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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!
The Need
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.
"GateHouse engaged BellCornerstone as a vendor for the review of a single transaction in Florida. BellCornerstone's recommendation & creative solutions directly resulted in saving millions of dollars, reducing term, and right sizing our operation. BellCornerstone now represents our portfolio nationwide and is considered among our most trusted advisors."
