CBC Team Helps Computers Nationwide Become Occupant and Landlord
CHALLENGE
Computers Nationwide approached Coldwell Banker Commercial McGuire Mears & Associates in late 2019 to help with their search for a new office space. Specifically, they were looking for a more central location for their employees; their labor force hails from southeastern Wisconsin down into northern Illinois. Moreover, the owner requested that the acquisition costs remain under one million dollars and for a prospective building to provide rental income that would help offset their debt service.
ACTION
CBC agent Adam Shultz set to work identifying possible properties that had sufficient square footage to accommodate Computers Nationwide’s twenty-five employees and were also within the desired geographic area. After uncertainty from the Covid-19 pandemic halted the search twice, Shultz identified an office investment property at 340 Midland Rd in Janesville, Wisconsin, as an ideal location. The multi-tenant office building had enough vacant space and a long-time owner looking to sell the property and move on to other opportunities.
RESULTS
- Successfully negotiated a building purchase price of $900,000 ($67.38 PSF)
- Relocated an existing tenant within the building to consolidate the remaining vacant square footage into a 4,500 SF suite that Computers Nationwide could occupy
- Helped the seller realize the property’s full potential value by identifying Computers Nationwide as an owner-occupier instead of strictly trying to sell it as a 60% leased investment property
"Adam showed us multiple buildings and spent many hours searching until we uncovered the right building for everything we are looking to do both now and in the future. We are happy that this building is multi-tenant, which allows us the possibility to grow into those spaces in the future or continue to rent them and earn the residual rental income." - Mike Gilbert, Owner