Unlocking the Value of Brownfield Property

Client: 

WestPoint Home (formerly WestPoint Stevens), a manufacturer of bed linens, bath towels and other home soft goods.

Performance: 

Upon making the decision to close its 1+ Million square foot bed sheeting manufacturing facility in Clemson, SC, WestPoint Home engaged Galaxy Partners to render a Broker’s Opinion of Value and develop a Marketing Plan for the complex.  With over 14,000 feet of shoreline on Lake Hartwell and encompassing 300+ acres, Galaxy recognized the uniqueness of the property and surmised there could be a substantial demand for redevelopment.
 
Galaxy marketed the property using its structured bid process and provided transaction leadership throughout the assignment.  Galaxy assisted WestPoint Home in every aspect, from prequalifying bidders to arranging a pre-bid tour of the facility and land.  Galaxy helped analyze and evaluate the bids received and, in conjunction with WestPoint Home, determined the best proposal.  Finally, Galaxy led negotiations between WestPoint Home and the purchaser.

Result: 

Galaxy arranged the sale of the former textile manufacturing complex at a price substantially in excess of appraised value.  The buyer is redeveloping the “brownfield” into a mixed-use and single family residential community with common recreational areas and marina.