| The Building |
200,400 SF industrial building constructed in the early 1970’s for manufacturing |
| The Challenge |
The manufacturing company closed. The building, located in a rural village of 2,000 people, was 90% leased to warehouse tenants and then sold to an investor group. Within a few years, the tenants moved out and the investors sought to sell the building. The building’s size and location were outside mainstream market demand. |
| The Solution |
It was decided to subdivide the building to smaller units for lease to better match market needs. Leasing some portions would provide cash for carrying costs while the selling process continued. Analysis of the situation revealed that the village offered low-cost electric through a municipal power company. By focusing on businesses that have high electric use, the location challenge was overcome. |
| The Result |
The building was leased to multiple tenants (as many as six at one time). Tenant growth has filled the building which continues to be 100% leased. The owners have decided to keep the property. |
