THE CHALLENGE:
Better the $6 million dollar contract from a REIT for Bodine’s Chicago Illinois 367,000 square foot corporate headquarters, optimize Bodine’s requirement for 130,000 square feet of headquarters and manufacturing space and enable Bodine to save several million dollars in Capital Gains Tax.
THE SOLUTION:
Kevin Tobin sold Bodine’s headquarters and achieved a multi-million dollar price increase over the REIT contract. Kevin negotiated a lease for Bodine with the building purchaser at a $2.5 million savings compared to existing building and build-to-suit alternatives even with City, County and State incentives. Kevin guided Bodine through the identification and purchase of an office building in a 1031 exchange, saving in excess of $2.8 million in taxes. Total gain and savings were $8.3 million dollars.
“Kevin helped us recognize the full value of our corporate headquarters and at the same time saved us several million dollars in lease expense and capital gains taxes. We were very pleased.”
Jeff Bodine, Executive Vice President Bodine Electric Company