Spectrum Janitorial Supply, which was Adam’s client, sold their company in 2015 to Nichols Paper & Supply. Spectrum held title to the real estate and executed a five-year lease with Nichols (Tenant). Nichols occupied 50K SF, which meant there was a 14K SF vacancy in the building. Adam was retained to market the 14k SF for lease, along with marketing the building for sale as well.
We advised the client to market the property for sale in tandem with marketing the 14K SF vacant space for lease. There was a lack of inventory in the industrial market, and the demand for this type of product was at record levels. The supply and demand ratio allowed the client to sell the property at a high number and generate substantial profits on the property.