22A — April 29 - May 12, 2016 — M id A tlantic
Real Estate Journal
www.marejournal.com
M id A tlantic R eal E state J ournal
Warner Real Estate announces bank ordered online auction
Grander Capital Partners purchases first asset in MD NAI KLNB inks $3.25m sale of 51,600 s/f flex/whse. project B
incredibly expensive. If you are merely recapturing lost sales via this capital expense, where is the windfall? Which troubled chains have a better chance of remaining viable? Retailers who address their cash-flow constraints early tend to be better po- sitioned to renegotiate and terminate their undesirable real estate. Cash gives retail- ers options. When companies fall into insolvency, options are more limited with respect to lease mitigations. Without sufficient cash on hand, such chains have no choice but to file for bankruptcy. Moreover, without an infusion of addi- tional loans or capital, they will have no means of surviv- ing the expensive process of bankruptcy. Amid this shakeout, asset- based lenders need to continu- ously look at the inventory of The acquisition represents the first in the Maryland mar- ketplace for Grander Capital Partners, which currently owns and operates a number of office and industrial build- ings positioned throughout the Mid-Atlantic and Northeast sections of the country, with a concentration to date in Massachusetts and Virginia. “Our research indicates con- sistent tenant demand for this product type in the Maryland area, and this asset satisfied each criteria we require in our acquisition strategy including a strategic location and im- mediate access to major high- way infrastructure,” said Jeff Clary , partner with Grander Capital Partners who runs the Maryland office. The single-story buildings, constructed in 1987, were cumulatively 87% occupied at the time of the purchase ALTIMORE, MD — NAI KLNB has bro- kered the sale of a two- building, 51,600 flex/ware- house project situated at 1305 Governor Court, within the William Paca Industrial Park in the Abingdon section of Harford County. The asset was purchased by Grander Capital Partners , a Boston- based real estate investment and management company, for $3.25 million. Brad Berzins and Bill Miller , principals for NAI KLNB, represented the seller in this transaction.
1305 Governor Court
their borrowers in this sector. Allowing appraisals to sit for too long poses quite a risk. While staple products such as jeans or white t-shirts do sell year-round, generally speak- ing apparel inventory is like the seasons: It should turn four times a year (that might be high for certain concepts, but three-plus turns per year would be considered healthy and a good benchmark). Be on guard, then, for anything less than this. Why? Because as the seasons change, under- performing retailers will accu- mulate more and more unsold, out-of-fashion inventory, and potential recovery values will shrink in kind. The tween and teen market is made up of some of the most finicky consumers. They know what they want and are not swayed by their parents’ choic- es in fashion. They migrate fast and are difficult to lure “The Harford County flex and industrial leasing market has been a consistent performer for an extended period of time, fueled by an active base of gov- ernment contractors - includ- ing many in Aberdeen Proving Ground - a strong manufac- turing core of businesses and a healthy residential housing market,” said Brad Berzins of NAI KLNB’s Investment Sales and Industrial division. “With immediate proximity to Interstate 95 and MD Route 40, as well as easy connections with approximately 6,900 s/f of space available for lease. Consisting of an all-brick exterior, the project features expansive bays suitable for a diversity of manufacturing, warehouse and office uses, 16 loading docks and is sur- rounded by an expansive park- ing field.
back once they have moved on. Decreasing comparable store sales is the clearest indica- tion that a migration could be taking place. Comps need to be tracked closely as the first sign of changing trends. The metrics discussed above may lead to insolvency, but the good news is that appraised values in this vertical have held in most bankruptcy fil- ings during the past year. In most cases, tween and teen retailers carry very lean inven- tory levels – resulting in very quick going-out-of-business sales. The perceived value created by strong liquidation/ store closing language leads to better sales and, ultimately, to achieving the recovery of ap- praised values in bankruptcy scenarios. Michael McGrail is chief operating officer at Tiger Capital Group. n KLNB, LLC is comprised of two real estate divisions of companies that include NAI KLNB, a division that focuses on the sale and leasing of com- mercial office, industrial and warehouse properties as well as tenant representation. n to Baltimore, Wilmington and Philadelphia, the building is perfectly situated to serve the real estate needs of a wide ar- ray of end-users.” “Our team tracks activity throughout a number of Mid- Atlantic markets, and we are consistently attracted to the high velocity of transactions here in Maryland, as well as the quality product types,” Clary added. “Now that we have established an initial foothold in our portfolio within the marketplace, we expect to remain diligent in our pursuit of new opportunities.”
610 Mill Rd.
inspection is scheduled for Sunday, May 8, 2016, from 12:00 p.m. to 1:00 p.m. In addition, the property can be accessed if accompanied by a New Jersey Licensed Real Estate Salesperson or Broker (contact Warner Real Estate to schedule a viewing time). The property is located just off Route 30 (White Horse Pike) in Absecon, and is adjacent to a ShopRite food store. The winning bid requires a non-refundable deposit amount of $15,000 as a down payment, by wire transfer, bank check, cashiers or certi- fied check, due wthin 24 hours following close of the auction. Warner Real Estate & Auction represents the seller in the real estate transaction. Visit our website at www. warnerrealtors.com. n
ABSECON, NJ — Warner Real Estate &Auction Com- pany announced a bank or- dered, online-only auction for a former bank branch located on 610 Mill Rd. in Absecon. The starting bid is $10,000, and the online-only bidding begins on May 12, 2016, at 10:00 a.m. (EDT), and ends on May 18, 2016, at 10:00 a.m. (EDT). The property is zoned as Highway Commercial, and includes 1,321 s/f of two-story office/showoom space. The lot size is 125’ x 140’. Utilities in- clude gas, electric, and public water/sewer. In addition, the property includes fifteen park- ing spaces, an alarm system, central air conditioning, and replacement windows. The assessed value of the property is $315,000, with $9,739.80 in property taxes. A property
continued from page 8A Out of fashion: The trouble with tweens and teens. . .
SVN|Miller helps Mountaire Farms lease new location for recruiting office
1100 North Salisbury Blvd.
bury Blvd. in Salisbury, MD. They plan to use the building for interviews and to provide information on employment opportunities throughout the Mountaire Farm organization. The location has excellent vis- ibility and is located across the street from Salisbury land- mark Ponzetti’s Pizza. n
SALISBURY, MD — SVN | Miller Commercial Real Estate senior advisors Chris Peek, CCIM and Brent Mill- er, CCIM, CPM recently helped Mountaire Farms lo- cate a new property for their Employment and Recruiting Office. Mountaire has signed a lease for 1100 North Salis-
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