SITUATION

For years after Babcock Outdoors exited the real estate, Bill successfully leased the property via three-year leases, which kept income on the building for the owner. In 2020, Bill and Adam took the property to market for sale, but once again, rather than a sale, they found a three-year tenant in Superior Ambulance. In late 2021 an opportunity finally presented itself to realize the owner’s goal and sell the property, which would require Superior Ambulance to exit the building so the new buyer could move in and utilize the office and warehouse buildings.


ACTION

Coldwell Banker Commercial assisted the buyer and seller in getting under contract and adhering to a six-month timeline of moving parts which worked perfectly for the buyer, seller, and tenant. Superior Ambulance had already purchased a new building and was busy renovating it while the buyer completed due diligence and prepared to acquire the property. Eventually, everything came to a head on June 30th, 2022. The holding company of Avondale Roofing successfully purchased the property from the seller, and the Superior Ambulance lease was terminated one year early to allow them to move into their newly renovated space. Over the subsequent six weeks, the buyer renovated the two buildings, giving the property much-needed rejuvenation.


RESULTS

  • The longtime owner was successful in exiting the real estate.
  • Existing tenant avoided paying the cost of an unneeded building and was able to move into their new space upon its completed renovation.
  • Avondale Roofing found a home in the Janesville market that provided the perfect amount of office, warehouse, and yard space for their growing company.


"Adam checked all the boxes when tasked with finding us an affordable, functional, and
well-located property. While some cosmetic upgrades were needed, he found us exactly
what we were looking for at a price point that was tough to come by in a hot real estate
market. I look forward to working with Adam Shultz and Bill Mears again when I’m ready
to purchase my next property."
                                                           - Ryan Collett, Buyer