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Dover Post | Dover, DE
Size:
27,000 SF
Sector:
Media/Newspaper
Service:
Property Disposition
Environmental Consulting, Property Clean-Up, Buyer Located, Building Sold!
BellCornerstone was hired by GateHouse Media on behalf of the Dover Post to prepare and sell a 27,000 SF newspaper production facility in Dover, Delaware. This requirement was challenging in that the building was believed to have environmental concerns and it housed a towering printing press in the middle of the production space.
The BellCornerstone Approach
BellCornerstone immediately hired an environmental consulting firm to study the historical records of the property in preparation for the Phase I environmental report. In collaboration with the Dover Post, BellCornerstone worked quickly to coordinate with a qualified service provider to remove the enormous printing press from the building. After the press was completely removed, BellCornerstone hired a property preservation company to remove all of the remaining building contents and debris and to professionally clean the empty production space.
The Result
Our internal Telecommunications Team contacted all the neighboring businesses and local investors, ultimately finding multiple interested parties. Two of the leads generated through the call campaign immediately submitted offers to purchase the building. The Account Executive Team at BellCornerstone then negotiated with the competing parties to ensure top dollar and the shortest possible due diligence period. Within 100 days of receiving an offer, the sale was completed for the full book value of the property. Additionally, the Dover Post’s existing local staff was able to lease back some space in the building, significantly below market rate, which provided them with the flexibility to restructure their headcount and refresh their office space. By selling the building, GateHouse Media was able to monetize their asset and achieve an operating expense savings of over $50,000 per year.
Real Feedback. Real Results.
What Our Clients Say About Working with BellCornerstone.
At BellCornerstone, we know that our success is built on the success of our clients. That’s why we listen first, act fast, and work smart — delivering measurable results that speak for themselves. With over 40 years of experience, service across all 50 states and Canada, and an 83% client retention rate, we’re proud to be the trusted partner for industry leaders nationwide. But don’t just take our word for it — hear what our clients have to say.
