 NEW LISTING!–
A-Credit Net Lease Industrial!
Planters Realty is proud to exclusively present an industrial building
net leased to Leggett & Platt Corporation. Originally leased in October
2005 for seven years, the lease is guaranteed by the Fortune 500 firm.
There
are 4.5 years remaining on the leases with one three year option
to renew each at a 3% increase in rent. The lease remains
flat
through the remainder of the initial lease term. The property
is occupied by Hanes Geo components, a Division of Leggett & Platt
that was purchased in 2005. Hanes Geo distributes erosion control products
to state agencies and large contractors
throughout the East Coast.
The site in Mercer,
PA is approximately 60 miles north of Pittsburgh at the junction of two
major interstates (I-79 & I-80) The site sits on 6 acres of land
of which only 2-3 are being used by Hanes Geo Components. Two years ago,
the tenant contracted with the Landlord to build an additional 36,000
sf as this location is one of the company's
top locations with its veteran sale staff and centrality--their truckers
can arrive to a majority of the US population
in less than one day.
Contact Brett at 410-764-9800 x 305 or bweil@plantersrealty.com.
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this location]
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NEW– Planters
Realty is proud to announce the sale of Sentinel Apartments in Baltimore
Maryland!
The 84-unit complex is located 4300 Seminole Avenue
in the Edmondson Village neighborhood of Baltimore City on the West side.
The property consists of all two and three bedroom units with central
heat and air, separate meters (although the landlord pays for hot water)
and on-site laundry rooms. Sentinel Holdings, LLC purchased the property
from Seminole Apartments, LLC for an undisclosed amount as the property
had significant vacancy, below market rents and deferred maintenance
issues. Planters Realty represented the purchaser in the transaction. (See
Recent Transactions for picture).
Contact Planters Realty for more information.
THREE
WEEKS– Closed Purdue Gardens Apts., 42 units in Baltimore – Sold price $1,600,000!
Planters Realty represented both sides in the transaction!
Planters Realty is proud to have closed Purdue Garden Apartments, a
beautiful 42 unit apartment building in northeast Baltimore. The property
is located in a very strong sub-market of Baltimore and maintains near-full
occupancy. The purchase price of $38,095 per unit represents a steep
discount to its full market value. The transaction was completed by Planters
Realty in a record three weeks. Planters Realty represented
both sides in the transaction.
Contact Planters Realty for more information.
Frederick
Manor Apartments!
Planters Realty is proud to have negotiated the sale of Frederick Manor
Apartments, a 39 unit multi-family property in Baltimore, MD for $2,045,000
or $52,500 per unit. Frederick Manor is a well located property in Baltimore’s
southwest quadrant of town which was fully occupied and offers upside
potential through the renovation of eight units not currently being used.
Contact Planters Realty for more information.
Planters
Realty, Inc. is proud to announce that it is now a licensed real estate
brokerage in Pennsylvania!
Planters Realty is proud to announce that it has been licensed as a Real Estate Brokerage for the Commonwealth of Pennsylvania. We are proud to be able to expand our ever-growing sphere of services to include the listing and buyer representation of great investment properties in Maryland, South Carolina, Washington, DC, Virginia and now Pennsylvania.
Contact Planters Realty for more information.
Planters
Realty is a Licensed Real Estate Brokerage in Washington DC!
Planters Realty is proud to announce that it has been licensed as
a Real Estate Brokerage for the Distric of Columbia.
Contact Planters Realty for more information.
Planters Realty is a Licensed Real Estate Brokerage in Virginia!
Planters Realty is proud to announce that it has been licensed as a Real Estate Brokerage for the Commonwealth of Virginia.
Contact Planters Realty for more information.
Planters
Realty, Inc. is a Licensed Real Estate Broker By the South Carolina Real
Estate Commission
Planters Realty is proud to announce that it now a licensed
real estate brokerage in South Carolina. Please feel free to
call us to discuss listing your commercial property or assisting
you in the acquisition of a commercial property in South Carolina.
Contact Planters Realty for more
information. [got
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Ground
Rent Owners Attacked As Unfair
A recent series of Baltimore Sun articles has revealed the potentially
unfair nature of ground rents in Baltimore.
As one of the few
cities on the country that has this system of ground rents, Baltimore
is unique because of the size and
permanency of the ground rents. An estimated 30-40% of the properties
in Baltimore City have ground rents (one person owns the property
and pays rent to another who owns the land). Most of these ground
rents were created more than 100 years ago and have been renewing
every 99 years automatically.
In the early 1980’s, the State
of Maryland legislated that a homeowner can redeem their ground
rent at a pre-determined
price (divide the annual rent by 6%). As these annual rents are
typically below $120 per year, the effective land value was capped
at approximately $2,000. In addition, the rent could never increase,
meaning that over time, the value of the rent actually decreased.
However,
there is a problem. Since the ground rent owners actually own
the land, a default in the ground rent payments does not
result in a lien against the property owner but a right to take
possession of the house! After hiring an attorney to file notices
and court filings over the course of 2 years, a $90 per year
ground rent bill can easily be run up into the thousand’s
of dollars only to result in the property owner being ejected
(or evicted) from their own home.
The crazy thing is that this
practice is LEGAL!!! Ground rent owners are simply following
the law that has been in place for
decades. Yet, suddenly, politicians state-wide are jumping up
and down at the injustice of it all and are demanding immediate
reform legislation. Where were they 20, 30, 40 years ago when
this was still going on? Also, if losing one’s home over
a $90 per year bill is so ridiculous, why is it that the homeowner
let it get so far so as to lose their home? Critics claim that
some of the ejected people had no notice or warning. Is that
even reasonable? It takes 1-2 years to eject someone.
We cannot
be expected to believe the ejected people had no warning nor
can we believe that the politicians really cared until the
issue was brought into the spotlight by the Baltimore Sun.
There really is another side to this story.
Contact Planters Realty for more
information. [got
to top]
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