COM DEV International Ltd. had acquired a specialized design and manufacturing business in Kanata, in order to expand on its offering of advanced space technologies. The business that COM DEV acquired was accommodated in its own building, 303 Legget Drive which had to be sold as COM DEV amalgamated the staff and product offering into its larger facilities.
Our principals were engaged to sell the building at a time when the market conditions in Kanata were very soft; there was rising vacancy and significant uncertainty as to the future outlook for the market. In addition, COM DEV wanted to achieve a premium for the building because of the price that was attributed to it in the acquisition of the new business.
Our team understood that the market for leased space was poor and therefore an investor would be unlikely to purchase a vacant building for a price that COM DEV was willing to sell for, so they shifted the marketing program towards the user-owner market.
Knowing that the business directly adjacent to 303 Legget Drive was interested, our Principals then had to cast a net outside of the immediate area in order to generate a competitive environment.
COM DEV International was able to dispose of 303 Legget Drive within a very short time frame for a price that well-exceeded the number that was attributed to the building in the acquisition of their new business unit.