Tampa, FL – December 16, 2011 – (RealEstateRama) — By overcoming the challenges of the current market conditions and positively impacting today’s greatest economic indicator, job growth, NAIOP Tampa Bay awarded CBRE ‘Broker Deal of the Year’ in the Industrial category for the two-time disposition of the former Pinellas Expo Center during 2011, executed by CBRE First Vice President Brian Rettig, SIOR and First Vice President Gary Bauler, LEED AP.
The deal comprised two separate sales; the first involved an owner in need of selling a surplus facility in a down market: CBRE was engaged by a Fortune 500 company, to market the 123,820-square-foot property for sale. After traditional buyers fell short of offer expectations, a non-traditional investor specializing in corporate barter transactions was sourced. The buyer, Prospect Property Group, had a unique ability to pay an attractive price to the seller by crediting value towards the price with media buy allocations. The resulting purchase took place in April 2011.
CBRE was subsequently hired by the new owner to market the property for sale or lease. In November 2011, the industrial property was purchased by a manufacturer with intent to occupy. Modern Silicon Technologies (MST), a manufacturer, is relocating operations from Chicago, Virginia and Clearwater. The relocation of MST will result in the addition of 50 jobs to the area. The aggregate value of the April and November 2011 transactions equated to $9.8 million.
“CBRE’s Brian Rettig and Gary Bauler achieved the NAIOP Broker Deal of the Year-Industrial for consummating a very complicated deal involving multiple transactions, resulting in the creation of jobs,” said Hank Brenner, Chairman of NAIOP Tampa Bay’s annual awards dinner. “It was an absolutely wonderful transaction for our community,” he added.
This marks the fourth consecutive annual win for CBRE, the last three of which were lead by Brian Rettig.
Located at 10601 US Highway 19 North in Pinellas Park, the former Pinellas Expo Center had been utilized by the Fortune 500 company since 2006, when Rettig and Bauler initially represented them in the acquisition of the facility.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
Contact:
Lauren Crawford
Communications & Media Manager, FL
813.273.8482
lauren.crawford (at) cbre (dot) com
Elizabeth Cross
Marketing Director, FL
305.428.6373
elizabeth.cross (at) cbre (dot) com
