Manufacturing Facility
Pharmaceutical Company
Sold property for the company’s asking price in cash.
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THE CHALLENGE
A multinational pharmaceutical company had a 470,000+ square foot manufacturing facility sitting on 65+ acres. Although the property was in good condition, the manufacturing lines were setup for pharmaceuticals that are no longer prevalent. That coupled with the significant holding costs associated with a plant of this caliber, made the property challenging to sell. The company decided that rather than update the facility, they would sell it and shift manufacturing to another location.
The company had marketed the property for a year with some interest, but nothing approaching their desired asking price. The building was in the process of being decommissioned and the company needed to close on the sale of the property by the end of the year.
HOW ICON UNCOVERED VALUE
ICON agreed to purchase the property for the company’s asking price in cash. ICON expedited their due diligence period to 35 days to meet the company’s timing needs and closed on the property before the end of the year. In return, the company agreed to purchase a portion of its paid media advertising through ICON.
RESULTS
The company received a significant financial benefit by simply agreeing to purchase media through ICON. The company purchased local and national broadcast over a predetermined amount of time, under the direction of their agency, and with no sacrifices to quality.