Reichel Realty’s $2.8 Million Cash Transaction Keeps “Lights On” in WPB Building Supply Store
Team Achieves Contract-to-Closing for Two Properties in 30 Days
Deerfield Beach, FL – May 16, 2012 – (RealEstateRama) — When building supply company Lainhart & Potter faced a bankruptcy court order to auction its properties in West Palm Beach and Jupiter, Reichel Realty & Investments’ President Bill Reichel and Senior Associate Ken Duke moved quickly to broker the $2.8 million cash sale of their client’s properties, furniture and equipment.
The court order included Reichel Realty’s role in preparing the properties. With all due diligence completed up front, Reichel and Duke quickly found a buyer looking to expand its Florida presence – Marjam Supply Company, a Brooklyn, N.Y.-based building supply company with locations in 12 states throughout the eastern U.S.
Reichel’s team fast-tracked the sale within 30 days, enabling Marjam to open the
50,000-square-foot store at 713-714-715 25th Street in West Palm Beach the morning after Lainhart & Potter closed it. The transaction also included 2.35 acres of excess land at the West Palm Beach location, plus Lainhart & Potter’s 6,000-square-foot building on approximately 1.5 acres at 100 Old Dixie Highway in Jupiter.
“Lainhart & Potter’s business in West Palm Beach dated back to 1893, and they were determined to see that all their creditors would be paid,” said Reichel. “Achieving a sale instead of auction maximized value, while bringing a major player in the building supply industry to the local market and preserving much-needed jobs in the areas they serve.”
About Reichel Realty & Investments
Based in Palm Beach Gardens, Reichel Realty is a full-service commercial real estate company founded in 1987 by Bill Reichel. The firm services institutional, individual and corporate clients with sales and marketing, leasing, tenant representation, asset/property management, tax appeal workouts, receivership for Circuit and Federal Courts, property assemblage, zoning, regulatory and government consulting, construction management and rehab and tenant improvements. For more information, visit www.reichelrealty.com or call 561-478-4440.