Description
In 2016, Rabin purchased 473,478 square feet of industrial real estate from Flowers Bakery. The real estate portfolio included 6 properties, which Flowers had purchased in the 2013 Hostess Bankruptcy and machinery, equipment and vehicles in 15 locations throughout the country. After intense negotiations, Rabin, along with its partners Reich Brothers and Capital Recovery Group, purchased the entire portfolio, a rare opportunity to acquire significant real estate and equipment in a single transaction.
Rabin then set up, marketed and auctioned thousands of items of bakery equipment located in Alabama, California, Georgia, Illinois, Indiana, Maine, North Carolina and Utah. Live and online sales were conducted by multiple coordinated teams over the span of 3 weeks, with buyers participating from every continent. Simultaneously, Rabin prepared the real estate properties for sale, conducting essential improvements to the buildings, which included utility upgrades and environmental remediation. Rabin ran a comprehensive sales process, focusing on local and national markets. Within 12 months, Rabin sold all of the real estate holdings which were located in Arizona, West Virginia, Illinois and North Carolina, targeting operating businesses who brought jobs and industry back to each market.
Specifications
PROPERTY TYPE:Industrial
NO. OF BUILDINGS: 7
BUILDING SIZE:473,478 sq. ft.
LAND AREA: 41 acres
DATE ACQUIRED:2016
DATE SOLD:2017
Property Details
Year Built1955-1980
SoldYes
ZoningRetail and Industrial
FeaturesNA
Spread across the US, Rabin executed a strategic sales process resulting in 6 properties sold in just 12 months.