Cordele- Crisp Industrial Council hires property real estate agent

Published 10:51 am Wednesday, October 18, 2017

CORDELE — The Cordele- Crisp CountyIndustrial Development Council approved the hiring of national real estate company CBRE, an Atlanta based firm to help find a prospective buyer for the Cedar Creek Corporate Park.

The approval comes following a process that narrowed down the choices down to three different companies. CBRE emerged as the choice candidate after being one of two companies to submit one.

CBRE’s Atlanta office Senior Vice President Greg Haynes made a pitch to the board on Friday, citing his 38 years of experience and the companies familiarity with locations not just in Atlanta as a reason they should be selected.

The building, constructed more than a decade ago for $2 million, has had trouble finding a tenant and has been uninhabited.

Currently, the price of the building is set at $1.2 million, which Haynes says is a good competitive number for a building that size.

Haynes said some of the strengths the building has to offer for potential buyers is the proximity to Cordele Inland Port, the Tier I Job Tax Credits and the fact the building has a rare  design —33-foot ceilings.

The one issue that potentially could drive off potential buyers is the fact the location is not move-in ready. Flooring would have to be installed as well as additional lighting.

One of the concerns from the council was if it has depreciated in value after not being used.

The cost of CBRE would be as follows: if it is a direct sale the company would receive five percent of the gross sale price. If the deal is co-brokered then a total of six percent would come out.

The IDC has a one-year agreement with the CBRE, with a total expense of $2,500 for standard marketing programs.

Haynes believes that the time it will take to sell the building is between 6-18 months.