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R EAL E STATE J OURNAL the most comprehensive source for commercial real estate news
ISSUE HIGHLIGHTS Volume 24 Issue 11 June 8 - 21, 2012
Consisting of four properties totaling 1,106 units Beech Street Capital provides $68m to refinance PA & DE apt. portfolio
Development of the Month
oston, MA — Beech Street Capital provided $68 million in Fannie Mae conventional loans to refinance four properties lo- cated in Conshohocken and Philadelphia, Pennsylvania, and Newark and New Castle, Delaware. Brian Sykes, vice president out of Beech Street Capital’s Boston office, origi- nated the transaction. The repeat borrower, the Gal- man Group, approached Beech Street looking to lock in histori- cally low interest rates on four properties in their portfolio that would be maturing over the next year. The properties were encumbered with loans each having a different date on which it could be repaid without penalty, with the payoff dates ranging from a few months to over six months. Beech Street B
rate locking the loans under a standard closing,” said Sykes “This transaction illustrates how well the Fannie Mae for- ward rate lock program can work and confirms that it can be an effective tool to allow borrowers to lock in low rates while at the same time being able to reduce or eliminate prepayment penalties.” The portfolio consists of four properties totaling 1,106 units in the Philadelphia-Cam- den-Willington MSA. North Lane with 101 units is in Conshohocken, Sedgwick Sta- tion with 93 units is located in Philadelphia, Buckingham Place with 278 units is located in Newark, and Castlebrook with 634 units is in New Cas- tle. The fixed-rate loans have a 10-year term with 9.5 years of yield maintenance. n
16-17A
worked closely with Fannie Mae and suggested the forward rate lock program, allowing the borrower to take advantage of the current low interest rate environment while reducing the prepayment penalties. “The Beech Street team
exceeded our expectations with their expertise and re- sourcefulness,” said Sam Goldstein, chief financial of- ficer at the Galman Group. “Beech Street was able to give the borrower an “all-in cost,” which was about the same as
Appraisal Institute Spotlight
AvidanManagement announces 304,000 s/f lease transaction at 99 Hook Road in Bayonne, NJ
21-25A
MBCEA awards Hance Construction
8B
99 Hook Road
BAYONNE, NJ — Avidan Management announced a lease transaction at 99 Hook Rd. RPM Warehouse has renewed a lease for 304,000 s/f of space at the premier industrial facility. “We’re extremely pleased that RPM Warehouse has made the decision to remain at our Bayonne facility,” said Avi Avidan, managing mem- ber of Avidan Management. “As one of the most active and well-established warehousing and transportation companies operating in the port area, RPM is exactly the type of high-quality tenant that we
value.” Situated on 20 acres of land, 99 Hook Road is a 500,000 s/f facility that is located on State Rte. 169. The facility features rein- forced concrete floors, gas-fired space heaters, 40-by-40-foot column spacing, 24-foot ceiling heights, 50 exterior doors with dock levelers, three interior doors, 10 rail doors and ample secured parking. Offering dual feed electric power and gas, the facility provides 400 amps of power per section, and fea- tures an early suppression fast response sprinkler system. Avidan will soon embark on
a site upgrade at 99 Hook Rd. that will include the creation of two new access points. (In addition to the current en- trance on New Hook Road, RPM and other tenants will now be able to access the building from Route 440 and Lafante Way.) The lease transaction leaves just two large-scale avail- abilities remaining inAvidan’s portfolio. The company is cur- rently marketing a 242,000 s/f space at 145 Talmadge Road, a distribution facility in Edison that features a 4.24-megawatt solar electric system, among other amenities. n
Directory
Auctions....................................................6-7A DelMarVa.............................................. 11-18A Financial Digest Featuring the Appraisal Institute........... 19-28A New Jersey.........................................Section B Pennsylvania......................................Section C
www.marejournal.com Upcoming Spotlight Mid Year Review June 22 nd
A Inside Cover — June 8 - 21, 2012 — Mid Atlantic Real Estate Journal
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Mid Atlantic Real Estate Journal — June 8 - 21, 2012 — 1A
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2A — June 8 - 21, 2012 — Mid Atlantic Real Estate Journal MAREJ A DVERTISERS D IRECTORY Alan Halpert................................................................................. 3A Apex Realty Advisory................................................................. 21A Appraisal Institute –Region VI ................................................. 23A Atlantic Asset Management Group............................................. 7A Auction Brokers ........................................................................... 7A Barry Isett & Associates Inc......................................................14C Beech Street Capital ................................................................BC-A Berger Organization ....................................................................9B Bergman Real Estate Group .......................................................6B BL Companies ..............................................................................8C Brasler Properties.....................................................................IC-C Bruce Coin Consulting................................................................. 