Fred Massa, ICB Chief Executive Officer, handled the listing and coordinated all elements of the transaction. The 3.3 acre property and 31,000 square foot building was acquired by the Somerset, Kentucky-based Southern Petroleum Enterprises, at a price of $2.5 million. The new owners plan to lease the property to three entities, two businesses and a church.
Noting that the future use of the space will be markedly different from its previous one, Massa said, “Part of the challenge that we all face is finding creative and beneficial ways to re-use property. People who own manufacturing plants or auto dealerships sometimes feel that the only practical way to sell the property is to find a buyer who will use the property for the same purposes, yet often times the key to success in marketing industrial and commercial real estate is to examine what else might also be an appropriate use.”
He said, “Looking at a re-purposing rather than a simple straight sale often produces a creative and practical solution for the owner looking to sell a property he or she has hung onto for a long time. And for the buyer who seeks to enter this geographic market, knowing what zoning laws will allow can open a lot of doors to uses for a building that might not be at first apparent.” He continued, “Just because a building was a bowling alley for 20 years doesn’t mean that it needs to always be one. With the right zoning and the right approach, maybe that bowling alley can become a mini-mall, or an office complex. We don’t have a lot of vacant land for construction and the re-use of existing buildings is a creative way to mitigate that fact of life.”
In this case, there were environmental considerations that needed to be addressed. Massa and his team brought in a Licensed Site Professional (LSP) to help with the remediation of the site that was necessary for the sale.
In the transfer, ICB worked with both the seller and buyer to take the necessary steps to “re-purpose”
About Industrial Concepts Brokerage
Industrial Concepts Brokerage (ICB) specializes in industrial and commercial real estate property, particularly those which are considered difficult to market or non-conforming. ICB brings significant expertise in marketing these properties, which range from manufacturing to warehouse to distribution. The company offers a team of experienced professionals to provide efficient, cost effective commercial real estate and business brokerage services, utilizing experience and established relationships with developers, governmental buying agencies, municipal and state governments;
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