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Case Study

Fulfilling growth criteria for Midway Auto Parts

In mid 2008, one of Midway Auto Parts’ businesses had expanded to the point that they needed to relocate from at 15,000 square foot facility into a 50,000 to 100,000 square foot facility. JLL was hired to evaluate the market and secure a building that would fit their growth criteria. After being hired, JLL did a summary of the market and found that most buildings in the Executive Park area were selling in the high $20.00 to low $30.00 per square foot range.

Midway Auto Parts was looking for a distressed opportunity to pursue that would still meet the requirement of 50,000 to 100,000 square feet, with at least 18 foot ceilings and four to six dock-high doors. It was very important to stay in close proximity to the Executive Park area.

The building at 950 N. Century, Kansas City, Missouri, which is located in Executive Park, met all of the criteria for Midway Auto Parts. The building was 61,000 square feet with 5 dock-high doors, 2 oversized drive-in doors and was within the geographic area. The building was owned by the custom cabinet company that was in a distressed situation. Jones Lang LaSalle was aware that the bank took the building back and saw an opportunity for Midway Auto Parts.

The bank lowered the asking price from $2.1 million ($34.42/sf) to $1.9 million ($31.34/sf). Jones Lang LaSalle negotiated with the bank on behalf of Midway Auto Parts to lower the purchase price further to $1.35 million ($22.13/sf) for a savings of over 29% off of the already reduced purchase price of $1.9 million.

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