SALISBURY, MARYLAND— August 24, 2021— Principal Meredith Mears recently represented a locally based non-profit organization in their purchase of 31516 Winterplace Parkway, a 17,000+ square foot office building located along the Route 50 corridor in Salisbury, Maryland.
The purchaser, Bay Area Center for Independent Living (CIL), relied heavily upon Mears’ advisory throughout the transaction process in order to secure creative, ‘bargain sale’ financing. This non-conventional method enabled the organization to process part of the purchase price as a charitable donation to the seller’s benefit. In doing so, the needs of both transaction parties were satisfied in full.
“The pandemic took its toll on many non-profits in our surrounding community. Before the pandemic hit, my plans were to construct a new building, but I could see them fade as the COVID numbers increased,” said Katherine Jones, Executive Director of Bay Area Center for Independent Living. “I was disheartened that we many never have the capital to build a new building because of increasing construction costs. I never thought about purchasing an existing commercial property until Merry Mears opened my eyes to the many possibilities. She was able to find us the perfect building in the right location that fit our budget. We now have twice the amount of space than we originally envisioned. Thank you Merry and NAI Coastal for making our dream a reality!”
Originally founded in 1974, Bay Area CIL currently works throughout nine Delmarva counties to advocate for and promote the rights of individuals with disabilities. The new building will allow their team of volunteers to expand their reach as they pursue equality and ease of access to education, work opportunities and community services.
“I’m thankful for the trust Bay Area Center for Independent Living placed in me to assist them in finding the right space to expand into—it was critical to ensure that leadership and staff felt that they would be able to serve their clients in an improved manner through space allocation. I know we met that goal,” said Mears. “Once we found the right building, we were able to structure the deal in a way that assisted both sides in moving forward in the most optimal manner.”
Mears collaborated with The McClellan Team of SVN Miller Commercial Real Estate, representative of the seller. To discuss real estate investment opportunities and creative financing options, contact Principal Meredith Mears at Merry@NAICoastal.com or by calling 410-543-5115.
About NAI Coastal
NAI Coastal is a full-service commercial brokerage headquartered at Riverview Commons, 150 West Market Street, Suite 101 in Downtown Salisbury, Maryland. The team of ten advisors have comprehensive market knowledge and an unwavering commitment to the Delmarva region. In addition to brokerage and development, NAI Coastal rounds out their service offerings with consulting, which covers leasing, assemblage, acquisition and sale and investment advising. For more information please visit www.naicoastal.com or call 410-543-5115.