Case Study :: Ingersoll Rand – Phillipsburg

Property: Ingersoll Rand 942 Memorial Parkway Phillipsburg, New Jersey Assignment: – Prepared a Property Strategic Assessment and disposition strategy for a 973,765 SF, industrial campus on 385 acres – Responsible for developing a master plan for 385 acres (i.e. highest and best use)

Challenges:
– Functionally obsolete buildings in an inferior industrial submarket
– Environmentally challenged site
– Highly charged political environment related to redevelopment of campus

Conclusion:
– Completed Property Strategic Assessment
– Preleased 70% of existing buildings (650,000 SF) and developed conceptual master plan for remaining land
– Property sold to a regional re-developer for $18.0 million