Matthew Rotolante, CCIM, SIOR, Managing Director, Sperry Van Ness/South Commercial Real Estate Advisors
Matthew Rotolante, CCIM, SIOR, Managing Director of Sperry Van Ness/South Commercial Real Estate Advisors, recently authored an article for The Bankruptcy Bar Association–Southern District of Florida. In the article, Matthew explains how to create a model for valuing commercial real estate.
“In essence, appraisals are necessary to determine value, but when combined with the testimony of a credible broker, a more accurate valuation may be obtained. This is especially important when attempting to prove the legitimacy of a reorganization plan, or deciding whether a 363 sale strategy is feasible.”
To view Matthew’s article in its entirety, click here.
*All Sperry Van Ness® offices are independently owned and operated.
The Property:
Landmark office building (former headquarters of Potomac Edison) plus 44 acres of land in Hagerstown, MD.
The Challenges:
The 44-year-old building was behind on maintenance and had outdated floor plans and facilities and an obsolete HVAC system. Due to these issues, it was also not up to green building standards required by buyers and the GSA. The local market had fewer buyers in 2012 and potential data center prospects are not able to use a Class C building.
Getting the Deal Done the SVN Way:
Syd Machat was focused on selling the various strengths of the building, which included a convenient and secure location, corporate neighbors, availability of fiber optic cable and a solid construction, which could be retrofitted. Machat, as a SVN senior advisor and veteran CCIM and CRE, worked extensively with the brokerage community to arrange numerous site inspections and offers to cooperate. Extensive advertising and publicity in all media were used.
All of Sperry Van Ness’ marketing advantages were employed: Monday National Sales Call, CRE Internet web site syndication’s, BuildOut™ Brochures, and others. Henry Hanna, CCIM, SIOR and Brent Miller, CCIM, CPM of Sperry Van Ness/Miller Commercial Real Estate were mentors for Syd on this listing.
Ultimately, the building was sold to the Washington County Board of Education for $5.5 million, and will undergo $6.5 million in renovations.
The Lessons Learned:
Focus on the potential of a building and the ability to renovate to suit.
Extensive marketing opens up possibilities.
*All Sperry Van Ness® offices are independently owned and operated.
Midwest Real Estate News, a leading journal for commercial real estate news, has named Sperry Van Ness International (SVNIC) in its 2013 Best of the Best issue, where it is listed as the number eight in the list of the Top Brokers nationwide. The magazine lists a total of 51 top brokers. With total leasing and investment sales of $1,678,260,000, SVNIC is included with other large national brokers such as CBRE, Cushman and Wakefield, Jones Lang LaSalle and Colliers.
SVNIC has offices throughout the Midwest, including in Chicago, Fort Wayne, Indianapolis, St. Louis, Missouri and Madison, Wisconsin.
Midwest Real Estate News also lists the top owners, top property managers and top lenders among the best companies in the issue. To read the entire 2013 Best of the Best issue, click here.
*All Sperry Van Ness offices are independently owned and operated.
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