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The Columbus Dispatch | Columbus, OH
Size: 418,787 SF
Sector: Media/Newspaper
Service: Property Disposition
A BIG Challenge Requires a BIG Solution
The Need
BellCornerstone was hired by Gannett Media on behalf of The Columbus Dispatch to sell its production and distribution campus in Columbus, OH. This 418,787 SF facility spanned 69 acres and was rich in natural and logistical resources, but the building’s unique design and layout created significant problems in visualizing and implementing future redevelopment. The challenge of selling this massive property was one that the BellCornerstone team was excited to tackle.
The BellCornerstone Approach
BellCornerstone’s in-house team of real estate experts devised an “all hands-on deck” strategy to leave no stone unturned as they scoured the market for buyers, investors, developers and potential tenants. As a result, the BellCornerstone team made 6,419 outbound calls to C-level executives across the entire state of Ohio. At the same time, BellCornerstone invested over $20,000 in online digital marketing, utilizing 3-D model technology, drone photography and videography and LoopNet Platinum listing services.
At the same time, BellCornerstone decided to hire a local co-broker who could amplify marketing efforts and assist with touring prospective buyers through the property. The BellCornerstone team interviewed multiple potential partners and hired the best industrial real estate firm in the region.
This all-inclusive marketing approach helped quickly identify multiple local, regional, and national buyers who BellCornerstone then negotiated with to maximize sale price and achieve favorable lease-back terms.
The Result
BellCornerstone’s comprehensive strategy and methodical execution led to finding the perfect buyer who had the financial resources to maintain and redevelop the property. This included the buyer assuming responsibility for removal of the 4-story printing press, which resulted in an additional $200,000 of savings for the client. Finally, BellCornerstone helped negotiate a lease agreement with the new buyer, which allowed the iconic Columbus Dispatch to right-size their operation, reduce their annual expense and remain on location as a tenant.