The former Cambridge RV sold in an on-line auction held May 30 to Aireys Spur Road, LLC for $700,000. Appraised at $1,875,000 in January of this year, the new owner plans to lease the building and is actively considering offers from prospective tenants.
Henry Hanna, one of two commercial realtors at Sperry Van Ness who represented Cambridge RV’s formers and is now working with Aierys Spur, said the online auction was the second such event SVN has participated in and a growing trend in the commercial market, “On-line auctions give national exposure to local properties and are an effective means to market valuable properties to prospective investors.”
The new owners have already made improvements, power washing the building and starting to landscape the property’s 5.3 acres. Two companies who registered for the auction are now in discussion with SVN about possibly leasing the property. SVN hopes to have a contract in 90 days and is still accepting prospective lease inquiries.
Hanna sees the sale of the Aireys Spur Road property as part of a continued trend of increased commercial industrial activity in Dorchester county and on the Shore. “While most commercial property buyers have a specific use in mind, this property was unusual in that the buyer – a knowledgeable Shore businessman – was more interested in the long term investment a highly visible and valuable parcel offered.”
For information about this or other properties in SVN’s portfolio, contact Hanna at 410-430-2187.