Corporate Surplus
Cambridge Hanover’s flexible and nimble operating structure and ability to make quick decisions on complex matters is what differentiates the company from its competitors. Corporate surplus assets generally require more work and less time for due diligence and decision making, but over the past few years, Cambridge Hanover has been able to work with corporate sellers to accommodate their specific needs while implementing capital improvement plans to redevelop the surplus asset for another user. Examples of corporate surplus investments include South Middlesex Avenue in Cranbury, NJ, Chancellor Drive in Orlando, FL, the Totowa Business Center in Totowa, NJ, 8273 Green Meadows Drive in Columbus, OH, and Ashley Phosphate in North Charleston, SC.
Case Study: 18 South Middlesex Avenue (Cranbury, NJ)
Cambridge Hanover acquired this 220,000 square foot, single tenant property in 1996 during a time in which its tenant, Bridgestone Firestone, was consolidating as part of a nationwide restructuring of its distribution system. Consequently, Bridgestone Firestone contracted with a local investor/developer for the sale transaction and was negotiating with General Electric to lease the property. It soon became apparent to both Bridgestone Firestone and GE that the investor/developer could not perform and close on the property. Fearing that the sale was in jeopardy and that GE’s occupancy date would not be met, the selling broker approached Cambridge Hanover to complete the transaction. Cambridge Hanover gave Bridgestone Firestone the confidence that the sale would close and gave GE the confidence that its occupancy date would be met and the renovations to the building would be to the tenant’s specifications. After closing on the property, Cambridge Hanover subdivided the building to accommodate multiple tenants and immediately commenced construction of GE’s tenant improvements. In 1997, Cambridge Hanover sold the property to a Pension Fund Advisor.
