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Lubbock Avalanche-Journal | Lubbock, TX
Size: 193,253 SF
Sector: Media/Newspaper
Service: Property Disposition
The Power of Picking the Perfect Partner!
The Need
BellCornerstone was hired by GateHouse Media on behalf of Lubbock Avalanche Journal to help them sell their 193,253 SF newspaper building, BUT they had one major condition: they needed to continue occupying the area of the building that housed their enormous printing press. This requirement significantly limited the potential re-use and desirability of the building. In fact, the largest local broker/developer in Lubbock was unable to generate any interest in this project during the 12 months that he worked on it.
The BellCornerstone Approach
BellCornerstone is not contractually obligated to work with any specific affiliate and has the flexibility and discernment to look beyond the big-name brands and partner with the very best local real estate firm in each individual market. This was exactly the case in Lubbock, Texas, where our team traveled to interview over a dozen local and nationally recognized real estate firms, to determine which partner could bring the grit, creativity, and expertise needed for this project. BellCornerstone ultimately chose a local mother/daughter team who were well known and liked in the local market, seasoned in completing difficult transactions, and hungry to take on the challenge. They had a smart plan and a genuine passion for the redevelopment of the building and the continued renovation of the downtown Lubbock area.
The Result
Through their collaborative efforts, BellCornerstone and our new local real estate partner, did what the inflexible national franchises could not. We created a renewed sense of excitement and urgency about this project. We amplified the marketing efforts and made thousands of phone calls to local investors and potential end-users. Within 90 days of taking over the listing, we located the perfect buyer, achieved both the sale of the entire 193,253 SF building, and a mutually beneficial lease-back of the printing press portion of the facility. Much credit to our great local partner and positive proof of the power in picking the right local real estate provider.
"GateHouse Media 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."
