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Nationally Anchored Retail Cntr, Salisbury, MD – $5.9MM

Nationally Anchored Retail Cntr, Salisbury, MD – $5.9MM

AVALON PLAZA

CASE NO. 11-19440-TJC
U.S. BANKRUPTCY COURT

 

SVN Auctions Represented: U.S. Bankruptcy Court / Trustee
Asset Location: Salisbury, Maryland
Asset Type: Nationally Anchored Retail Center
Sale Price: $5,925,000 at 7.73% Cap Rate

 

CLIENT CHALLENGE

Avalon Plaza consists of three contiguous buildings as an operating neighborhood retail center on the Eastern Shore of Maryland. The property is located on the main thriving commercial corridor in Salisbury with Outback Steakhouse, Chico’s and Talbots as national anchored tenants adjacent to Courtyard Marriott. Under the 363 Federal Bankruptcy Code permitted sale process the property was approved for a structured bankruptcy auction to be conducted with all liens attaching to the proceeds of sale.

 

 SVN AUCTION SERVICES SOLUTION

The SVN Auction Team received appointment as marketing agent/auctioneer for the trustee and the subject bankruptcy estate. The SVN office in Salisbury, MD served as the court appointed property manager and local headquarter broker for the initiative and engagement. The court approved auction bid terms and procedures provided for all interested parties to submit their $200,000 bid deposit and initial written offer/bid with the court appointed trustee in order to be qualified to bid for the property at the live auction. The live auction was held in Chambers at the Bankruptcy Court with a confirmation hearing immediately before the Judge at the conclusion of the bidding for the property. An opening bid of $4,200,000 was received as the highest initial written offer/bid from one of the nine qualified bidder(s). The Lender’s Appraisal received was $4,600,000.

 

 RESULTS

The auction attracted serious interest from major equity funds and national retail operators/owners in 19 US States with 100 plus prospective purchasers entering the buyer momentum process and multiple groups inspecting the property. The brokerage community participated with 14 different broker registrations representing potential bidders. The live auction was conducted with four qualified bidders present in Court Chambers and five qualified bidders attending via SVN’s online bidding platform. The auction produced competitive bidding with a final $5,925,000 cash bid and was approved.

 

 ABOUT SVN AUCTION SERVICES

SVN Auction Services is a provider of date-specific sales and special asset solutions. It encompasses an elite group of local and regional auction advisors throughout the United States who specialize in areas such as foreclosures, tax sales, multi-properties, receiverships and bankruptcies. SVN Auction Services offers the industry’s most comprehensive spectrum of auction solutions—from rapid asset resolution and 30-day countdown asset sales to wide area and high impact/high promotion events. As part of one of the most recognized and reputable commercial real estate firms in the industry, SVN Auction Services is supported by SVN International’s more than 190 locations in 500 markets. This relationship provides outstanding opportunities for SVN Auction Services to serve clients needing to move assets in accelerated timeframes and creates significant value for buyers and sellers. For more information, visit SVN Auction Services.

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