Project Overview:

Voit Real Estate Services was engaged to sell the asset in a desired fiscal year. After several alternative financial models were reviewed, it was determined that a short term lease structure was the best alternative for the client.

The project contained environmental issues, parcelization, and the “negative image” due to the current use as a paint manufacturer.

The property was sold to a reputable investor / development group who did not retrade and closed as scheduled. As a result of this success, Voit was retained by Akzo Nobel to assist on 2 additional assignments.

Challenge:

Assist Akzo Nobel in selling facility to an investor on a short term sale/leaseback by close of fiscal year. Environmental, parcelization, clean up issues.

Result:

Voit took the Property to the market through bid process. Sold in 60 days and was able to close in fiscal year. The leaseback structure allowed Akzo Nobel to wind down operations in one of the most scrutinized businesses in the state.