SunEdison, Inc. Successfully Sold Its High-Tech Facility in Sherman, Texas for $20 million
Keen-Summit Capital Partners acted as sell-side advisor
Keen-Summit Capital Partners LLC, November 14, 2017
NEW YORK, NEW YORK – Keen-Summit Capital Partners LLC, as real estate advisor and broker to SunEdison, Inc., et al, Debtor in Possession, is pleased to announce that SunEdison closed on the sale of its former 693,000 sq. ft. high-tech manufacturing facility in Sherman, TX for $20,000,000. The United States Bankruptcy Court for the Southern District of New York approved the sale on October 24, 2017. The transaction closed on November 8, 2017.
“We were able to sell such a highly specialized tech property because of our aggressive marketing techniques and our ability to target technology businesses that could utilize a property like this,” said Matt Bordwin, Principal and Managing Director at Keen-Summit Capital Partners LLC. “The property had been vacant for more than five years and been on and off the market at different times during that time period. Once Keen was hired, we, along with our local partner, Binswanger, were able to generate multiple competitive offers and close a sale to a multi-billion dollar public company,” added Bordwin.
The property equipped with more than 460,000 sq. ft. of manufacturing space, 130,000 sq. ft. of office space, clean rooms, waste treatment and chemical storage facilities was built in 1997 on 76.765 acres of land. Located along Highway 75 in Sherman, TX, the property is approximately 45 miles north of the Dallas/Fort Worth Metroplex.
The professionals who contributed to this successful sale process included John S. Dubel of Dubel & Associates, CEO & CRO of SunEdison; Phil Gund of Ankura Consulting Group, LLC, CFO of SunEdison; Eric Ivester, Esq., Tony Clark, Esq., Evan Hill, Esq., & Ben Clapp, Esq. of Skadden, Arps, Slate, Meagher & Flom LLP, Debtor’s Counsel; and Frank Oswald, Esq. and Kyle Ortiz, Esq. of Togut, Segal & Segal LLP, Debtor’s Counsel
About Keen-Summit Capital Partners LLC
Since 1982 – for 35 years – Keen’s professionals have been successfully executing real estate and M&A transactions for financially challenged businesses and their creditors. With more 165 years of combined experience (covering more than 3 billion square feet of real estate, constituting over $3 billion in transactions and encompassing more than 27,000 properties), the professionals at Keen offer their clients best-in-class lease restructuring services, real estate disposition, M&A and capital markets solutions. For more information about Keen-Summit Capital Partners LLC, call 646.381.9222 or visit www.keen-summit.com.