Owner Representation

Click image to view case study

Name of Building: LOGISTICS POINTE DISTRIBUTION CENTER (former Winn-Dixie Distribution Center) Building Size: 1,085,995 SF Description: As a result of the Chapter 11 bankruptcy filing by Winn Dixie, owner of supermarkets throughout the southeastern United States, and its ensuing financial restructuring, Wachovia Securities, as trustee, was faced with the task of disposition of numerous vacant distribution centers. In December 2005, Wachovia Securities initially retained Cassidy Turley for Receivership and Property Management services which parlayed into Cassidy Turley being retained to represent Wachovia in the selling of the 1,085,995-square-foot facility on Nevada Boulevard in Charlotte. The property consisted of 209,316 SF of freezer space, 191,239 SF of cooler space, 591,707 SF of dry storage warehouse, a freestanding building consisting of 43,066 SF, a garage/gate building of 21,460 SF and an office facility consisting of 29,207 SF. Challenge • The enormity of the vacant space – one million plus square-foot distribution center on 66.3 acre site. • The reputation of the space was that of being abandoned by a bankrupt giant – the perception of the space to the market was neither fresh nor modern • The space was previously occupied by a sole tenant, that being Winn-Dixie – the challenge was to convert and lease it as a multi-tenant facility. Services • Wachovia Securities initially retained Cassidy Turley for Property Management services. • Cassidy Turley subsequently interviewed and was selected to handle the sale for Wachovia. Five offers were received immediately – 4 from investors for the entire property and 1 from a user needing only the freezer space. • We recommended to Wachovia Securities to go the bid process and by the end of the bid deadline, we received 13 offers – all from investors for the entire property. • The Yucaipa Group of Companies, a part owner of Americold (now tenant of the freezer space) partnered with Westmount Realty Capital and won the bid. They were so impressed with Cassidy Turley – the synergy between the Property Management team and the Brokerage team – that they had us do the market tour and the market tour and property with their lender, versus using the brokers that represented them in the purchase. • While the property was still in the due diligence phase of the sale, Lane Holbert saw an opportunity with West Logistics, an existing relationship, to place them in the 251,000 SF warehouse space. This provided not only unexpected revenue for Wachovia, but significant value-add for the new owners. • Upon the closing of the sale, Cassidy Turley was once again selected by the new ownership for both Property Management services for the entire space and Leasing for all but the freezer space due to Americold’s relationship with another brokerage firm.* • In addition, by early 2008, Cassidy Turley had leased the 29,207 SF office building and 226,643 SF of dry warehouse. Results • Within 5 months of closing, 50% of the property was leased on term of 5 years or longer. • Currently Logistics Pointe is 91% leased. • The property has since undergone a major renovation with new paint scheme on the buildings, new monument entry signage, new flagpoles, new driveway and new dock seals. • The property has been re-branded and named “Logistics Pointe.” It is now known as “one of the biggest remakes in Charlotte’s industrial history.” *Footnote: Prior to November 2007 the 191,237 SF freezer/cooler space was listing with CBRE. Cassidy Turley was then awarded the listing of this space in November 2007.