5A Bussel Realty Corp.......................................................................1B Bussel Realty Corp..................................................................... 25A Butler............................................................................................8B CAMPBELL.................................................................................. 9A CBC Bennett Williams......................................................... 33A,7C CBC Pennco..................................................................................2C CBRE ....................................................................................... BC-B Cenova .......................................................................................... 9A Classic Properties ........................................................................3C Columbia Bank........................................................................... 26A Cooper Roofing .............................................................................1C Cooper-Horowitz, inc.................................................................. 11A Cushman & Wakefield ...............................................................10C Deerwood Real Estate Capital .................................................. 20A Earth Engineering Inc .................................................................4C Fitzpatrick Lentz & Bubba........................................................14C Fix Asphalt ................................................................................IC-B Fowler ........................................................................................... 9A Gerber/Somma Associates ...........................................................7B Griffin Land..................................................................................2C Harvey Hanna & Associates, Inc.................................. 13A,17-18A Heller Industrial Parks ...................................................... 31A, 4B High Associates ..........................................................................13C Hinerfeld Commercial Real Estate ....................................... IBC-C Hollister Construction Svcs.......................................................15C Hurley Auctions ..................................................................... 6A,8C Industrial Realty Development...................................................2C Kaplin Stewart ............................................................................. 2A Keast & Hood Co........................................................................15C Kwekel Companies.......................................................................8C Landcore Engineering Consultatants.........................................5C LandmarkJCM.............................................................................5C LandmarkJCM............................................................................. 9A Lebanon Valley Economic Development Corp. ......................... 11C M. Miller & Son................................................................... 3A,IC-C Marcus & Millichap Real Estate Investment Services ...... 18A,3C Max Spann Real Estate & Auction Co. ....................................... 6A Max Spann Real Estate & Auction ............................................. 6A MBC Development .......................................................................1C Mericle Commercial Real Estate Services............................. BC-C Meridian Capital Group, LLC ..................................................... 3A Metro NJ Chapter of the Appraisal Institute........................... 22A MGKF Law...................................................................................3C Mitchell....................................................................................... 15A NAI CIR........................................................................................8C NAI Summit .................................................................................3C New Jersey Paving................................................................. 1A,4B NorthMarq......................................................................... 12A, 11B Patterson Woods......................................................................... 15A Pennsnortheast.com.....................................................................2C Poskanzer Skott Architects .......................................................12B Provident Bank ........................................................... Inside Cover Regal Bank .................................................................................10B Riker Danzig ................................................................................2B ROCK Commercial RE.................................................................6C Rose Metal Systems .................................................................FC-C SEBCO Laundry ..........................................................................2B Sheldon Good & Co. ..................................................................... 