State Farm Insurance

State Farm Insurance, headquartered in Bloomington, Ill., provides a wide range of insurance products. State Farm is a Fortune 500 company and has more than 80 million policies in force.

Challenges

• Market State Farm’s industrial portfolio of three bulk warehouse buildings in Arden Hills, Minn.
• Maximize the value of the properties to provide a return that met State Farm’s disposition objectives.
• Manage property-specific issues throughout the sale process, including several short-term leases scheduled to expire and contaminated groundwater that flowed under a building from an off-site source.

Solutions

• NorthMarq used market research to establish an aggressive asking price and launched a broad-based marketing campaign to attract potential buyers.
• The campaign generated more than 16 offers.
• State Farm was able to sell the properties for $20.3 million in one all-cash transaction.
• State Farm was able to achieve its financial objectives in the disposition of the three-building portfolio within the timeframe and for a price that exceeded its portfolio’s financial objectives.