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Bay Tree Storage properties to be sold at auction tomorrow - The Star Democrat - Easton, Maryland: Business

Business Bay Tree Storage properties to be sold at auction tomorrow

Sale will include all of the company's Maryland properties

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Posted: Sunday, February 27, 2011 12:00 am | Updated: 9:07 am, Sun Feb 27, 2011.

 

EASTON All five of Bay Tree Storage's Maryland locations are set to be sold at public auction tomorrow beginning at 2 p.m. on the steps of the Talbot County Courthouse.

The sale will include the storage facilities in Easton, Trappe, East New Market, Grasonville and Salisbury, and any other buildings that occupy those lots.

In Easton, the 6.237 acres of land at 8627 Ocean Gateway will be up for auction, which includes the Bay Tree Storage facility and the two-story office building that formerly housed Remax. The property is valued at $4.14 million, according to the Maryland Department of Assessments and Taxation.

The sale will not include the wooded lot to the south of the Easton storage facility or the lot to the north that contains the vacant hotel both of which also are owned by Bay Tree Storage owners Dick Beavers and Steven Beavers. It also will not include the nearby lot that houses 1st Mariner Bank, which is not owned by Bay Tree Storage.

In Trappe, the storage facility at 3789 Ocean Gateway and a one-story house owned by Bay Tree Storage at 3766 Rumsey Drive will be included in the sale properties that are valued at $2.1 million and $227,030, respectively, and contain 1.49 and .34 acres of land.

The other Bay Tree Storage properties being auctioned off are:

The property at 461 Pullman Crossing in Grasonville, which houses a storage facility. It contains 3.43 acres of land valued at $2.3 million.

• The properties at 1326 N. Salisbury Blvd. and 1311 West Chester St. in Salisbury, which house two two-story buildings, including a storage facility, and one single-family house, respectively. The properties are valued at $848,200 and $210,000, respectively, and contain .96 and .3 acres of land.

• The properties at 5401 and 5403 Mt. Holly Road in East New Market. The property at 5403 Mt. Holly Road, which contains the Bay Tree Storage facility, is valued at $1.8 million and contains 4.05 acres of land. The property at 5401 Mt. Holly Road is used commercially and contains 2.86 acres of land valued at $2.4 million.

Two separate foreclosure suits were filed in November against Bay Tree Storage's LLCs Bay Tree Storage at Easton LLC, Bay Tree Storage at Trappe LLC, Bay Tree Storage at Salisbury LLC, Bay Tree Storage at Kent Island LLC, Mount Holly LLC and Delmarva Fire LLC all of which are owned by Dick and Steven Beavers.

According to court documents, the company defaulted on a $10.5 million loan from Natixis Real Estate Capital Inc. and a $6.5 million loan from Ixis Real Estate Capital Inc. around that time. Bay Tree Storage at Easton, Bay Tree Storage at Salisbury and Bay Tree Storage at Kent Island are involved in the $10.5 million case, while Bay Tree Storage at Trappe, Mount Holly LLC the listed owner of the 5401 Mt. Holly Road property and Delmarva Fire LLC the listed owner of the 5403 Mt. Holly Road property are involved in the $6.5 million case.

The auction will begin at 2 p.m. with the Easton property up for sale first, followed by the Salisbury properties at 2:15 p.m., the Kent Island property at 2:30 p.m., the Trappe properties at 2:45 p.m. and the East New Market properties at 3 p.m.

After the properties are sold to foreclosure, renters have the right to continue to rent the space for 90 days or until the end of the lease term, according to court documents.

In addition to his involvement with Bay Tree Storage, Dick Beavers has been linked to a few failed business ventures near the Easton Bay Tree Storage site off U.S. Route 50. In 2008, he began building the still-vacant 65-room Country Inn & Suites hotel that sits just north of 1st Mariner Bank. The exterior of the hotel is completed, but the interior remains unfinished.

Beavers anticipated in May 2009 that the hotel would open that August; he then predicted a late June 2010 opening date, after telling The Star Democrat in May 2010 that problems with financing and delayed shipments of building materials were holding up the project.

The hotel continues to sit vacant today.

Also in 2008, Beavers had planned to build the two-story steakhouse TBone's near 1st Mariner bank, which had gained approval from the town. Those plans were canceled, however, due to lack of financing.

Beavers gained approval to build an Uno Chicago Grill at the same location. The restaurant never came to fruition, though, as Uno backed out of the plans in May after filing for Chapter 11 bankruptcy earlier that year.

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