Redefining the Commercial Real Estate Experience
Warner Commercial is pleased to announce that this exciting turn key investment property has sold. The owner received 93% of the asking price.
Special thanks to Arik Rudden and Joe Anselmo of Turning Point for working with us. The property was listed for $750,000 and sold for $700,000.
Who do you go to, when you're ready to divest your real estate interests?
Clearly, to a trusted and measured partner who is willing to work with you, as an owner, to achieve the best outcome while accomplishing your goals.
Steve Smith Properties did just this about three years ago, when owner, Steven Lucido, approached Jonathan Warner at Warner Commercial. Lucido was no longer living in the Frederick area and was ready to streamline his commercial investments in Historic Downtown Frederick, Maryland. His goal: to divest 5 of his 6 properties, all along the Market Street corridor.
Despite COVID and the uncertainty that it caused in the market, Warner Commercial was ecstatic when the last deal sold in 2021, with total sales in excess of $4 million. On top of that, three of the properties sold at more than 20% above their appraised value.
"As a 30 year real estate investor and developer in the Historic District of Downtown Frederick, Jonathan and my paths crossed many times," relates Steve. "As staunch advocates for the betterment of Downtown, we served side-by-side on numerous committees created to enhance the "jewel" we saw Downtown Frederick to be. No one committed more time and energy to this effort than Jonathan, so naturally when it came time for me to retire, Warner Commercial was my Broker of choice for the sale of my portfolio."
“I knew Steve from back in the 1980s when he purchased and renovated each of these properties,” explains Jonathan of the long-term relationship. “He was investing heavily in downtown for the long term, something we were doing right alongside him with our client base.”
The issue in 2019 though, was to present the listings in a manner to achieve the highest and best value for each building. "This could easily have been perceived as liquidation and we knew that a measured approach was of paramount importance to achieving the highest returns for our client," explains Jonathan.
All five properties sold for nearly 16% above their appraisals in a very difficult time for commercial real estate.
"Over the course of a year and a half, Jonathan and Warner Commercial went above and beyond in their representation of my properties and proved their worth as experts in valuation, preparation and leasing of my buildings in advance of their sale," explains Lucido.
"In reflection, Jonathan's advice, work ethic and efforts on my behalf proved invaluable towards achieving my goals, and I will always be grateful for having this last opportunity to work with him. He is the consummate Real Estate Partner, and I am proud to count him as a friend," concludes Lucido.
And that's our goal. A win-win for owners and investors alike. Click to learn more about the story and these properties.
Work with Warner Commercial and let us redefine your commercial real estate experience. We look forward to assisting you with your commercial real estate goals. Give us a call today at 301-663-0202.
Have a property to sell or lease? Or looking to make a move or grow your business? Check out the listings on our website where you'll always find photos, floor plans and pricing.Property Information: