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Multiple Advisors Collaborate to Sell 3 Adjacent Properties for Redevelopment

OCTOBER 2014, SALISBURY, MD – Three properties on a high traffic corner of Rt. 13 South in Salisbury, MD have been sold to a Chinese investment firm. Chris Davis and Rick Tilghman, CCIM, both Senior Advisors with Sperry Van Ness – Miller Commercial Real Estate, facilitated the sale of Court Plaza shopping center. Court Plaza, formerly owned by a Bethesda, MD based company, sold for $4.2 million. Tilghman represented the seller and Davis represented the buyer. Located directly adjacent to Court Plaza, the Temple Hill Motel sold for $2.15 million. Davis represented the buyer and seller in this transaction. Finally, a smaller property on Kay Avenue completed the 12 acre site sale, and Brent Miller, CCIM, CPM, Managing Director of SVN-Miller, represented the seller. Don Bailey, Agent with Coldwell Banker, co-represented the buyer with Chris Davis in all three transactions.

Preliminary plans for the site include a retail center, a hotel, and multi-family housing for Salisbury University students. “This is a new and exciting redevelopment project that will have a positive impact on the City of Salisbury, especially the South end of town,” said Davis. “The strategic location of these three properties close to Salisbury University is what attracted these investors to our market.”

SVN-Miller has managed Court Plaza for the seller since 2007 and formed an exceptional working relationship with the seller in both a commercial property management and leasing capacity. SVN-Miller Property Management looks forward to continuing the management relationship with the new owners. For more information about this transaction or to learn more about future plans for the site, contact Chris Davis at chris.davis@svn.com or call 410-543-2440.

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