Challenge
 
AlliedSignal, in an effort to cut costs, desires to dispose of excess real estate around Port of NY/NJ. 
 
Solution
 
The New Jersey Industrial Team was engaged to dispose of a 168 acre parcel of industrial real estate in Port Elizabeth, NJ.  In 1998, AlliedSignal with the assistance of CB Richard Ellis decided to sell a property that has a "higher and better" use than its current use as a resin manufacturing plant.

The property located at Port Elizabeth, NJ, was valued at $20 million.  In order to attain the highest sale price possible a three-tiered marketing process was developed:

1) Strategic Planning:

• Assembling the appropriate team of professionals and consultants
• Property analysis and evaluation
• Developing a marketing strategy

2) Marketing the property:

• Develop marketing materials that focus on property's unique qualities
• Solicit buyers deemed most likely and capable to consummate the transaction
• Property Inspection
• The New Jersey Industrial Team placed the property on the market and was able to solicit enough qualified offers that a "bidding war" resulted between several local developers and end users.

Ultimately the property sold above the asking price to Continental Airlines who will develop the property as a campus-type headquarters for their Newark Airport Hub.