12A — April 24 - May 14, 2020 — M id A tlantic Real Estate Journal www.marejournal.com


M id A tlAntic Real Estate Journal — Commercial Office Properties — February 23 - March 15, 2018 — 1C

M id A tlantic R eal E state J ournal

ELVILLE, NY — A&G Real Estate Partners (A&G) has Brokers lease termination agreements on nine others A&G Real Estate Ptrs. sells 10 Earth Fare grocery store leases M

Lee &Associates brokers sale of condo. unit in Howard County, MD for $483K

VA) to an investor group that includes one of Earth Fare’s founders and several of the chain’s former executives; two locations to Whole Foods Mar - kets (South Asheville, NC, and Chattanooga, TN); and one to Aldi (Tallahassee, FL). The investor group also acquired Earth Fare’s trade name and other intellectual property. The leases sold were for sites averaging 26,000 s/f and rang- ing in size from 21,000 s/f to 38,000 s/f. Lease termination agree- ments were facilitated by A&G with landlords for sites in Gainesville, Ocala and Palm Beach Gardens, FL; Columbia and Rock Hill, SC; Charlotte, NC; Williamsburg, VA; Carmel, IN; and Portage, MI. A&G worked under the di- rection of Earth Fare’s chief restructuring officer Chuck Goad of FTI Consulting after being retained just days before the bankruptcy filing in early February. Bids for the leases were due on March 16, which resulted in a successful sale hearing before the court on

March 24. With the exception of the two sites acquired byWhole Foods that closed last week, all of the lease sales were com- pleted before the end of March. “We completed this process in less than 60 days amid one of the biggest public health and economic crises in U.S. his- tory,” said A&G senior manag- ing director JosephMcKeska , a 28-year veteran of the retail grocery sector. “Leases for the remaining 38 locations we were handling were rejected and returned to the landlords in late-March, freeing the estate from having to pay April rents on those sites.” “In an extraordinarily chal - lenging environment for retail real estate, the results of this process were far better than we expected,” said Goad. “Joe McKeska and the A&G team were great to work with. They were very responsive and made the entire process smooth, from reaching out to interested par- ties, responding to diligence re- quests, handling negotiations, keeping parties informed and getting deals closed.” 

c o mp l e t e d sales of 10 store leases and negoti- a t e d l e a s e termination agreements on nine oth- er locations f r o m t h e

7120 Minstrel Way

is within walking distance to Lake Elkhorn. A number of fast-casual restaurants are within close proximity, as are two full-service hotel proper- ties. Columbia Town Center can be accessed in less than five miles. “This latest transaction con - tinues our strong condominium sales activity in 2020 which has realized more than $2 mil- lion in volume in the Howard County region,” said Bill Har- rison of Lee & Associates | Maryland. “Activity has been fueled, in part, by historically low interest rates that have made investing in a property cheaper than paying rent each month. Condominium units are ideal for professional ser- vices and other companies with consistently-sized organiza- tions that are not likely to grow or shrink substantially.” 

COLUMBIA, MD — Lee & Associates | Maryland has brokered the sale of a con- dominium unit within 7120 Minstrel Way in the Columbia area of Howard County, Mary - land for $483,000. Bill Har- rison , senior vice president and Austin Eber , associate of Lee & Associates | Maryland represented both the seller, Co- balt Real Estate Holdings, LLC and the buyer, Hascon Real Estate Investing in this transaction. 7120 Minstrel Way is a two- story brick and glass building that can accommodate multiple condominium units. Features include corner suites with outdoor views, both in-suite and common-area bathrooms and flexible floor plans. It is located near the intersection of Broken Land Parkway and Snowden River Parkway and

Joseph McKeska

bankrupt Earth Fare natural and organic specialty grocery chain. All told, the court-ap- proved transactions contrib- uted more than $6 million to the estate of Earth Fare, which filed for Chapter 11 bankruptcy reorganization on Feb. 4 in the US Bankruptcy Court in Wilm - ington, DE. With the final leasehold sale to winning bidders closing on April 10, A&G brokered the sale of leases for four Flori- da locations to Southeastern Grocers’ Winn-Dixie chain (Boynton Beach, Jacksonville, Lakewood Ranch and Viera); three locations (Athens, GA, Asheville, NC, and Roanoke,


Julius Borrus Broker & President Borrus Associates 340 Rte 35 South Red Bank, NJ 0771 P: 908-839-0052

borruscommre@aol.com A Member Of The International Council Of Shopping Centers NY, NJ, CT, PA INVESTMENT REAL ESTATE

MEP/FP Design & Consultation, Architectural Code Consulting, Building Controls, Commissioning, Critical Systems, Energy + Performance, Fire & Life Safety, Infrastructure, IT / AV / Security, Lightcraft Lighting Design, Smart Building Consulting, Special Inspections, and Vibration Analysis & Testing


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