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GARRITY TOOL COMPANY
INDIANAPOLIS, IN
ACQUISITION / DISPOSITION / LANDLORD REPRESENTATION
Garrity Tool Company is a major supplier for central Indiana aerospace, automotive, medical and commercial industries. It maintains business relationships with other companies for tasks such as heat treat, painting, plating, forgings, and castings. Garrity Tool had outgrown its current facility and was in immediate need of a larger facility. The client had previously worked with two other brokerage firms to accommodate the growth, but the job was left unfinished. The challenge was to quickly finding a facility that met the client’s requirements of a combination of warehouse and office space with outside storage options within reasonable proximity of the existing facility.
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A P P R O A C H
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Search the market within the east and southeast submarkets for buildings that would meet the client’s space requirements.
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Include lending institutions to find foreclosed buildings.
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Narrow the search and tour several facilities that would accommodate the client’s budget and space requirements.
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R E S U L T S
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Negotiated the sale transaction of a facility located on the southeast side that met the needs of the client and accommodated the desired budget.
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The client’s new facility was larger than needed. Within 30 days, Summit found a tenant for the extra space with a 5-year lease term.
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Summit served as agent for the disposition of the existing building and sold within 4 months.
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