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."
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