6A Sheldon Gross Realty...................................................................2B Southern NJ Chapter Appraisal Institute...........................24-25A The Kislak Company, Inc.............................................................3B The Solomon Organization ..........................................................9C THESING Companies.................................................................. 9A Tighe & Cottrell, P.A.................................................................. 15A TriState Realtors Commercial Alliance .................................... 31A Warner RE & Auction Co...................................................... 6A, 9A Wolf Commercial Real Estate......................................................2B WP Realty..................................................................................IC-B
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Mid Atlantic Real Estate Journal
Mid Atlantic R EAL E STATE J OURNAL Publisher ............................................................................Linda Christman Co-Publisher .........................................................................Joe Christman Section Publisher ..............................................................Michael Campisi Section Publisher ................................................................Elaine Fanning Senior Editor/Graphic Artist ................................................ Karen Vachon Production Assistant ........................................................ Rachel Rugman Office Manager ...................................................................Joanne Gavaza Editorial Consultant ............................................................. Ben Summers Guest Columnist ........................................................................Ian Wewer Mid Atlantic R EAL E STATE J OURNAL ~ Published Semi-Monthly P.O. Box 26 Accord, MA 02018 (Mail) 312 Market Street, Rockland, MA 02370 (Overnight) Periodicals postage paid at Rockland, Massachusetts and additional mailing offices Postmaster send address change to: Mid Atlantic Real Estate Journal, P.O. Box 26, Accord, MA 02018 USPS #22-358 | Vol. 24 Issue 11 Subscription rates: $99 - one year, $198 - two years, $4 - single copy REPORT AN ERROR IMMEDIATELY MARE Journal will not be responsible for more than one incorrect insertion Toll-Free: (800) 584-1062 | MA: (781) 871-5298 | Fax: (781) 871-5299 www.marejournal.com The views expressed by contributing columnists are not necessarily representative of the Mid Atlantic Real Estate Journal
By Ian Wewer Indoor Air Quality: How Healthy is the Air in your Building?
O
ne of the primary con- cerns of every building owner and property
manager is a building’s indoor air quality. Indoor air quality (IAQ) can be impacted by a multitude of factors, including indoor pollution from smoking or space heaters, chemical emis- sions from cleaning products, volatile organic compounds (VOCs) in building materials and HVAC systems operating below optimum performance. Poor indoor air quality can strongly affect rates of em- ployee absenteeismand produc- tivity. Employees in a typical office setting sit for 90 percent of their workday and work in close proximity to others for extended periods of time. If efforts are not made to remedi- ate improper ventilation and improve IAQ, businesses suffer due to sick, sluggish or gener- ally unhappy employees. The single most important contributor to indoor air qual- ity is a building’s HVAC sys- tem. Regular maintenance and cleaning of the system are
necessary to ensure good IAQ. A balanced ventilation system supplies the right amount of fresh outdoor air, exhausts the appropriate levels of indoor air, expels harmful concentrations of air pollutants, and regulates temperature and humidity levels. Regular, appropriate main- tenance and repair can extend the life of an HVAC system and reduce ongoing operation costs. Investment in regular main- tenance also pays off through healthier employees and less chance of costly remediation of unaddressed HVAC-related issues. If a system is not provid- ing adequate ventilation, oc-
cupants may try to resolve the situation on their own by raising or lowering room temperatures and blocking air supplies with furniture. These activities disrupt the balance of air flow and cause additional problems. Higher temperatures also contribute to an increased release of VOCs found in build- ing materials, thus exposing employees to higher levels of pollutants. HVAC systems should be thoroughly evaluated before and after building renovations, prior to new tenants occupying the building or when the pri- mary purpose of the building changes. It is also important to continued on page 8A
Contact: NEIL A. STEIN (ARVEST$RIVE "LUE"ELL 0! s s www.kaplaw.com Other Offices: s#HERRY(ILL .* s0HILADELPHIA 0! Kaplin Stewart A t t o r n e y s a t L aw 2EALESTATELAWFROMTHEGROUNDUP Experience Counts. Count On Us.
Mid Atlantic Real Estate Journal — June 8 - 21, 2012 — 3A
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M ID A TLANTIC R EAL E STATE J OURNAL Office-warehouse at 1615 Wicomico St. in Baltimore, MD Fisher and Brady of Cushman & Wakefield inks 54,600 s/f B redeveloped 325,000 s/f indus- trial facility located in the heart of Baltimore. There is 241,000 s/f available and ready for oc- cupancy. ALTIMORE, MD — Cushman & Wakefield announced that Every-
They wrote the policy.
