Wanting to dispose of the surplus property quickly, the Cleveland-based company is offering up the distribution facility at below market rates, says the broker with the disposition assignment, J. Holmes Davis of Dallas-based Binswanger/CBB.
Sitting on 160 acres on Route 2, the building has insulated metal panel walls, reinforced concrete floors, 24 dock-high doors and ceiling heights to 32' clear. Some 12,000 sf of the building is built out as air-conditioned office space with a reception area, six private offices, a conference room, a cafeteria and a computer room. The asking price is $8 million, or about $12 per sf, says Davis.
"Someone would typically be asking $15 to $20 per sf for such a facility; we're under market," he says. "They don't want to sit on it and they know demand for that much space is not strong."
Davis says there is much more demand for buildings sized between 150,000 sf and 200,000 sf, so his hope is they can find an owner-user that doesn't need all the space but still bites because the price is right and the excess space can be leased to someone else or held for expansion. If an owner-user can't be found, Davis says the second option will be to secure a tenant for half the space and then flip it to investors.
"We don't want to subdivide the space and American Greetings doesn't want to be a landlord," says Davis.
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