Commercial and Industrial real estate, Apartments and Residential Development Deals evened out the list!
I thought I’d compare notes this afternoon over the largest real estate deals that went down in 2010 with Mr. Terrence “Bud” McPherson.
Bud is one of the real estate community’s “Go to Guys” in Frederick. He’s one of our community’s a very few fully certified members of the Appraisal Institute with both the MAI and the SRA designations.
As the owner of McPherson & Assoc., Inc., his service area covers Central and Western Maryland; Adams and Franklin Counties, Pennsylvania; Panhandle area of West Virginia, Loudoun County, Virginia.
So, yes, he’s a smart guy who been more than very busy appraising and reappraising properties for lenders, owners, buyers and estates to name a few.
What were to 5 largest deals that hit the books in 2010 in Frederick County?
Here’s what we came up with:
Number 5: Clemson Corner, LLC sold 12.6 acres next to the future location of Wegmans to Lowe’s Companies, Inc. for $4,150,000 for a new Lowe’s Home Improvement Center — located on the northwest corner of Wormands Mill Road and Liberty Road. Sale closed in May of 2010.
Number 4: 200 Monroe, LLC sold the old printing warehouse at 200 Monroe Avenue laid out on a 54,988 square foot condominium plat to the Board of Trustees of Frederick Community College for $4,500,000. Sale closed on December 31, 2010.
Number 3: Cannon Bluff, LLLP sold all of its remaining unimproved residential building lots to Cannon Bluff Properties, LLC for $5,600,000. The property is located off of Walter Martz Road in the Yellow Springs area just northwest of the City of Frederick city limits. It consisted of a mix of 125 detached single family and neo-traditional lots. Sale closed in September of 2010.
Number 2: Brooklawn Limited Partnershipsold the famous 90 unit Brooklawn Apartment complex and its unimproved remainder parcel – a total of 9.69 acres in December 2010 for $8,033,000. My friend Seymour Stern and his partners must have been smiling all the way to the bank with that sale!
Number 1: Exxon Mobil Corporation sold all of its Frederick County convenience stores/fuel station real estate holdings as a package deal in June 2010 to Southside Oil, LLC, a Virginia based company (also operating as Mid-Atlantic Convenience Stores, LLC). This transaction was part of a regional acquisition the business made of 58 properties throughout Maryland and Northern Virginia. The Frederick County portion of the sale was$14,885,278. Interesting that the local tax assessment office registered it as a “non arms length transaction”because the total sales price was not as much as the total sum of their values for all the properties.
Here’s one more big one that did not make our list, only because we don’t have all the details – Frederick Memorial Healthcare System and Adventist Healthcare were joint owners of the Glade Valley Nursing and Rehabilitation Center, a 124-bed facility located in Walkersville, Maryland. They sold the property to a regional concern last year.
If we missed any, please let us know!
The author: Rocky Mackintosh, President, MacRo, Ltd., a Land and Commercial Real Estate firm based in Frederick, Maryland. He also writes for TheTentacle.com.