SALISBURY, MD, May 2020- Matthew Trader and Blair Rinnier of Rinnier Development Company just closed on the sale of a CVS store located at 1910 Crain Highway in Bowie, MD. The property traded for $9,550,000 with Rinnier representing the buyer and Trader representing the seller.
This deal marks the second time that Trader has sold this CVS property. The first time was to a Salisbury Investor for $9M. Trader then found an opportunity through Rinnier, who was working with an investor out of Manhattan, to resell his client’s asset for incredible value. In the process, Trader made his client over a half million dollars, in a short period of time, while Rinnier was able to find his client a perfect match for a unique 1031 exchange situation.
Both Rinnier and Trader worked through many hurdles to complete this complex deal in the middle of a global pandemic, no less. Probably the most impressive part of this deal, for those in the commercial real estate industry, is the fact that Rinnier and Trader were able to sell the property at an astonishing 4.9% capitalization rate.
Trader comments, "I think what makes this deal special to me is that first and foremost, I was able to make my client over a half million dollars in a very short period. It was also special doing this deal with Blair. These are the types of deals that we specialize in and we both had a lot of sweat equity in this one. In addition, anytime you can close a deal of this magnitude in the middle of a global pandemic, I think it speaks volumes about the determination of our firm and how we conduct business. We have been involved in a lot of very challenging deals over the years, but this was more complex than usual because of how unique it was. There were a lot of moving parts and it had us brokering right up to the very last second, but as dealmakers, that is what we live for. When the game is on the line, we want the ball in our hands."
Rinnier Development Company is a full-service commercial brokerage firm that encompasses all sectors of commercial real estate including retail, industrial, office, multifamily and investment properties. Rinnier offers their clients one of a kind service that includes in-depth analysis, retail strategies, innovation and details on off-market deals. Their vast knowledge of commercial property development has earned them national recognition. It is what sets them apart. Simply put, what this brokerage firm offers cannot be found anywhere else. Contact Rinnier Development Company today and learn why so many others have chosen them for their brokerage services.