We make sure they write the check.
ing a master plan for the prop- erty after meeting with local officials and area residents in the weeks ahead. “We invested in this land because it represents an ex- cellent opportunity for us to enter North Carolina’s fastest growing metropolitan area. Such parcels are in the path of development and, in times like these, RedGo can get foot holds in new locations because local developers are nervous and allow good deals to slip by,” Goebert said. Pennsylvania developments completed by RedGo include Lewis Square and the Linfield Office Campus in Royersford, Naamans Creek Corporate Center in Upper Chichester City. “We were able to provide EverythingWarehouse with the expansion space they needed together with secure outside storage in a great location at the right price” said David Berg, managing partner of 1601 Wicomico, LLC. 1601 Wicomico St. is a newly
thing Warehouse, a supplier of industrial material handling equipment, racking and retail store fixtures has signed a long term lease to relocate into 54,600 s/f of office-warehouse at 1615 Wicomico St. in Baltimore
M. MILLER & SON Public Adjusters Since 1960
McLane Fisher and Ned Brady of Cushman &Wakefield of Maryland Inc. represented Everything Warehouse in the transaction. ■
RedGo Development purchases 42-acres for construction of residential complex
1211 Liberty Ave., Hillside, NJ 07205 ● Tel: 908-355-4800 [email protected] ● www.mmillerson.com
Township, the Willowbrook Business Park in West Ches- ter, Three Tun Business Cen- ter in Frazer, 1055 Andrew Drive in West Chester and the New Continental Plaza of- fice complex in Upper Merion Township. In addition to office and retail complexes, RedGo has constructed residential de- velopments that include the 300-unit Linfield Homes in Linfield Township and Sana- toga Commons in Pottstown. The company is currently in the approval process for a 327-unit senior living facility with 70,000 s/f of office/retail in Limerick Township PA that is scheduled to break ground later this year. ■
GARNER, NC — RedGo Development has purchased 42 acres fronting Rand Rd, where it plans to develop a residential complex. The purchase from Wells Fargo Bank follows RedGo’s acquisition earlier this year of a 32-acre site in Berlin Twp., NJ. According to Fred Goebert, president of RedGo, the Gar- ner parcel was a former mo- bile home park that has since been abandoned. RedGo plans to redesign the site for current market conditions, includ- ing the strong possibility of a single-family rental com- munity. Zoned residential, Goebert said RedGo would be prepar-
Recent Financings Arranged By Meridian Capital Group
Hunters Glen 1,124 Units $49,000,000 Delran, NJ
Steward’s Crossing 241 Units $27,200,000 Princeton, NJ
MILLBURN, NJ Downtown Millburn Retail 284 Millburn Ave. Prime Downtown Location End Cap Unit Millburn Train Station One Block Away Center of Lifestyle Community
6,000 sf for lease
Join Bank of America | Just Salon & Spa Millburn Opitcal & Surgery
West Creek Village 306 Units $16,000,000 Elkton, MD
Woods at Narraticon 150 Units $16,950,000 Deptford, NJ
Dedicated Parking 100 Parking Spots Affluent Market Area
Neighboring Tenants
Demographics
CVS Red Mango Chase Bank Trader Joes Valley National Bank
5 Miles 401,555
3 Miles 107,160
1 Mile 12,203
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Inquire with owner 973-216-1300
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4A — June 8 - 21, 2012 — Mid Atlantic Real Estate Journal
