Challenge
The 1,167,458 square foot industrial land located in Laval was up for sale for years. The property was assembling a negative reputation among potential buyers not only for its time on the market but due to several obstacles. The land itself was highly contaminated and the city regulations limited the development opportunities of the property. Despite the challenges, the seller wished to maintain high exigencies toward the buyers which compromised potential deals.
Highlights
- $16,500,000 Transaction
- ± 1,167,458 sq. ft. of land
- Offer the possibility to build a very large custom property.
Action
Joe Rullier decided on engaging two different environmental firms and worked with them to measure the land contamination level and to determine the necessary expenses and actions to reach an acceptable level of decontamination, adapted to the market exigencies. After contacting the city department, Joe Rullier was informed that services and streets around the property will be reworked in a one-year window. Offering new opportunities for the property.
Results
We finally found a buyer willing to use a non-refundable deposit with no conditions demonstrating their seriousness to the sellers and meeting their high expectations. With a selling price of $16.5 million, once the transaction concluded, the sellers shared their satisfaction.
Testimonial
“Joe Rullier is one of the best problem solvers in this business era. Our last transaction in Laval was a challenging one with many obstacles. As a result, previous purchasers had failed to close the deal. However, due to Joe’s perseverance and tenacity, he was able to find solutions to each challenge and we were able to finalize this complex transaction.”
-Ian Quint,
BRASSWATER