Matthews™ successfully facilitated the sale of a Core & Main-leased industrial facility in Amarillo, Texas. The 10,115-square-foot building sits on 1.30 acres and has operated as a waterworks distribution location for more than 60 years. The property closed at 98% of the list price, with no retrades, delivering a smooth and efficient escrow for all parties.

 

Challenge

During the buyer’s due diligence period, a Phase I Environmental Site Assessment identified two Recognized Environmental Concerns (RECs), including potential underground storage tanks and nearby industrial uses. These findings raised concerns for both the buyer and their lender, introducing uncertainty, additional cost, and perceived risk. Addressing the RECs required a Phase II investigation, and initially neither party was eager to advance the expense without clarity on the outcome. This created a potential impasse that threatened the transaction’s momentum.

 

Strategy

The Matthews™ agent approached the assignment with a disciplined, pre-market strategy focused on balancing speed, certainty, and pricing. Competitive interest was generated prior to full market exposure, resulting in three offers within the first two weeks.

 

Given the environmental findings, buyer selection became critical. The agent moved forward with a well-capitalized private partnership that had recently closed on a similar Core & Main–leased asset in Texas and demonstrated a strong ability to perform. To resolve the environmental hurdle, the agent helped structure an equitable solution that allowed the Phase II investigation to proceed. The results confirmed that the underground storage tanks had been properly removed and that no environmental issues were present, restoring confidence for both the Buyer and lender and allowing the transaction to advance without delay.

 

Result

The transaction closed at 98% of the list price with no retrades, meeting the seller’s estate-planning objective while achieving near top-of-market pricing. The seller, four private owners and heirs to the founders of Western Industrial Supply Co., successfully placed the asset with a qualified, well-capitalized investor. The buyer expanded their portfolio with a stabilized, cash-flowing industrial property featuring an absolute NNN lease and a strong credit tenant, Core & Main (NYSE: CNM). The result was a high-certainty closing that navigated environmental risk effectively and delivered value and confidence to all parties involved.

 

Client Testimonial

It was a great experience working with Taylor and the Matthews™ team on this transaction. Despite the seller group consisting of four ownership interests, Taylor communicated clearly throughout the process and consistently navigated issues with our best interests in mind. The deal ultimately closed at 98% of our list price with a smooth escrow. I would highly recommend Taylor for any industrial real estate transaction.