The Greiner-Maltz marketing team of Dick Maltz, chairman, and John Maltz, president, represented the seller and Greiner-Maltz brokers, Decio Baio, David Junik, and Gary R. Blum represented the purchaser. EVP Keith Braddish, VP Jason Gaccione, and EVP Maury Zanoff of CBRE Capital Markets, arranged $39 million in first-mortgage financing to facilitate the acquisition.
The property was placed in contract through Greiner-Maltz, and after multiple rounds of negotiation, with more than 15 bidders jostling to become the new owners, according to president Maltz, it sold. "Standard Motors Products, like many other industrial companies, have been slowly outsourcing manufacturing," Maltz explains to GlobeSt.com. "It didn't make sense to have a manufacturing in that building any longer. Instead, they wanted us to sell the property for the highest price they could get and then lease back the corporate offices." He continues that SMP wanted control over the tenants and as part of the sale, the company agreed to lease back 60,000 sf.
"Many of the bidders had businesses that were incompatible with SMP," Maltz says. "We felt that every offer was different from the other offer, and you couldn't match them up head to head." He adds that what stood out about the winning bidder was that SMP knew that they could get financing. "In this environment, it was important to get a closing, so the winning bidder ended up with the winning the bid on many different levels. They were the most qualified financially, and we felt that they were the most qualified to fulfill their promise and select the right tenants."
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