Click image to view case study

Name of Building: 2500 CINDY LANE Building Size: 121,950 SF Description: The sale of 2500 Cindy Lane is a great testimony to the rewards of investing in long term relationships and adding value by evaluating all options. In 1990, Lane Holbert, as a young land planning engineer, prepared a rezoning plan for his client, a developer, who was doing a turnkey build-to-suit sale for Westport Containers. It was at that time Mr. Holbert was first introduced to Mr. Beachum, President and Owner of Westport Containers. Shortly thereafter, Lane made a career change to industrial brokerage and over the next 14 years continued to cold call and maintain contact with Mr. Beachum, who had in the interim sold his business but retained the real estate which he leased to the new buyer of his business. Challenge/Opportunity • The property consisted of 121,950 SF on 15.6 acres with conditional I-1(CD) zoning which limited the total building square footage to 150,000 SF. • The tenant (Ferguson Box) had given notice that they would not be renewing their lease as they had purchased their own building. • Due to a family relationship, Mr. Beachum hired another brokerage firm to either lease or sell the building upon lease termination. This brokerage firm listed the property for sale for $4.3 million, however they reduced the asking price to $3.8 million prior to the termination of their one year listing agreement. • When the property had not leased or sold, Mr. Beachum called Lane Holbert and informed him that he was ready to list the property with Cassidy Turley. Services • Mr. Holbert and the industrial team prepared a Marketing Proposal for lease and sale, including a Broker Opinion of Value with a recommended asking price of $4,300,000. • Because the current I-1(CD) zoning limited the total building to a maximum of 150,000 SF, Lane Holbert and Barb Jespersen researched the feasibility of rezoning to allow more square footage. After receiving a positive response from the initial meeting with the City of Charlotte Planning and Zoning staff, they advised Mr. Beachum to proceed with the rezoning petition. Lane managed the rezoning process on behalf of his client and coordinated the efforts of the numerous parties involved, including the zoning consultant, the surveyor and the attorney. After several months, the rezoning was approved and Mr. Beachum was now in a position to subdivide the excess land consisting of 5.6 acres and offer it as a separate sale. Results • The building and 10 acres were sold to a user for $4,030,000. • The approved rezoning would allow up to 250,000 SF on all 15.6 acres of which 100,000 SF was allocated to the remaining 5.6 acres. • The separate land parcel is now being marketed for $700,000. • Assuming the land sells, Mr. Beachum will have net proceeds of over $4.5 million after factoring the rezoning costs.

Click image to view case study

Name of Building: 12301 REESE BOULEVARD Building Size: 353,956 SF Description: CRCBR “TRANSACTION OF THE YEAR” 2004 As part of the deal to win a large build-to-suit with Ace Hardware for a new distribution center outside of Richmond, VA, Panattoni was required to purchase their existing distribution center (353,956 SF) at 13201 Reese Boulevard West located in Huntersville Business Park in Huntersville, NC. After the property was listed and marketed for two-plus years by two different brokerage firms, Colliers Pinkard was awarded the listing in April 2004. The Colliers listing team of Lane Holbert, CCIM and a partner quickly prepared a four-page, full-color brochure to convey all the qualities of this property and started the traditional marketing efforts for this type property. Challenge • Rezoning as a timely condition of the offer Services • Based on the July 2004 offer by Joe Gibbs Racing to purchase 115,000 SF on the left side of the building, Panattoni agreed to consider selling half the building to them if it could be legally subdivided. Lane researched the feasibility of subdividing the building into two condo units and determined it was worth pursuing. Per Panattoni, Lane made a counter to Gibbs for sale of 50% of the building. • Gibbs did not want that much space but did come back with an offer to purchase 168,000 SF, which was accepted, with closing to occur on or before ten days after the condominium plat was approved by the government agendy or agencies. However Gibbs had an option to terminate the Purchase Agreement if Panattoni was unable or delayed in obtaining governmental approval of the condomimium plat. • Gibbs intended to lease the 87,360 SF of the space they were purchasing, which included 14 dock high doors and over 12,000 SF office, creating a total of approximately 273,000 SF vacant for lease. • In September, Lane found a tenant, Kontane logistics, which had an interest in leasing all 273,000 SF. The only problem was they needed it by November 1, 2004, and Joe Gibbs Racing was not supposed to close until November 17. To overcome the issue, we negotiated two leases with Kontane: one for the Gibbs space and one for the Panattoni space, with Lane working closely with Gibbs’ decision makers to make sure they were satisfied with the lease terms, etc. We also made certain to make an amendment to the Purchase Agreement stating that Gibbs was in agreement with the terms of the lease with Kontane and when they closed on the facility the lease would be assigned to them. • Panattoni then signed both leases and Kontane started shipping product to the facility on November 1, 2004 and Gibbs closed on their condo on November 17, 2004. Results • Three satisfied clients.

Owner Representation

Cassidy Turley
550 S. Tryon Street
Suite 3400
Charlotte, NC 28202

Phone: 704.375.7771
Fax: 704.347.0793

Lane Holbert, SIOR, CCIM
lane.holbert@cassidyturley.com
Barb Jespersen, CCIM
barbara.jespersen@cassidyturley.com
John Wharton
john.wharton@cassidyturley.com
Eric Ridlehoover
eric.ridlehoover@cassidyturley.com