Continental Valuations has appraised some major industrial facilities including Cooper Tire in Findlay, Ohio and the Ford Stamping Plant in Maumee, Ohio. We have appraised steel plants in Pennsylvania and a rare-ore storage facility on the Ohio River in West Virginia. We have also appraised stone quarries.
Thus, many of our industrial appraisals are of special purpose properties. However, a true special-purpose property is one which can not be adapted to an alternate use. Many if not most factories are not easily adaptable to a user in a separate industry. The less adaptable a facility, the greater the risk in selling it. The health and vitality of the industry is also a factor. If the industry is experiencing a strong market, there is a greater likelihood of finding a buyer, but the most interested buyer will likely be a buyer of the entire business.
If a building is somewhat or moderately adaptable, its marketability is somewhat or moderately strong. This plays to the pricing of the building and the marketing time. Fortunately, there are many sales available of vacated industrial facilities both regionally and nationwide which have a history of manufacturing products for a specific industry. Sales of such buildings occur regularly, but the marketing times are long.