www.marejournal.com M ID A TLANTIC R EAL E STATE J OURNAL Four lease transactions totaling 24,420 s/f Weiss Realty announces first quarter transactions M 8,042 s/f with Energy Fitness at 50 Piermont Rd., Cresskill. Weiss Realty represented both the landlord, Bren-Cruis and the tenant SDM Fitness. gies has leased 640 s/f. SheldonWaltuch, Orthodon- tist, signed a long-term lease renewal for 1,838 s/f. With these lease signings Colonial Village is now 97% leased. OONACHIE, NJ — Jaime Weiss, presi- dent of Weiss Re-
REQUEST FOR PROPOSAL
The Allentown Economic Development Corporation (AEDC) is soliciting proposals from qualified developers to acquire and renovate 612 W Hamilton Street, Allentown, PA (formerly known as the Schoen’s Furniture Store)
A prime development site for commercial and residential mixed-use development located in the Neighborhood Improvement Zone (NIZ), the Central Business District (B-2), and the Enterprise Zone in Center City, Allentown, Pennsylvania Site Inspection by appointment on: Friday June 8, 2012 and Friday June 15, 2012 Proposal Due Date: Friday June 29, 2012 - No later than 3pm
alty has an- nounced four lease trans- actions the sale of 5,300 s/f medical office build- ing in West NY wi th a total aggre- gate value in excess of $3.4 million. In January Matthew Weiss, VP at Weiss arranged a long- term lease transaction for ENGLEWOOD CLIFFS, NJ — The 100 Mile Fund, a short- duration real estate investment vehicle managed by Procida Funding has announced net returns to investors of 13.8% over its first sixth months of operations. Focused on $2 million to $10 million loans within 100 miles of Procida’s Englewood Cliffs offices, the 100 Mile Fund has originated more than $22 million in loans and utilized leverage through senior par- ticipations. Jaime Weiss
In Edison at Colonial Village Professional Office Park and SC, Weiss Realty, the center’s leasing and managing agent, signed three office leases transactions totaling 3,478 s/f The new tenants include Dr. Yvonne Nelson who has leased 1,000 s/f for internal medicine arranged with MatthewWeiss in cooperation with Paul Sal- vesen of American Properties. SLiQ Information Technolo-
Jaime Weiss, acting on be- half of H.M.L. Realty Corp. arranged the sale of 6701 Bergenline Ave., West NY to an investment client of Weiss Realty for a sale price of $1.42 million. The 5,300 s/f medical office building is leased to Concentra Health Services. Weiss acted as consultant to the landlord H.M.L. Realty in the lease transaction. ■ ect has gone from 10% to 50% leased since securing the loan. “These types of investment opportunities are all over the region,” said president Billy Procida. “Jobs that had stalled during the economic downturn and now just need to secure the right financing and be reposi- tioned for the current market in order to move forward. That’s exactly where the 100 Mile Fund comes in. In addition to the loan, we provide the ad- visory services to make these projects work long term.” ■
For RFP access please visit www.allentownedc.com For questions please contact AEDC at 610-435-8890 905 Harrison Street, Allentown, PA 18103
Procida’s 100 Mile Fund reports 13.8% returns Investments during the fund’s first six months included: A$3.5 million bridge loan to the devel- oper of River Park Estates in North Bergen, a townhome de- velopment that had stalled due to poor market conditions, but has now resumed construction and will convert to rentals.
