PaulDickTeam

SUCCESS STORIES

Williams Comfort Air Building

Williams Comfort Air, one of Central Indiana’s most prominent home service companies, had outgrown their existing facility. They had unexpectedly come across a cost-effective property that was ideal in meeting their expansion needs and hastily put it under contract, but they had not put any thought toward the disposition of their existing facility. WCA needed to accurately value the asset (which could prove difficult with limited submarket data), bring the asset to the market, and then close on the sale, all within a short amount of time to accommodate the acquisition of the new facility.

The PaulDickTeam had been diligently pursuing WCA as a client and offered to complete a Broker Price Opinion on their existing facility. Within a week, the Team had presented to WCA a thorough valuation – surprisingly higher than what WCA expected – as well as a game plan to aggressively market the property, winning the business.  The team would employ the strategy of a reverse-1031 exchange to accommodate the impending deadline to close on the acquisition of their expansion facility while still being able to defer capital gains taxes and protect their proceeds. The trick would be to close on the disposition of the existing facility at a price at or near the proposed valuation within the necessary timeline.

The PaulDickTeam worked quickly to assemble all the pertinent information on the existing facility and start a proactive call campaign to all the neighboring property owners to pitch them the property and justify the asking price. Within the first week of the call campaign, two neighbors had submitted competing offers on the property. After pitting the two buyers against one another, one was selected who ultimately performed and successfully closed on the property. The PaulDickTeam successfully completed the reverse-1031 exchange, the property sold for a purchase price within five percent of the original valuation, and a short-term leaseback was structured to provide WCA with time to still operate their business while retrofitting their expansion facility. Williams Comfort Air has since then engaged the team on two additional projects.