2018 Deal of the Year
Congratulations to Jennifer West, Paralegal at Lane Powell PC and Peggy Neikirk, Escrow and Title Agent at Lawyers Title!
Their transaction involved the sale of seven Car Dealerships in New Jersey and New York with a total real estate sales price of $128,500,000.00. All of which were to close simultaneously with the asset sales of the businesses with the conveyance of the real property to the holding companies. Each of the sites were in separate seller single purpose entities and the dealerships involved three different major car lines with separate financings grouped by car line. One of the properties also included a spin off to a third party purchaser by the main purchaser which had its own set of principals and counsels to work with.
Working through various deal points and “customs, practices and local township laws” over the course of a three month closing schedule (not to mention several more months of “clean up” after the close) generated more than 2,500 emails (at least in the escrow officer’s email file alone) to coordinate all efforts. It was an educational experience for our west coast client, dealing with each township’s requirements and recording customs (very foreign compared with the ease of closing on the west coast).