GENERAL CONSTRUCTION
Commercial • Industrial • Residential
A $4 million bridge loan to the developer of Freehold Commons, a 40,000 s/f office development in Freehold where funds were used to make im- provements to the building’s lobby and entrance. The proj-
HVAC • NETWORK • SOLAR PANEL INSTALLATION • SECURITY • CAMERA • SWIMMING POOL GROUNDING • FIREALARM INSPECTION & INSTALLATION Contact: VINAY SHAH P: 201-488-6088 F: 201-488-6087 Email: [email protected] 123 Hudson St, Rear Bldg, Hackensack, NJ 07601 Fully Bonded & Insured License #11574
Mid-Year Review
June 22, 2012 Deadline June 12th
This special edition will spotlight topics such as: • New laws, regulations, and policies relating to buying, selling and leasing commercial real estate
✩
• Dealing with employee issues • New tax laws and regulations • Real Estate Exchanges and TIC • Environmental • Security • Industry Trends • Technology • New Products • Industry Analysis • And More ✩
Interested in writing an
article on your area of expertise, please call 800-584-1062
to reserve your topic
Mid Atlantic Real Estate Journal 781-871-5298 x 203
✩
Mid Atlantic Real Estate Journal — June 8 - 21, 2012 — 5A
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FREE WEBINAR: Tuesday, June 19, 2012, at 2 p.m. E.T., 1 p.m. C.T., Noon M.T & 11 a.m. Pacic time The TASA Group, (Technical Advisory Service for Attorneys) in conjunction with real estate expert Bruce Coin, will present a free, one-hour, interactive webinar, Renancing and Tax Problems for TIC Owners with CMBS Financing, for all legal professionals. In the go-go days of 2004 - early 2007, billions of dollars of TIC - (tenant in common) owned commercial income properties were purchased using 1031 tax deferred exchanges. The majority were nanced with highly leveraged, often fully or partially interest only, debt via the Commercial Mortgage Backed Securities (CMBS) market. The recent great economic recession ofcially began in December of 2007. By January of 2008, over 50% of the world’s investors in mortgage-backed securities withdrew from investing in those securities and what had become the single largest source of mortgage money in the U.S. totally collapsed. Some banks were allowed to fail, some banks were bailed out, and Fannie Mae and Freddie Mac went into government conservatorship.
Since then, rents and property values have fallen. At the same time, the remaining active lenders have become more conservative with their loan underwriting.
Those owners that rolled their previous equities into a 1031 exchange to acquire an interest in a larger property and/or to diversify their investment are now facing disaster as their loans come due. With today’s lower property values and more conservative loan underwritings, it is virtually impossible for a TIC-owned commercial income property to obtain renancing that fully covers what they owe.
During this program, the presenter will cover the following: • The players
o The TIC owners o The bondholders o The trustee o The Master Servicer o The Special Servicer
• 1031 Tax Deferred Exchanges • TIC Ownership and Problems • CMBS Financing and Problems • The Role of the Special Servicer • Problems with the Special Servicer • Potential Solutions
To register for this free program, please visit: https://tasaevents.webex.com/tasaevents/onstage/g.php?t=a&d=667126176
About the Expert Bruce Coin has over 40 years of full-time experience in the interrelated disciplines of commercial income property nancing, valuation and development. He was a co-founder and for 35 years ran Pro-gressive Mortgage Corp., a commercial mortgage banking, brokerage, appraisal and consulting rm and regional commercial mortgage loan and servicing correspondent for a number of major insurance companies. In 2007, he sold Pro-gressive to the Philadelphia ofce of U.S. Realty Capital, LLC. Bruce has personally closed in excess of $1.5 billion of commercial mortgage nancing on all types of income-producing real estate. Structures included 1st and 2nd mortgages, construction loans, permanent loans, immediate and forward commitments, joint ventures, participating mortgages, wraparound mortgages, standbys to lend, standbys to purchase, mezzanine loans and credit enhancements. He has sold, leased, managed and foreclosed a variety of income property types. In 1970 he was instrumental in the formation of Fidelco Growth Investors, the rst commercial mortgage R.E.I.T. in the Philadelphia region. Between 1973 and 2007, he assisted a business partner with the planning, development, nancing, management and leasing of two, one-story ofce developments totaling over 550,000 square feet. Mr. Coin has lectured to joint undergraduate and MBA classes at the University of Pennsylvania’s Wharton School, as well as to classes at Temple and Weidner Universities. His work has been published numerous times, including articles in the NY Times, The Real Estate Review, The Appraisal Journal and other publications. He is an IDECC-Certied Distance Education Instructor (CDEI) and has written four, 7-hour, one 4-hour and one 30-hour IDECC, ARRELLO and AQB-approved online commercial real estate education courses.
He has recently reviewed and evaluated a portfolio of 130 TIC owned and CMBS nanced commercial and multifamily income properties.
