8C — June 17 - July 21, 2022 — Owners, Developers & Managers — M id A tlantic Real Estate Journal
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O wners , D evelopers & M anagers
Mears also secures long-term lease for new owner Meredith Mears of SVN Miller reps. investment company on purchase of Riverside Dental Center
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advisor Andy Ball to locate a larger restaurant to accom - modate increased traffic and growth at their current loca - tion on College Avenue. The larger standalone restaurant on a main highway was a near- perfect opportunity. “We have been looking for several years to find just the right fit to move our restaurant Taylor’s BBQ in Salisbury, MD. We had certain non-negotiable items on our wish list; most im - portant being, of course, loca - tion. It had to be close enough to our current location so as not to disrupt our loyal following of 30 years, but just far enough to serve the greater commu - nity. We had contacted many agents over the years, and we had no results, no offerings. After mentioning to Andy that we were looking he took the initiative along with his part - ner Allison and put the ball in motion. Andy heard everything we shared and only sent viable options to us making certain to check all the boxes. Andy and Allison were proactive throughout the entire process removing the stress normally associated with these types of transactions. MAREJ
ALISBURY, MD — Mer- edith Mears , advisor with SVN Miller Com-
me r c i a l Real Estate , represented a local in - v e s tmen t company on the purchase of Riverside Dental Cen - ter, located at 533 Riverside
Meredith Mears
Dr. in Salisbury. In addition to the sale, Mears also secured a long-term lease for the new owner. Situated in Downtown Salisbury, the property is lo - cated next to Rise Up Coffee near the traffic circle. Originally built in the 1960s as a five-unit property available for lease, the building quickly became known as the River - side Dental Center. For over 30 years, a number of dentists served the Salisbury commu - nity at the site. The building was vacant at the time of sale and will be fully renovated in the com - ing months to accommodate a single-tenant occupier. The building will re-open to the public in the fall of 2022.
533 Riverside Dr.
munity, and mentoring. Also in Salisbury, Andy Ball , senior advisor, Allison Conick , advisor, and Chris Peek , senior advisor with SVN Miller Commercial Real Estate have settled on 934 S. Salisbury Blvd, Salisbury. The restaurant located on the South Salisbury corridor was previously Agave Azul Restaurant. Taylor’s BBQ has purchased the property and will be relocating in the coming months. “The sellers looked at all their options for both lease and sale. They had been leasing as land - lords for the last six years, but in light of the fact that it was a fairly active market, and they
did not have plans to start a new restaurant, decided that it would be an appropriate time to sell if they could get a price, they felt was reasonable for the building. We delivered an acceptable offer within a few days of the listing going on the market,” said seller’s agent, Chris Peek. The property will undergo a complete remodel to match the Taylor’s BBQ brand aesthetic to include an outdoor seat - ing area. A “Grand Opening” date will be set in the coming months as they see how the renovations and potential sup - ply issues work out. Taylor’s BBQ had begun working with
Mears cooperated with Blair Rinnier , of Rinnier Develop- ment Company on the sale. Rinnier represented the seller in this transaction. Meredith Mears specializes in the sale and leasing of in - dustrial, medical, office and retail properties, as well as land development. Mears has 20+ years of client experience including local and statewide governments, commercial prop - erty owners and investors, and privately operating companies across the globe. In 2020, she was named a Top 100 Woman in the state of Maryland by The Daily Record for her vast contributions in business, com -
CBRE arranges sale of 44-unit apartment building in East Orange, NJ
Dunne commented further, “We are very pleased to have represented OneWall Commu - nities in the sale of their Essex County Portfolio. Investor interest for lifestyle-workforce housing product in transit- oriented locations proved to be very strong throughout our marketing efforts.” In a separate New Jersey transaction, CBRE announced the $24.5 million sale of 25 Hanover Rd., a 100% leased, 132,737 s/f office park in Flo - rham Park. Jeffrey Dunne, Jeremy Neuer, Steve Bard- sley, David Gavin, Fahri Ozturk, Rich Gatto, Travis Langer , and Daniel Blu- menkrantz of CBRE’s In - stitutional Properties Group represented the seller, The Silverman Group . CBRE also procured the buyer, a privately held real estate company. The two class A buildings are situated in a park-like setting ideally located just minutes from downtown Florham Park. The property has maintained a stellar occupancy of over 90% for more than 10 years. MAREJ
EAST ORANGE, NJ — CBRE announced the sale of 75 Prospect St. in East Orange, a 44-unit apartment building which spans 10 sto - ries. The CBRE Institutional Properties team of Jeffrey Dunne, Jeremy Neuer, Rich Gatto, Fahri Ozturk , and Zach McHale represented OneWall Communities , a Stamford, CT-based apart - ment owner and operator, in the transaction. The CBRE team was also responsible for procuring the buyer. 75 Prospect is predominately comprised of three-bedroom and four-bedroom apartments. Most of the apartments stretch from the front of the building to the back and feature ample windows which offer an abun - dance of natural light to resi - dents. The property is ideally positioned within a five-minute walk from the Brick Church train station, providing direct service to Manhattan in about 26 minutes. Additionally, the property is less than two miles from the entrance ramps to both the Garden State Parkway and I-280.
75 Prospect St.
CBRE vice chairman, Jef - frey Dunne said, “This is a one-of-a-kind asset in the East Orange market. The average size of the apart - ments, 1,860 s/f is unmatched
and will likely never be repli - cated. The buyer thoroughly recognized the uniqueness of 75 Prospect and acted quickly and aggressively to secure the deal.” Over the past four months,
the CBRE Institutional Proper - ties team, on behalf of OneWall Communities, has arranged the sale 492 units in East Orange and Newark for a total value of $83 million.
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