42D — March 18 - April 21, 2022 — The Best of 2021 — M id A tlantic Real Estate Journal
www.marej.com
AUCTIONEER of 2021
MAX SPANN City Of Paterson Auction Paterson, NJ
Auction Advisors Marco Polo Development Summit, NJ
Size: 1.89+/- Acres Type of Property: Development Site
Size: 1.75+/- Acres Type of Property: Land Development with Restaurant
The City of Paterson hired Max Spann Real Estate & Auction Co to sell this for - mer dye factory in the northeast section of the city. Fourteen Bidders actively bid on-line for the development site driving the price to over 8 million dollars. The high Bidders from Washington DC plan to build a Charter School. Max Spann has auctioned properties for over 125 Municipalities and Government Agencies in NJ, PA, DE, NY and CT.
Bankruptcy Sale. 1.75± Acres of land with a 2-story operating restaurant on the site. Auction Advisors was engaged to market the property and initially secure an acceptable stalking horse bid through a conventional process. After finding several buyers and negotiating a $3,500,000 offer that was acceptable to all the interested parties, AuctionAdvisors then launched a broad-based auction marketing campaign. It resulted in 83 registered inquiries, and 3 active auction bidders which allowed Seller to achieve a $4,250,000 final sales price.
The BEST OUT OF STATE PROJECT OR DEAL of 2021
Benchmark Construction Sheppard Pratt Behavioral Health Hospital
Greysteel Reflections at Highpoint Dallas, Texas
D2 Capital Advisors The Commutator Hotel Project Minneapolis, MN
Size: 123-Key Boutique Hotel Type of Project: New Construction
D2 Capital Advisors arranged construction financing for a boutique hotel in Minneapolis’ historic North Loop District – despite the pandemic related challenges to hospitality investment. The building, which incorporates three historic structures, is designed by Snow Kreilich Architects (recipient of the 2018 AIA Architecture Firm Award). The interiors will be designed by the interna - tionally recognized firm Neri & Hu based in Shanghai. Construction began in October 2021 with hotel opening expected in Q1 2023!
Size: 305,898 SF Type of Project: Renovation of Investment Sales of Subur - ban multifamily Location: 9010 Markville Drive, Dallas, Texas Reflections at Highpoint had less than 1% delinquent rents during COVID on average which speaks to the tenant base that was in place and inherited by the buyer. With 95% of the unit interiors still available to be upgraded, several renova - tions were made. Reflections at Highpoint is a 373-unit com - plex comprising 276 one-bedroom, 96 two-bedroom, and one three-bedroom floor plans with an average size of 760 SF.
Size: 156,000 SF Type of Project: New Healthcare Construction Location: Elkridge, MD Construction of an 85-bed inpatient behavioral health hospital. The hospital has a dedicated adolescent unit, psychiatric urgent care, multi-functional day treatment program, servery with dining room, outdoor courtyards and healing gardens, gymnasium and activity room, and private ambulance and emergency vehicle entrance.
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