SOURCE: Binswanger

September 09, 2009 12:30 ET

Binswanger and The Flynn Company Arrange Sale of 22 WL Homes Bankruptcy Liquidation Properties

PHILADELPHIA, PA--(Marketwire - September 9, 2009) - Binswanger and The Flynn Company, as marketing advisors on behalf of George L. Miller, Chapter 7 Trustee charged with the liquidation of the assets of residential home builder WL Homes/John Laing Homes, are pleased to announce that the Trustee has awarded twenty-two of an initial pool of thirty-three properties to winning bidders. Aggregate purchase price was approximately $52 million.

Binswanger and The Flynn Company conducted an accelerated marketing timeline mandated by the scheduling requirements of the bankruptcy court. In less than two weeks, the marketing advisors gathered and distilled information on the 33 residential development properties offered for sale and were able to launch an aggressive web and media-based marketing campaign that resulted in almost 600 registered investors and 90 distinct offers in the first round of bidding. Bidders ranged from local and regional real estate investment firms to some of the largest publicly traded national builders and developers.

Al Ciardi III, Managing Partner of Ciardi, Ciardi & Astin, the law firm that represented the Trustee as its counsel during this bid and sale process said, "We were delighted with the speed at which Binswanger and Flynn were able to get the process up and running. In these situations, exposure to a diverse group of investors across all of the geographies involved was critical and we were delighted with the amount of interest that we received."

Seventeen properties were sold as part of a stalking horse bid to EJL Homes LLC, a wholly-owned subsidiary of EMAAR America Corporation. The remaining five properties were awarded to a diverse group of investors who participated in the bid process. The properties are located in California, Colorado, Maryland, Texas and Utah. The California properties include Sacramento, Palmdale, Newport Beach, Playa Vista, San Clemente, Santa Clarita, Santa Ana, Irvine, San Diego, Antelope, Sunnyvale and Folsom. The locations in Colorado are Commerce City, Denver, Aurora, Colorado Springs and Erie. The remaining properties are in Wheaton, Maryland; Spring, Texas; and Grantsville, Utah.

Bids on the remaining eleven properties are still being reviewed and considered by the Trustee. The properties are located in Port Hueneme, Fullerton, Marina Del Ray, Sun City and Vallejo, CA; Denver and Erie, CO; and Humble, TX.

None of the remaining eleven properties are subject to the EMAAR stalking horse bid, meaning that the Trustee is free to sell any of these properties at an acceptable price without any obligation to EMAAR. It is not expected that EMAAR wants any continuing interest in the remaining properties.

Ciardi, Ciardi & Astin, headquarted in Philadelphia, PA specializes in commercial bankruptcy and reorganization, commercial litigation, debtor and creditor rights, corporate transactions, general litigation and real estate matters.

George L. Miller, the Chap. 7 Trustee, is a founding principal in the CPA firm of Miller Coffey Tate, LLP, a full service independent accounting firm which has extensive experience working with companies in financial difficulty, especially reorganizations under Chapter 11 and Chapter 7 of the Bankruptcy Code. Litigation support and forensic accounting investigations also represent a significant portion of the firm's practice.

Headquartered in Philadelphia, Pa., Binswanger is an international full-service real estate organization with offices worldwide throughout the U.S.A., Canada, Mexico and South America, the U.K. and Europe, the Middle East, and Asia.

The Flynn Company is a full-service commercial real estate firm headquartered in Philadelphia, Pa. The Flynn Company offers comprehensive services including investment sales, leasing, property management, asset management, property maintenance, tenant representation, acquisition, disposition, and finance.

Contact Information

  • CONTACT:
    Andrew Harris
    631-465-2045

    Daniel Mayock
    215-561-6565
    Ext. 180