Category: Deals & Transactions

Automotive Deal in Hyattsville

Deals & Transactions

4720 Baltimore Avenue has been an auto sales and service operation for some 40 years. That isn’t changing. Only the ownership is.

The Baltimore Avenue LLC has newly acquired, for $1.325 million, the one-and-a-quarter acre site in Hyattsville from which Standard Leasing & Auto Sales so long operated. The property, fully paved and fenced, includes a 13,000 square foot building from which the LLC will move cars. Jack Lassise, Mike Isen and Mike DiMeglio of NAI Michael brokered the deal.

Courtesy of Prince George’s Newsletter. For more information or to subscribe, visit www.marylandnewsletters.com

940-Acre Toll Brothers Deal

Deals & Transactions

Toll Bros. Acquires Pair
Buys Locust Hill, Willowbrook

Two properties that together might serve as the next Beech Tree or Oak Creek have been sold to a partnership headed by Toll Brothers.

In a deal settled just over a week ago, Toll paid $21.6 million for the Locust Hill and Willowbrook properties. Located on Oak Grove Road and totaling about 940 acres, the two tracts could yield about 1,300 units. It’s believed that Toll bought the ground in a joint venture with NVR Inc., which would mark an expansion of the two builders’ efforts together locally.

Seller Seton Belt Trust has wanted to dispose of the land for years, but its marketing efforts eight years ago produced numerous offers – and then ran headlong into the bust. Toll had emerged then as a leading suitor, but put everything on hold until this summer, when it again put Locust and Willowbrook under contract and moved to protect the existing entitlements.

Toll and NVR are already cooperating at Oak Creek, but not in a formal joint venture. NVR bought the partially built-out community on Church Road, while Toll bought the golf course. It also contracted to buy lots from NVR, and will take more of the larger lots, befitting its high-end approach.

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Working on a real estate transaction? Don’t forget the documents!

Company NewsDeals & Transactions

By Pat Thompson, Vice President, NAI Michael

Working on a real estate transaction?  Don’t forget the documents.  While there are many aspects to bringing a deal to a successful conclusion, the use and understanding of many documents is necessary along the way.  The use of written documents is not only practical, but is required by law, in order to ensure that transactions in real estate are enforceable.

There are three important documents that are regularly used that come to mind:  listing agreements; contracts of sale; and lease agreements.  Each can come in different initial forms and are often subject to substantial changes before they reach their final form.  Whether generated by our office or produced by others, their importance cannot be underestimated.

What do these documents tell you?  Almost everything, if they are properly prepared.

They are the roadmaps by which a transaction is guided to completion.

Preparation and/or review of these documents will likely involve the participation of attorneys representing their respective clients.  Does that mean that the real estate agent steps aside and is no longer involved?  I don’t believe so.  If you negotiated the terms of the transaction, make sure they are accurately described and that each party’s rights and responsibilities in meeting these terms are clearly set forth.

This means that the real estate agent should have a good understanding of how these documents work and what their provisions mean.  It is well worth any extra time it may take to negotiate and properly prepare them.  In most cases, this preparation enables the entire transaction to go smoother, while avoiding misunderstandings that may be time-consuming and expensive to resolve later.  Remember, in the unfortunate instance of litigation, these documents will speak for themselves.

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