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Case Study


7571 Lampson Avenue
Garden Grove, California

MeadWestvaco MCOP Division or its predecessor had occupied the 227,217 square foot warehouse since the facility was built in 1960. In early 2008, the company closed down all manufacturing operations and decided to dispose of the surplus asset. Ownership conveyed to the JLL team their desire to close sale of the building in second quarter 2008. Given Orange County’s declining market at the time and financing difficulties as a result of economic downturn, completing the sale of the asset within the requested timeframe posed a significant challenge.

A timeline was established to meet ownership’s goal of a second quarter 2008 close date. An offering memorandum was prepared and the asset was placed on the market using the unpriced auction market method. Site tours were conducted following the distribution of marketing materials. Fourteen written offers were received at the end of the ten-week marketing period.

Jones Lang LaSalles’ team recommended acceptance of an offer from a local user (an all cash buyer not as sensitive to the rapidly deteriorating credit market as competing developer offers) with a demand the user shorten the proposed due diligence period and close 2Q08. In seeking out a user that was not highly leveraged and who had an immediate need for the facility, the team fought declining market values, and sold the asset at December 2007’s market price in June 2008 for $78 per square foot, meeting MeadWestvaco’s requested timeline and sale price.

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