PALM BEACH—Lainhart & Potter was facing a bankruptcy court order to auction its properties in West Palm Beach and Jupiter. An auction would have left the building supply company with pennies on the dollar of its property value—not enough to pay off its creditors.
In a creative deal to drive value from the assets, Reichel Realty & Investments stepped in with an aggressive marketing strategy to broker a $2.8 million cash sale of the properties, as well as the furniture and equipment. Reichel Realty president Bill Reichel and senior associate Ken Duke got the deals done in less than 30 days.
With all due diligence completed up front, Reichel and Duke found a buyer looking to expand its Florida presence—Marjam Supply Company, a Brooklyn, NY-based building supply company with locations in 12 states across East.
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