This 177,376 square-foot industrial building in Marion, Indiana came to Bradley Company in distress. Deferred maintenance on the property had led to leaks, roof and environmental issues.
3112 S. Boots St.
Initially after receiving scant interest in the listing, it was determined the asking price for the property was too high for the market. The price was lowered and an offer was received and accepted. However, during due diligence major defects with the building were discovered. The potential buyer wanted to move into the property quickly, so a creative solution was required to complete the deal.
Bradley Company offered the buyer a 2 month lease instead. This period gave the tenant more time to address the property’s defects and allowed them to move into the building. After the 2 month period another deal was made. The initial term was one year with a second one-year extension at the same rent. Then a 5-year renewal option with a 2.5% annual rent increase and an option to purchase that could be exercised after one year.