MAY 2013, COASTAL DELAWARE – John McClellan, CCIM, a Senior Advisor with Sperry Van Ness – Miller Commercial Real Estate in Salisbury, MD is pleased to announce the Chapter 7 bankruptcy sale of two hotels in Coastal Delaware. SeaEsta III is located on Route 1 adjacent to Rudder Town in Dewey Beach and SeaEsta IV is located in “the forgotten mile” just south of Rehoboth Beach. McClellan worked closely with Bill Lucks of the SVN – Miller office in Lewes, DE to finalize the sale of this portfolio.

The original bankruptcy filing by Ocean Breeze LLC took place in January 2012.  McClellan represented the bankruptcy trustee, New Jersey based Charles M. Forman and worked with the primary secured creditor, M&T Bank.  The hotels continued to operate under management of Salisbury based Marshall Hotels and Resorts.

The nationwide marketing effort began in April 2012 and resulted in multiple offers.  The interesting part of this transaction is even after acceptance the contract was advertised publicly and competing offers were welcome for 45 days.  At one point, the bankruptcy court ordered a competitive auction but that was later cancelled. Ultimately the properties were sold to Newport, Delaware based Forgotten Mile LLC for $3.825 Million.  McClellan collaborated with selling broker Domenick Peronti of Investment Property Services in New Castle, Delaware. For more information about this bankruptcy sale or other available properties, contact John McClellan, CCIM at john.mcclellan@svn.com or 410-543-2440.


SVN-MILLER COMMERCIAL REAL ESTATE

SVN - Miller Commercial Real Estate, with offices in Salisbury, MD, Bethesda, MD, Easton, MD, and Seaford, DE is a financial services firm specializing in commercial real estate. We provide advisory, brokerage, consultation, leasing and asset and property management services to clients in the Mid-Atlantic Region. We combine a comprehensive national footprint with local decision making, expertise and market-leading execution. We maintain an unequivocal commitment to our clients and community (#SVNgivesback).

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