PRESTON PARTNERS, INC. ANNOUNCES THE SALE OF THE TIRE CENTERS, INC. PORTFOLIO
June 20, 2008
Baltimore, June 20, 2008 - Preston Partners, Inc. announced today that Michael A. Elardo, SIOR, Robert S. Clements, SIOR and Brian N. Kruger represented the seller, Ray Gordon and the buyer, Philip Mercer, a private investor, in the acquisition of a four building portfolio of industrial properties occupied by the Tire Centers, Inc. for an undisclosed price. Greg Daniszewski of Preston Financial, Inc, a related company, structured the acquisition financing on behalf of Mr. Mercer. The collection of buildings are located in Baltimore, White Marsh and Laurel include 4769 & 4771 Hollins Ferry Road (22,389 & 15,680 s.f. respectively on 3+ acres) 9214 Pulaski Highway (21,026 s.f. on 2.9 acres) and 13,400 Mid Atlantic Boulevard (22,112 s.f. on 2.9 acres). TCI, a wholly owned subsidiary of Michelin North America, is a commercial truck tire distributor and service company. About Preston Partners, Inc. Established in 1989, and with roots in a family real estate business dating to the 1880s, Preston Partners, Inc. is one of Maryland’s premier, full-service commercial real estate service companies. Preston Partners, Inc. handles all aspects of major real estate transactions including Project Leasing, Tenant Representation, Investment Sales and Mortgage Banking. Preston Partners’ professionals have been involved in many of the region’s significant real estate joint venture, development, leasing, disposition and acquisition assignments. The four senior members of Preston Partners have over 100 years of total experience in the Baltimore-Washington Corridor office and industrial markets.The firm prides itself on providing “blue chip” advice and progressive thought to its clients, creating the best possible real estate opportunities for these private investors, institutions, tenants and developers. For additional information, contact Jean W. ScheffenackerDirector Of Marketing2330 W. Joppa Road, Suite 160Lutherville, MD 21093410-296-3800