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.
SVN-MILLER COMMERCIAL REAL ESTATE
SVN - Miller Commercial Real Estate, with offices in Salisbury, 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).
SVN - Miller is an Accredited Management Organization® (AMO). Our team of dedicated professionals with market-leading knowledge includes a highly-trained staff of Certified Property Managers® (CPM®), Brokers who hold the prestigious Certified Commercial Investment Member (CCIM) designation, and members of the Society of Industrial and Office Realtors (SIOR).