Gannett Media, on behalf of the Taunton Daily Gazette, hired BellCornerstone to sell a 21,000 SF newspaper facility in Taunton, MA. This project presented a range of challenges that required a team-based solution and outside the box thinking.
The BellCornerstone Approach
From the initial property inspection, it was obvious that this would be a difficult assignment. The building had recognized environmental concerns (“RECs”), was filled with old content, and needed significant capital improvements. The Bell team worked with environmental experts to help remediate the RECs and achieve a full resolution, complete with a “No Further Action” letter. Bell then worked with local facility management to clean up the interior of the building and prep it for marketing. Meanwhile, Bell’s telecommunications team launched an aggressive call campaign into the local, regional, and national markets to identify potential buyers. The early stages of the call campaign provided critical reconnaissance that revealed negative market perception, zoning restrictions, and pricing challenges.
While reviewing these discoveries with the client, Bell proposed multiple solutions. Based on the client’s deadline, the joint real estate team decided to list the property for auction. BellCornerstone researched and partnered with a national commercial real estate auction platform and hired a local broker, to maximize exposure and sale price potential. Working daily with its partners, Bell generated significant excitement, identified and qualified more than 60 investors, and assisted them with auction registration.
BellCornerstone’s experience and agility were essential in completing this transaction. Bell’s telecommunications team continued making phone calls to registered bidders until the final minutes of the auction. This created the competitive environment that drove bidding to 30% over the client’s target reserve price. The sale closed successfully within 30 days.