Shea Road Success Story

1. SUCCESS STORY
725 SHEA ROAD, NEWTON, NC
Don Moss SIOR | CCIM
Grant Miller
Marketing
Lease Negotiations
Transaction Management
Warehouse/ Distribution
Industrial Lease
109,000 SF
Newton, NC
"When our tenant gave us last
minute notice that they would not
renew their lease, we called the
team of Grant Miller and Don Moss
at Colliers International Charlotte.
Grant and Don jumped right on it,
put together a marketing package,
began showing the building, and
brought us an excellent tenant in a
matter of weeks. The month that the
building was empty was barely
enough time to get it ready for the
new company. We ended up with a
better tenant, better lease, and
better building thanks the team of
Grant Miller and Don Moss at
Colliers."
-Walt Glazer
www.colliers.com
CHALLENGE
In January of 2013 Colliers International
started discussions with one of our Owners
regarding a potential vacancy starting in
August of 2013. After discussions with the
current tenant we surmised that highly
unlikely to renew or they were going to
renew only for a short time period. It should
be noted that historically vacant buildings in
this market sat empty for twelve to twenty-
four months on average.
STRATEGY
Our team began a pre-lease expiration
marketing plant to make sure the landlord
did not incur any downtime when the lease
expired. This plan began five months
before the lease expired. An updated
marketing brochure was crafted; market
canvassing was started; broker market
blasts were sent out and we made phone
calls to key brokers in the market. We made
sure we would get in front of all tenants and
buyers in the market. Additionally, we
tracked tenant and buyers represented by
brokers to make sure they knew our owner’s
building was becoming available.
SERVICES
• Marketing
• Lease Negotiations
• Transaction Management
RESULTS
Due to our tracking process and knowledge
of the market, we were aware a particular
warehousing tenant, WJB Bearings, Inc., had
been searching for a facility for close to
twelve months. The company was not able to
find the right property near their preferred
geographic location at a competitive lease
rate. We contacted the broker representing
the tenant to encourage him to have his
client consider our listing. After several tours
of the facility with WJB Bearings, Inc., we
provided a very aggressive lease proposal.
This resulted in a fully executed lease with a
new tenant for our Owner. The tenant
signed a 60 month lease for the entire
building with only 30 days of downtime.