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The client’s goal was to buy 6-10 acres of land for a new, small metal building industrial project to build 5-6 buildings totaling +/-75k SF.
The challenges included finding land but once ECR did, the tenant completely changed their plan for a new deal.
After discussing a new deal, construction prices rose and the deal was no longer feasible. Afterward, the deal died.
ECR’s strategy was to bridge the gap between the challenges of both finding land and construction costs rising.
If that did not work, then ECR and Vault suggested building out similar to the new single-building plan.
ECR and Vault were able to revive the deal with the tenant and their representation through necessary compromises from all parties.
The ECR team worked closely with the Vault team through closing and post-closing providing consult on initial site plans, leasing market, and plans for leasing the buildings.
Prior to finalizing the plan and moving forward with a 6-building, 60,000 SF industrial business park, ECR was able to source a build-to-suit opportunity with a national credit tenant via the brokerage community.
Vault Partners quickly executed the plan and a 12-year lease with the tenant as ECR assisted in lease negotiations and other matters as needed.
This deal was a great lesson and a show of perseverance and grit in sticking with it and finalizing the deal.
We’ll connect you with the best-suited team for your needs. Let us know what we can do for you!