Case Study :: Bristol-Myers Squibb – Cranbury

Property: Bristol-Myers Squibb Company One Squibb Drive Cranbury, New Jersey Assignment: – Disposition of vacant 223,936 SF warehouse distribution building – Prepare Highest and Best Use Evaluation Report – Implement an exclusive web-based marketing program

Challenges:
– An older and less desirable distribution building based upon 26’ clear ceiling height, limited loading and trailer parking, and excessive 30,000 square foot office area
– Weak industrial user demand relative to supply (i.e. sustainability of value)br />

Conclusion:
– Secured a tenant, Able Labs, for the conversion of the building into a manufacturing site
– Subsequently sold the building to a local developer for $10.35 million ($46 psf) leveraging upon the investment value created by pre-lease