Commercial Property Part of Online Auction
OCEAN PINES — Brent Miller, Managing Director and Senior Advisor with Sperry Van Ness – Miller Commercial Real Estate, reports 11022 Nicholas Lane in Ocean Pines will be available for online auction on Nov. 12. The property is part of the SVN Q4 National Auction, which includes over 40 properties throughout the country.
The auction includes seven fully-leased retail/office condo units located within the Village Square Shopping Center. The overall square footage of the units is 6,854 square feet, and the shopping center is located at the south main entrance to Ocean Pines. This property is an excellent income opportunity with a net operating income of $104,193 per year. The bidding is live now and ends on Nov. 12 at 7 p.m. The starting bid for the property is $675,000.
“This is an excellent investment opportunity to purchase a property that is fully leased with strong tenants,” Miller said.
For more information on this property or for help registering for the auction, contact Miller at firstname.lastname@example.org or Tonney Insley at email@example.com, or call 410-543-2440. You can also visit the auction website at www.SVN-Bid2win.com.
SALISBURY — The Salisbury Area Chamber of Commerce (SACC) reached a milestone last month when its membership reached 800 area businesses.
SACC has served as the primary voice and advocate of the Lower Eastern Shore business community since 1920. The organization is dedicated to promoting a positive business environment by supporting economic development throughout Delmarva. SACC is four-star accredited from the United States Chamber of Commerce. Only 3% of all chambers in the US are accredited and SACC is the only accredited chamber in the state of Maryland.
“The improvement in the economic environment is evident as the Salisbury Area Chamber of Commerce continues to grow its membership base representing in excess of 800 total members,” said CEO Ernie Colburn. “The value of being a member of the Salisbury Area Chamber of Commerce symbolizes there’s ‘power in numbers’ through our advocacy and government relations division, as well as our community outreach, membership, and business and economic development divisions. The Salisbury Area Chamber of Commerce is tuned in to the community and its service area and remains ‘relevant’ in these key areas.”
SALISBURY — The former Standard Register facility located in the Northwood Industrial Park has been purchased by Delmarva Power.
John McClellan, Henry Hanna and Wesley Cox, all senior advisors with Sperry Van Ness – Miller Commercial Real Estate, represented Standard Register in the transaction.
Standard Register and its predecessor Burroughs Corporation were one of the early occupants of the Northwood Industrial Park in the 1970’s. The facility located at 600 Marvel Road totals over 110,000 square feet and sits on more than eight acres of land.
“Our various electric service reliability projects in this area have brought about a need to expand our warehouse capabilities and we believe this particular facility will provide us with the much-needed extra space,” said Delmarva Power Electric Maintenance Manager David Lucas.
Delmarva Power purchased the building for $2,750,000.
Holiday Sales Optimism
SALISBURY — “Retailers are hopeful for a gain in holiday sales this year.” said Maryland Retailers Association’s (MRA) President Patrick Donoho, who indicated that retailers are estimating a cautiously optimistic increase in the 3.0% to 3.5% range.
Donoho highlighted an increase in consumer confidence, lower gasoline prices and a slight increase in inventory levels as positive signs for the upcoming holiday sales.
“The overall economy in Maryland is slowly improving, but wage growth has been sluggish,” he said. “Working families are still living from pay check to pay check. But they are starting to feel more financially secure as shown in the rise in consumer confidence. Lower gasoline prices have helped them too.”
The last two years have seen modest increases in holiday shopping in Maryland with increases of about 2.5%. This year, it is expected to rise at a slightly better rate (3.0% to 3.5%) but still lag behind national projections of 4.0%, because of the sluggish wage growth.
MRA urges Maryland shoppers to support their local economy by shopping Maryland retailers.
“Maryland retailers are a vital part of our communities and are often our friends and neighbors,” said Donoho.
Retailers are the largest private sector employer in Maryland. Retailers will be promoting their holiday sales in a wider variety of venues this season. With increased competition from a variety of sources (neighboring states without/lower sales taxes to internet sales), shopping local retailers will not only help the communities of Maryland but the state budget as well with increased sales tax revenue that would be lost to internet sales or neighboring states. With Amazon opening a distribution center in Maryland, some of that lost revenue will be captured this season as Amazon begins collecting and remitting sales taxes for purchases made by Maryland consumers.