Developer and property owner Ely Del Carmen is making a move to buy up a portion of Ada’s Inc. property that has particular relevance to him.
The Victory Chapel building in Dededo is on the market as a result of the Ada’s Inc. bankruptcy filing.
The original list price for the property was $260 000 but that has since dropped to $225 000. Del Carmen made an offer for the property at $176 000.
Del Carmen and Leo Slotnick his partner are principals of ConRos Inc. lessee of the property. ConRos Inc. pays $1 610 monthly on the lease. If the offer is accepted Del Carmen will be the landlord to ConRos Inc.
ConRos Inc. subleases the building to the Victory Chapel. When bankruptcy proceedings for Ada’s Inc. began two years ago the building’s future seemed in limbo. On March 3 2004 the court authorized Pat Feore Realtor for Re/Max Diamond Realty to sell Lot 1-1 Tract 217 the Victory Chapel building. However it was only in January 2005 that Del Carmen made the offer.
ConRos Inc. has 23 years remaining on its lease which could be a sticking point with other developers or potential investors. George M. Butler partner in the law firm of Butler Telford and Butler and Chapter 11 Bankruptcy trustee for Ada’s Inc. said there have been other offers. “The agent usually receives an offer but after finding out there is a lease attached the clients usually disappear ” he said.
Del Carmen will appear before the District Court of Guam’s Bankruptcy Court on March 11 to put his offer in front of the court. The Victory Chapel building was once a movie theater and part of the Hafa Adai family of movie houses. Hafa Adai Theaters a Del Carmen-owned business closed on Jan. 31. MBJ