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Wesley Cox, CCIM Helps Property Owner Out of Bankruptcy

MAY 2013, CAMBRIDGE, MD – Wesley Cox, CCIM, Senior Advisor with Sperry Van Ness – Miller Commercial Real Estate in Salisbury, MD recently sold several assets of America, Ltd, a warehousing and real estate holding company. Wesley Cox worked in collaboration with the Law Office of Lori Simpson, LLC, the Trustee appointed by the Bankruptcy Court to sell the assets in conjunction with the plan put forth by the Bankruptcy Court.

Cox was hired for the assignment in November 2012 with the understanding that the liquidation plan required the properties to be sold no later than April 30, 2013 or they would go to an absolute auction which would most likely not produce enough funds to satisfy creditors and taxes owed. Included in the portfolio were five properties, a 92,000 SF warehouse, a self storage facility, a small office building, a 97,000 SF warehouse, and a 4 acre parcel of land.  The strategic marketing plan generated so much interest in just 60 days that Cox was forced to do a final call for offers which generated six competing offers. Ultimately, he successfully negotiated contracts with one buyer for two properties and another buyer for a third property.

The three properties in Cambridge, MD that were sold are 10 Washington Street, 12 Washington Street, and Washington Street Self Storage, totaling 110,000 SF. All three properties successfully closed 30 days prior to the deadline, all creditors were paid in full, a surplus was left over and the underlying property owner in bankruptcy will most likely receive cash back while maintaining ownership of the remaining two properties once the case is closed (pending). For more information on this deal or to receive assistance selling your property, contact Senior Advisor Wesley Cox, CCIM at Wesley.Cox@svn.com or 410-543-2421.

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