Smart Risks for Superior Returns

Leveraging keen market knowledge and decades of experience, BCC makes the right decisions to increase the value of its properties and generate the best returns for investors.

 
 

THE OPPORTUNITY

BP needed to divest all assets associated with the solar panel business but had a limited number of purchasers due to:

  • Location in Frederick, MD

  • Manufacturing facility

  • Difficult site access

  • Zoning category dictating industrial/office uses

  • Potential environmental issues

 

THE ASSETS

  • 23 acres of land

  • 60,000-square-foot high bay (empty) warehouse

  • 130,000-square-foot slab, 65,000-square-foot basement

  • Water rights: 

    • 180,000 gallons of water/day supply

    • 150,000 gallons of water/day discharge

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THE ACQUISITION

  • Purchased on June 30, 2012, for $3 million

  • Capitalized at $5.5 million:

    • $3 million mortgage

    • $2.5 million of equity

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SITE IMPROVEMENTS

  • Demolished existing factory

  • Created preliminary subdivision plan

  • Rebranded site as Vantage 70

THE SALE

AstraZeneca purchased the property for $13.8 million. BCC retired existing debt and returned 100% of equity investment, including an 8% preferred return.