30C — March 29 - April 11, 2013 — The Best of 2012 — Mid Atlantic Real Estate Journal
www.marejournal.com
The BEST Auctions of 2012
MIM-Hayden Real Estate Fund 150 South Warner Rd King of Prussia PA — 150,573 sf —
AmerBid Woodmore Towne Centre Glenarden, MD — 81.46 acres —
Max Spann St. Joseph by the Sea 114 S. Princeton Avenue — 9,800 SF —
bought
Sold
Sold
The MIM-Hayden Real Estate Fund acquired 150 South Warner Rd. at auction in July 2012 for $11 million, half the amount the building was sold for six years ago. Given the low acquisition cost, the landlord is able to reposition the asset through substantial capital improvements. Exciting improvements are underway including new landscaping, a new, dramatic entryway, as well as extensive lobby, com- mon areas, restroom and elevator renovations. It has an exceptional location in King of Prussia, PA, with a host of nearby amenities and immediate access to several major highways as well as regional mass transit. 150 South Warner Road, King of Prussia, PA
Broker: AmeriBid LLC, Stephen Karbelk On November 2, 2012, AmeriBid LLC sold at live public auction 81.46± acres of residential and multi-family land in Lanham, Maryland known as the Woodmore Towne Centre at Glenarden. With 9 registered bidders, the property sold for $28.7 million. The property had site plan approval pending certification for approximately 503 residential units and 468 multi-family units, making it an outstanding acquisition opportunity for an established builder. This transaction highlights the continued demand for quality residential “ready to build” land in the tight DC housing marketplace. It also demonstrates that desir- able property can bring exceptional value at a profession- ally run auction.
The Archdiocese of Philadelphia approached Max Spann about selling Villa St. Joseph, a 9,800-square-foot beach- front mansion in Ventnor that was used a vacation retreat for elderly priests. Max Spann created both regional and national buzz for the auction, with the Associated Press putting the story on its national news wire. As a result, the open houses attracted hundreds of potential bidders, some looking to keep the mansion in tact, while others looked to replace it with six homes offering Atlantic Ocean views. The auction was held on a sunny Saturday in September under a tent on the property’s spacious lawn. The winning bid came from a couple from Newton Square, Pa., after fierce bidding with three other parties that drove the final price to $4.5 million. They planned to keep the mansion in tact as a vacation home for their family.
Made with FlippingBook - Online Brochure Maker