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Success Story: Selling The Beast – 472K SF Disposition

March 16, 2018
Success Stories
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Success Story: Selling The Beast – 472K SF Disposition

By Ward Richmond

Market Making sale of 472,234 SF Final Mile Logistics Center

CLIENT

Keller Logistics Group, Your True Blue Logistics Crew is an asset-based 3PL solutions provider headquartered in Defiance, OH with affiliate locations currently in six states. Their 3PL services are supported by the affiliates of Keller Freight Solutions, Keller Trucking, Keller Warehousing & Distribution, and Keller Packaging. http://www.kellerlogistics.com

DETAILS OF THE DEAL

  • Developed innovative marketing strategy by recognizing opportunity to transform an obsolete, oddly configured 1970’s distribution center into one of kind final mile distribution opportunity.
  • Rebranded property as “Final Mile Logistics Center” to change perspective of marketplace and take advantage of the “Amazon effect” related to ever increasing demand for customer delivery speed.
  • Created extremely competitive environment via targeted marketing to industrial users with final mile transportation needs (Amazon, WalMart, Geodis, XPO). Additionally, we targeted a wide range of investors including multi-family developers to leverage the rare 21.19 Acre urban location.
  • Provided our client flexibility to lease back on a temporary basis.
  • Identified 1031 Investor with close relationship to strong industrial user with a need for a large, rail served, final mile distribution center.
  • Market making sale price traded 162% higher than initial bank appraised value generating close to $10 million in value to our client.

Customer Experience

“Ward Richmond understands the 3PL business and has a network across the country. I believe that is the reason he is one of the top industrial real estate brokers in the country. We rely on Ward to  help solve our customers’ supply chain opportunities and provide them with logistics solutions that fit their needs.”

-Bryan Keller, CEO, Keller Logistics Group