COASTAL DELAWARE – May 17, 2013 – (RealEstateRama) — John McClellan, CCIM, a Senior Advisor with Sperry Van Ness – Miller Commercial Real Estate in Salisbury, MD is pleased to announce the Chapter 7 bankruptcy sale of two hotels in Coastal Delaware. SeaEsta III is located on Route 1 adjacent to Rudder Town in Dewey Beach and SeaEsta IV is located in “the forgotten mile” just south of Rehoboth Beach. McClellan worked closely with Bill Lucks of the SVN – Miller office in Lewes, DE to finalize the sale of this portfolio.
The original bankruptcy filing by Ocean Breeze LLC took place in January 2012. McClellan represented the bankruptcy trustee, New Jersey based Charles M. Forman and worked with the primary secured creditor, M&T Bank. The hotels continued to operate under management of Salisbury based Marshall Hotels and Resorts.
The nationwide marketing effort began in April 2012 and resulted in multiple offers. The interesting part of this transaction is even after acceptance the contract was advertised publicly and competing offers were welcome for 45 days. At one point, the bankruptcy court ordered a competitive auction but that was later cancelled. Ultimately the properties were sold to Newport, Delaware based Forgotten Mile LLC for $3.825 Million. McClellan collaborated with selling broker Domenick Peronti of Investment Property Services in New Castle, Delaware. For more information about this bankruptcy sale or other available properties, contact John McClellan, CCIM at or 410-543-2440.
Sperry Van Ness – Miller Commercial Real Estate, with offices in Salisbury, MD, Annapolis, MD, Bethesda, MD, Hagerstown, MD, Wilmington, DE, Lewes, DE and Seaford, DE, provides advisory, brokerage, consultation, and leasing services to clients in Maryland & Delaware, and asset and property management in Maryland, Delaware, and Virginia. Our day-to-day goals are to consistently provide spectacular customer service, to be on the cutting edge of technology and innovative marketing, and to provide the vision needed to achieve our clients’ real estate investment goals.
SVN-Miller is an Accredited Management Organization® (AMO). Our team includes a highly-trained staff of Certified Property Managers® (CPM®), Brokers who hold the prestigious Certified Commercial Investment Member (CCIM) designation, and members of the Society of Industrial and Office Realtors (SIOR).
For information on how to make Sperry Van Ness-Miller Commercial Real Estate the key to your success, contact 410-543-2440 or visit our website www.SVNMiller.com.
Sperry Van Ness – Miller Commercial Real Estate