SALISBURY, MD, DECEMBER 2011 - Senior Advisor Bradley Gillis, CCIM of Sperry Van Ness – Miller Commercial Real Estate settled on a 10,600 square foot professional/medical shell space, built in 2006 located on Sweetbay Drive in Salisbury, MD. Since 2006, with the economy taking a turn for the worse, and the demand for new construction dropping severely, this building has been sitting vacant and unfinished awaiting its destiny. Developers and investors were skeptical of the market for this type of product in this economy. The project is a bit ‘involved’ in terms of fit out and making the space ready for most users to have interest. “There is a limited pool of potential users for a 10,000 Square Foot office building in this market and during most of the listing cycle the price point did not attract investors” said Senior Advisor Henry Hanna, also of SVN – Miller. “Once the property became in a short sale situation the price made sense for investors.” Wesley Cox and Henry Hanna represented the sellers of the property.
Brad Gillis and Joey Gilkerson of the Gillis Team were fortunate to find the perfect user/investor combination for the property. The Gillis Team’s primary contact within the buying partnership is a medical/professional office user as well as real estate investor across Maryland’s Eastern Shore. Gillis described the transaction as, “…an absolute perfect fit. Between the space that the buyer is using and the space that he leased prior to settling on the property, approximately 8,400 Square Feet is spoken for.” Gillis will have the remaining 2,200 Square feet available for lease at a to-be-determined rate.
The address of the property is 1821 Sweetbay Drive, Salisbury, Md. The transaction was a short sale, requiring bank approvals after the buyer and sellers reached an agreement; it was purchased for $625,000 or $59 per square foot for what is considered ‘shell space’. The interior of the building had no prior build out completed with a combination of concrete and dirt floors. When the project is finished, the buyer will occupy class ‘A’ office space with one build to suit unit offered for lease.
