Recognizing Market Momentum to Triple Property’s Value

Client: 

Manheim Auto Auctions, an automotive auction division of Cox Enterprises Inc. Manheim operates 130 auto auction facilities worldwide and is the world’s largest provider of vehicle remarketing services.

Performance: 

Manheim chose Galaxy Partners to evaluate and determine strategy for the disposition or development of three surplus properties in Nevada, Illinois and Virginia.

Galaxy performed hands-on, comprehensive site evaluation studies in all three markets. One property in Las Vegas, NV showed substantial development potential. Galaxy then created a development plan for the site which demonstrated a value that was double the client’s initial expectation. A year later, the client elected to sell the property and again engaged Galaxy Partners.  Using a creative marketing approach, Galaxy was able to secure the highest value for the property.

Result: 

Galaxy Partners aided Manheim Auto Auctions in divesting a surplus property which sold for triple the client’s original valuation, setting a new benchmark for price-per-acre land value in its Las Vegas sub-market.