Challenge
A client in Teaneck, NJ, was struggling to sell a building located on contaminated land. Not only were potential buyers leery of taking on the liability of a property that posed an environmental threat, but the banks were also simply unwilling to give a mortgage.
Solution
Out of answers, the client approached McBride’s Senior Vice Presidents Mike Brown and James McNerney. With vast experience dealing with sensitive issues in commercial real estate, McBride took on the assignment, aware that only a select group of buyers would show interest. With an established database of potential buyers, the McBride team created a strategic prospecting plan that targeted a specific segment of purchasers most likely to invest in a property with complexities like these.
Results
Backed by deep expertise and a targeted prospecting approach, the team identified a purchaser for the property and created a solution that would resolve the contamination issue and turn this into a commercial estate success story – the seller would agree to put money in escrow for the cleanup. The building closed in early February 2020.
