Leaders in Commercial Real Estate for Maryland’s Eastern Shore and the Delmarva Peninsula

Avalon Plaza in Salisbury, MD Sold Via Online Auction

MAY 2013, SALISBURY, MD – Brent Miller, CCIM, CPM, Managing Director of Sperry Van Ness – Miller Commercial Real Estate is pleased to announce that Avalon Plaza in Salisbury, MD recently sold at auction. Merrill Cohen, the Trustee for Avalon Plaza, appointed Louis B. Fisher, III, National Director and David Gilmore, Managing Director, both SVN Auction Team Advisors, as marketing agents/auctioneers, and Brent Miller, CCIM, CPM as the local headquarter broker. SVN-Miller also served as the court appointed property manager.

Avalon Plaza consists of three contiguous buildings totaling 33,770 square feet located on US Rt. 13 in Salisbury, MD with nationally anchored tenants including Outback Steakhouse, Chico’s and Talbots. The live online auction was held in Chambers at the Bankruptcy Court; four qualified bidders were present in the Court Chambers and five qualified bidders attended via Sperry Van Ness’ online internet bidding platform. Kayvan Mehrbakhsh, CCIM, Managing Director for the Sperry Van Ness office in Fairfax, VA represented the buyer. The final cash bid was $5,925,000.

Merrill Cohen of Cohen, Baldinger and Greenfeld in Bethesda, MD stated, “I wanted to offer my congratulations and sincere appreciation in the Avalon Plaza, LLC Bankruptcy Case. Brent, you and your team exhibited a high level of thoroughness and a great degree of professionalism. Many of the interested bidders commented on your team’s responsiveness with answers to their questions regarding the property, market conditions and demographics all important to buyers of operating retail centers.” For more information about the Avalon Plaza Auction or other auctions in the area, contact Brent Miller, CCIM, CPM at brent.miller@svn.com or 410-543-2440.

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