RWN Development Group, owned by award-winning regional developer Richard Naing, announces the auction of the Cambridge Courthouse, on Tuesday, June 6th, after more than 15 years of ownership.
The 23,460 SF building, located in the Historic District of Downtown Cambridge, was originally constructed in 1916 as an armory. Designated as a National Historic Landmark, by the National Park Service, the building was converted into a 3-story courthouse in 2002 and recently completed a $1M renovation in July, 2016. The building has been 100% leased since 2002 by the State of Maryland, with an AAA credit rating. The lease was recently renewed in 2016 for an additional 10 years.
The courthouse includes a courtroom, holding cell, and supporting agencies, such as Parole & Probation and Public Defenders. There is an additional 2,000 SF that can be used for additional development or expansion on the 21,113 SF lot, two blocks away from the waterfront.
The 48-hour online live bid event, hosted by Ten-X Commercial, will begin on Tuesday, June 6th and conclude on Thursday, June 8th. Prospective bidders must pre-register online before they
can place any bids. The registration process requires prospective bidders to provide proof of funds, which are statements or other documentation demonstrating the bidder’s cash and/or cash-equivalent asset position. The minimum required proof of funds to register for an asset is
generally equal to the starting bid of that asset. Additionally, prospective bidders must either sign the participation agreement or submit a refundable participation deposit.
For additional information regarding the property and request for tours, contact Michael McNeill at [email protected] or 410-528-0011×4 or Richard Naing at [email protected].
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