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Case Study

FlorStar Sales, Inc.

With the downturn in the residential housing market, FlorStar Sales, Inc., needed to right-size its 444,171 sq. ft. distribution center in Romeoville, Illinois.
 
The JLL team of Trevor Ragsdale and Kelly Gray were hired to market +/- 200,000 sq. ft. of space for lease.
 
The market vacancy exceeded 20% for similar type product and leasing velocity was significantly of historical pace.
 
Through thinking creatively and working with the FlorStar leadership team to develop a long-term strategic plan, Jones Lang LaSalle designed a sale and leaseback structure that achieved the rightsizing objective while maintaining a profit for FlorStar's CEO who also owned the building.
 
Results
  • JLL marketed the sale and leaseback offering to a variety of institutional capital sources and quickly identified Area Property Partners, as the buyer who would provide the best mix of price of contract terms.
  • The transaction closed in 60 days from start to finish and was structured with FlorStar leasing back 259K sq. ft. for ten years at a market rental rate.
  • Due to JLL's efforts, the property sold for a 20% premium as compared to a newer 575K sq. ft. comparable property that sold during the same month.

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