Spectrum Janitorial Supply: Successful Asset Disposition in a Challenging Market
Client Profile:
Spectrum Janitorial Supply, a former client of Adam Stephenson, experienced significant changes after selling their company to Nichols Paper & Supply in 2015. Despite the sale, Spectrum retained ownership of the real estate, leasing 50,000 SF to Nichols while facing a 14,000 SF vacancy in their Indianapolis facility.
Spectrum Janitorial Supply & Allies Partnership:
Adam was engaged to strategically market both the 14k SF vacant space for lease and the entire building for sale. This dual approach aimed to capitalize on the strong market demand for industrial properties while addressing the challenges posed by the building’s characteristics.
Opportunity and Challenge:
The building’s sale and leasing efforts were undertaken amid the COVID-19 pandemic, an unprecedented challenge in the real estate market. The property had an overabundance of office space and a low clear height in the warehouse, limiting its appeal to potential users. Further complicating the situation were the limited loading docks and the building’s unique geometry, which resulted in non-conventional parking lot arrangements.
Analysis:
Allies Commercial Realty advised leveraging the robust demand in the industrial market, despite the pandemic, to attract potential buyers and tenants. The unique aspects of the property required a targeted marketing strategy to highlight its potential and attract a suitable buyer pool.
70K SF facility in Park Fletcher Business Park, Indianapolis, IN
Our Success Stories:
- Efficiently marketed the property, balancing lease and sale efforts.
- Attracted multiple offers despite the challenging market conditions.
Results:
- Successfully sold the building within the projected timeframe.
- Secured the highest possible sale price for the property during a pandemic.
- Smoothly managed the due diligence process, ensuring a seamless transaction.
- Delivered substantial profitability for the former owners of Spectrum Janitorial Supply.
Conclusion:
The sale of the Spectrum Janitorial Supply property demonstrates Allies Commercial Realty’s ability to navigate complex market challenges and maximize asset value. Our strategic marketing approach, combined with our commitment to client goals, ensured a successful disposition of the property, highlighting our adaptability and proficiency in asset disposition in the commercial real estate market.
Adam helped us market & sell a 70K SF facility in Park Fletcher Business Park. We tried to sell it previously, with no success. Adam placed a cold call into me and after meeting with him, we were extremely impressed with his energy and honest demeanor. We gave him the listing and it worked out great. I am an elderly man (80) and have done many real estate deals for over 60 years, and I say Adam is by far the best realtor I have ever worked with.
George Coogan
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