Challenge
Fiorilli Construction, Inc. (FCI) is a construction firm specializing in commercial, industrial, healthcare, educational, hospitality, and retail projects. As a professional member of the American Institute of Constructors, FCI offers General Contracting, Design Build, and Construction Management services throughout the Midwest.
FCI was leasing space on the west side of Cleveland with an impending lease expiration. The long-term goal of the firm was to acquire a property to house its corporate office and business more centrally located within the region. Buildings available for renovation at a reduced cost were preferred but buildings prepared for occupancy were also to be considered. The ideal building was to be 5,000 to 7,000 sq. ft., including approximately 2,500 sq. ft. of office space, a warehouse, 1 dock, 1 drive-in, and the ability to expand. The ideal location was along Route 18 in Medina and along I-77 from Brecksville to Richfield.
Solution
Allegro worked to identify all on and off-market opportunities within the limited geographic region. After submitting numerous offers, Allegro identified a 12,000 sq. ft. flex property in Medina situated on over four acres of land. Allegro engaged the seller and its broker and determined that there was an opportunity to acquire the property for well under asking price. After several rounds of negotiations, FCI agreed to purchase the property for almost 40% under original asking price. In addition, as part of the transaction Allegro negotiated into the transaction terms all existing furniture and equipment. Allegro worked with FCI to get the property under contract, assisted in the due diligence, and ultimately closed the deal less than four months after the property went under contract.
