case studies

MGS Machine Corporation

39,100 SF Property Acquisition in Maple Grove

Situation

Hired in Fall of 2009 with a need for additional office and warehouse space. They had a lease that expired in April of 2011. The building they were in at the time had challenges including an inefficient layout, high utilities, and above market rental rates.

Challenge

The lease was 1.5 years from expiration and the preference was to own in a 2 block radius. At that point in time there were no buildings available for sale in the targeted area.

Solution

Contacted every owner in the focus area. Through this, it was found that there were 2 potential sellers. One happened to be next door however the price was above market. We negotiated with both sellers as well as looked at leasing in the area which set the stage for a competitive environment.

Results

The results were that we negotiated the price down $500,000 off list price or about 23%. They ended up with the building directly next door at a great price and timing that worked out perfectly.

Client Quote

I really appreciate the expert help that Chris Garcia provided in our search for a new building. Chris carefully listened to our requirements and searched the market until he found the right solution for us. He always promptly and thoroughly answered the many questions we had throughout the search and purchasing process.

Mary Zadach, CFO, MGS Machine Corporation

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