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CAN’T STOP, WON’T STOP

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CAN’T STOP, WON’T STOP
CAN’T STOP, WON’T STOP
The mid-size industrial sales kept coming with yesterday's $4.4M, all-cash purchase of Wicomico Industrial Center by a private equity partnership consisting of Berg Realty, EML Partners, and Smith Industries. Cassidy Turley was receiver on the property and repped note holder LNR Partners. Lead broker Jon Carpenter tells us Cassidy originally leased the property in 2006 but saw three-quarters of its tenants go bankrupt between 2008 and 2010, with the only survivor being Goodyear Tires'30k SF. He thinks the buyers made a smart move but also says the property needs major upgrades, including a new roof and an improved parking lot. The building is located in Carroll Camden Industrial Park, which has significant redevelopment prospects (including a soccer stadium or casino) due to its proximity to M&T Bank Stadium. Jon was upbeat about 2011, saying we'll be close to normal with heavier sales volume.