A Japanese-owned chemical conglomerate needed help relocating business units, expanding facilities, and disposing of 120 acres in a densely populated infill location. The company had no in-house real-estate experience, and the project landed in the lap of the outgoing CEO as a swan-song project. The project had many stakeholders, both within the company and the community, but they were voicing differing opinions.
Cardinal implemented its Comprehensive Asset Sale™ process by gaining a thorough understanding of the company’s goals, fears, and business strengths.
Cardinal then completed the Due Diligence 360™, a 221-point checklist with surveys, a Phase 1 Environmental Assessment, wetlands delineations, and utility letters.
Cardinal engaged a civil engineer and local brokers, and 90 days later had offers from 11 developers. Two of Mitsubishi’s portfolio companies would continue manufacturing at the site, while the balance of the 120 acres would be sold for retail and 1.2 million SF of speculative warehouse space.
As one of the top chemical companies in the world, Mitsubishi Chemical manufactures everything from golf-club shafts to soda-bottle labels. But they are not real estate experts.
For more than 50 years, Mitsubishi Chemical America (MCA) had its North American operations in Chesapeake, Va. When they purchased the site it was farmland, and the city rapidly grew around it. MCA was a long-term
corporate citizen and a major employer. But as the city grew closer, it became apparent the chemical company needed to make changes.
Economic developers approached MCA leadership and pointed out the highest and best use of the land was for retail and a technology park. The company agreed but didn’t know how to proceed, so the CEO reached out to
Cardinal for consulting services.