Success Stories

Hunter Douglas Inc.

Poway, CA
133,125 SF
Cresa San Diego
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Client Objectives

Hunter Douglas enjoyed a relationship with a Principal in Cresa San Jose's office and was seeking support for a disposition of their Poway (San Diego) property, comprising a 133,125 square foot manufacturing facility and a separate, contiguous 2.59 acre parcel of land. Hunter Douglas was downsizing, needed cash and, while awarding the listing contract to Cresa in early October, 2010, insisted on booking the sale prior to year-end 2010. HD also required that Cresa keep the "timing" confidential to avoid the appearance of a fire sale and enhance their chances of generating a higher price for the property.

Results

Cresa quickly put a team in place, assigning a broker to evaluate the existing facility, another to evaluate the surplus land, and another to identify all logical buyers and users. Within thirty days, we entered into a contract with a REIT specializing in these types of properties. On December 1, 2010, the REIT pulled out of California entirely. Because we had continued to market the property as a team, we returned to the three prospects that had expressed considerable interest and we were able to close the transaction on December 30, 2010, all cash at 93% of the asking price. We would not have achieved these results without having attracted a tenant for the entire building, one that was able to use the surplus land for additional parking.

Additional Assignments

Cresa was recently retained by Hunter Douglas to market a similar facility in Denver, Colorado.

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