“There is no market in the northeastern U.S. now for a building with 460,000 square feet,” he said. “No company needs a space that big.”
Handling the marketing of the building for the county is CBRE, a global real estate firm. It would receive a commission of either 5 or 6 percent of the selling price, depending on what the county accepts as a final offer from a buyer.
The advantage of having multiple companies lease space at Guilford Mills is that it will make the property more attractive to investors, such as real estate trusts, Cherry reasoned. Having several tenants located at the site, he said, will also help to cushion the county’s economy from the type of blow that would be inflicted if a single tenant suddenly folded its operations.
“We’re willing to talk to anyone who is interested in relocating their business here,” he said. “We will do whatever we can to meet their needs.”