Bruce has provided numerous expert reports and court testimony for law rms and clients as both a plaintiff’s and defendant’s expert.
6A — June 8 - 21, 2012 — Mid Atlantic Real Estate Journal
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M ID A TLANTIC R EAL E STATE J OURNAL A UCTIONS
HESAPEAKE, VA — Eight class Amedical of- fice condominiums in the Eight class a office condominium units in Virginia Atlantic Asset Management Group to conduct auction C
Properties to be sold at absolute auction Max Spann to auction 53 single family homes & lots
PHILADELPHIA, PA— Sin- gle-family homes and build- able lots scattered throughout Philadelphia are to be sold re- gardless of price at a real estate auction to be held in June. Max Spann Real Estate & Auction Co. has scheduled the auction of 53 Philadelphia prop- erties onWednesday, June 27 at 1 p.m. at First District Plaza, 3801 Market St. The offering comes on the heels of two Max Spann auc- tions, where 500 properties owned by the Philadelphia Housing Authority were sold to homebuyers as well as in- vestors. The auctions, held in November and December last year, provided opportunities for buyers to invest at attrac- tive prices. “For those who are interested in investing in Philadelphia’s future and missed our last auctions in Philadelphia, this is an opportunity that should not be passed up,” said Bob Dann, executiveVP and CEO. “We have a variety of differ- ent neighborhoods and have homes that are ready to rent
partially tenanted Oakbrooke Professional Center, located at 516 Innovations Dr., will be sold to the highest bidder in an on-site auction slated for Thursday, June 28, at 6:30 p.m. (EST). The auction is be- ing conducted byAtlanticAsset Management Group. “This is a phenomenal three- story medical and professional building, constructed in 2008 by one of the premier develop- ers in Hampton Roads,” said William Summs, CEO of Atlan- tic Asset Management Group. “The only reason the building didn’t sell out immediately upon completion was because of the financial crisis that stalled nearby projects that are now coming online.” Atlantic Asset Management Group has scheduled buyer- broker seminar-previews and guided tours (afterward) for anyone interested in bidding on a unit. These will be held June
1139 S. 24th 1343 S. 20th or already leased.” The auction features 43 single-family homes and 10 buildable lots. The first 22 single-family homes selected will be sold at absolute auction, meaning they will be sold re- gardless of price. The first five lots will also be sold at absolute auction. Max Spann is holding 15- minute auction seminars con- tinuously from noon to 2 p.m. on Thur., June 7 and Tue., June 19. The seminar will provide an overview of how to buy at auc- tion, property location review, and property info. package. “I encourage interested bid- ders to come to one of the semi- nars to learn how easy it is to buy at auction,” Dann said. ■
Eight Class A office condominiums in the Oakbrooke Professional Center will be auctioned June 28.
7 and June 21, from 5:30-7:30 p.m. Investment opportunities and financing packages, plus sample build-out plans, will be discussed at the seminars. Full property information (condo documents, comps, floor plans, etc.) may be viewed at the At- lantic Asset website The eight units range in size from 1,402 s/f to 3,467 s/f. Features include pre-wiring for high-speed >Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7 Page 8 Page 9 Page 10 Page 11 Page 12 Page 13 Page 14 Page 15 Page 16 Page 17 Page 18 Page 19 Page 20 Page 21 Page 22 Page 23 Page 24 Page 25 Page 26 Page 27 Page 28 Page 29 Page 30 Page 31 Page 32 Page 33 Page 34 Page 35 Page 36 Page 37 Page 38 Page 39 Page 40 Page 41 Page 42 Page 43 Page 44 Page 45 Page 46 Page 47 Page 48 Page 49 Page 50 Page 51 Page 52 Page 53 Page 54 Page 55 Page 56 Page 57 Page 58 Page 59 Page 60 Page 61 Page 62 Page 63 Page 64 Page 65 Page 66 Page 67 Page 68 Page 69 Page 70 Page 71 Page 72 Page 73 Page 74 Page 75 Page 76
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