Thinking Bigger Results in Sale at 3 Times Appraisal
Ortlieb’s Bottling House, Fleet National Bank—Management and Sale of 63,000 sf Industrial Building
The trustee for bondholders needed to liquidate a former bottling house facility in the Northern Liberties neighborhood of Philadelphia. The area itself—once a brewery and manufacturing district—had been revived in recent years. But while the 1948 building had seen various uses since the original occupant ceased production (including as a boxing gym, jazz club and synagogue) it had not been used for years. We were engaged to manage and sell the property. To prepare it for sale, we:
- Researched property values in the area
- Stabilized and/or quantified any immediate repair needs
- Explored redevelopment possibilities
- Projected reuse scenarios based on updated market conditions, including residential, commercial and mixed uses
Vision and tenacity, rewarded
As a result of our work, we believed that the current appraisal did not reflect the building’s true value. Thinking more imaginatively about the property’s potential and thoroughly investigating all of the possibilities paid off. We arranged for the sale of Ortlieb’s at approximately three times its appraised value.
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