgage cost and to supply supporting income prior to occupying. The new owner also had the flexibility to renovate and lease the smaller 6,000 square foot building to prospective tenants while they completed renovations prior to moving into the larger building. In conclusion, ECR was able to maximize their owner’s proceeds from the sale while exceeding the expectations of the market on the disposition of the McNutt Business Park.