The Greiner-Maltz marketing team of Dick Maltz, chairman, andJohn Maltz, president, represented the seller and Greiner-Maltzbrokers, Decio Baio, David Junik, and Gary R. Blum represented thepurchaser. EVP Keith Braddish, VP Jason Gaccione, and EVP MauryZanoff of CBRE Capital Markets, arranged $39 million infirst-mortgage financing to facilitate the acquisition.
The property was placed in contract through Greiner-Maltz, andafter multiple rounds of negotiation, with more than 15 biddersjostling to become the new owners, according to president Maltz, itsold. "Standard Motors Products, like many other industrialcompanies, have been slowly outsourcing manufacturing," Maltzexplains to GlobeSt.com. "It didn't make sense to have amanufacturing in that building any longer. Instead, they wanted usto sell the property for the highest price they could get and thenlease back the corporate offices." He continues that SMP wantedcontrol over the tenants and as part of the sale, the companyagreed to lease back 60,000 sf.
"Many of the bidders had businesses that were incompatible withSMP," Maltz says. "We felt that every offer was different from theother offer, and you couldn't match them up head to head." He addsthat what stood out about the winning bidder was that SMP knew thatthey could get financing. "In this environment, it was important toget a closing, so the winning bidder ended up with the winning thebid on many different levels. They were the most qualifiedfinancially, and we felt that they were the most qualified tofulfill their promise and select the right tenants."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
