50,000 Square Foot Spec Space Filled by Multinational Food Corporation: Coldwell Banker Commercial McGuire Mears & Associates Represented the Ownership Group in the Transaction in Which a 60-Month Lease was Attained at 1740 Putman Pkwy in Milton, WI
CHALLENGE
Coldwell Banker Commercial representatives Bill Mears and Adam Shultz were
given the task of finding a tenant for a brand new addition of a fifty thousand
square foot warehouse space. Designed as a potential build to suit spec space,
Shultz and Mears brought the warehouse building to market at a time in which
demand felt robust, and space was limited. However, construction delays and
rapidly increasing interest rates caused market softening as the building was
approaching shell completion status.
ACTION
Even in the tougher market, Adam and Bill persisted and marketed the property to
users in the area they thought may be looking to expand. They brought several
groups to the site while it was under construction. Eventually, their marketing
efforts paid off when an agent brought a client that had a tight ninety-day window
to get up and running in the unfinished building.
RESULTS
• Successfully negotiated a sixty-month lease with annual rent
increases.
• Delivered the building on time to an expanding company with a
strict timeline to meet their customers' needs.
• Another fifty thousand square feet were added to the Milton, WI
industrial market.
"Adam and Bill did a great job marketing the property while it was under
construction and eventually secured a deal for us. We were able to design
features to the tenant's necessary specs and deliver the property on time. We
utilize Adam Shultz and Bill Mears for all our industrial real estate needs and
highly recommend others do the same."
- Dave Powers, CFO, Badger Property Investments
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