Medical Plaza East Shopping Center - U.S. Bankruptcy

by Pearce & Associates

When

Thursday, October 13th @ 2:00pm

Where

Medical Plaza East Shopping Center 4331 Highway 78 East Jasper, AL

How

Online Only

Notes

AUCTION ENDS TOMORROW (Thursday) @ 2:00pm! $25,000 deposit required to bid! Call 205-664-4300 for info.

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U.S. Bankruptcy Auction

Public Online Auction - By order of the Liquidating Trust of J&E Land Company, INC, LLC.

(2) Shopping Centers in Jasper, Walker County, Alabama.  Selling individually.

#1 - Medical Plaza East - 4331 Highway 78 East, Jasper, Alabama 35501                    Parcel ID#64-17-01-12-3-000-017.000                                                                           

* 67,000 Sq Feet Retail Space (previous appraisals list the shopping center as over 74,000 sq ft) - 6.8 acres, more or less * (13) Tenants, anchored by Alabama ABC store and medical offices - Income Producing - (17) Vacant spaces for additional income * Recent Environmental Phase I

 

Current Monthly Income - $22,921.28 with 17 spaces vacant.

 

#2 - Walston Bridge Plaza - 301 Walston Bridge Road, Jasper, Alabama 35501            Parcel ID#64-17-02-03-4-000-013.000 (note - The county reflects parcels that have been sold including a car wash, storage building & gas station.  Those parcels are not included in this sale).  Walston Bridge Plaza contains 1.6 acres, more or less.  2015 Walker County Tax appraisal $607,800. 

(Car Wash, Storage Building & Gas Station are not a part of this auction!  Previously Sold).

* 16,275 Sq Feet Retail Space - Multiple Tenants - Income Producing - Vacant spaces for additional income * Recent Environmental Phase I

Current Monthly Income - $5,400 with 2 units vacant

Details:  A bidder packet will be made available which includes current income statements, copies of leases, tenant payment history, survey's, Environmental Reports, sales agreement sample, terms and conditions of sale.  Contact the offices of Pearce & Associates for a complete packet:  205-664-4300 or Chip@AuctionByPearce.com

Bidder Requirements: Online Bidding Only.  To become a qualified bidder, you must submit a deposit in the amount of $25,000 in the form of a cashiers check made payable to Pearce & Associates or bank wire transfer.  All non winning bidders will have their deposits returned within 24 hours of the auctions ending.  Bidders can register and set up the bidders account online with a valid credit card.  Actual bidders privleges will not be activiated by the auction company until deposit is received.  Pearce will provide a "Local" bid center on the last day of bidding.  Bid Center will be at the Hampton Inn, 100 Industrial Parkway, Jasper, Alabama.  All potential buyers can access the bid center and submit deposits, get help with registration and assistance with placing bids at the bid center. 

Properties shall be sold subject to Seller confirmation of bidder and bid amount and the secured creditor has reserved its rights to participate in the auction and may credit bid in a portion of its claim at the auction.

Notifications:  All registered bidders will receive updated information about this auction by email.

 

Terms



REAL ESTATE AUCTION



These announcements supersede any prior oral or printed statements and will be attached to and become a part of the contract.



A $25,000 bidders deposit in form of a cashiers check made payable to Pearce & Associates or Bank Wire Transfer is required to become a qualified bidder. You can register online but bidders access will not be activated until deposit is received. Non winning bidders will have their deposits returned immediately after the auction ends.



Winning bidder must sign a non contingent contract and pay earnest money within 24 hours of auctions end.



The property will be sold by legal description and transferred by trustees deed.



A 7% buyers premium will be added to the winning bid to determine the final sales

price.



Example: $100,000 bid, plus $7,000 (7% buyers premium) equals $107,000 gross sales price.



The terms are 10% down payment with the balance due within 30 days. $25,000 bidders deposit will be applied towards the 10% down payment.



Purchaser to receive possession of the property upon delivery of deed at closing.



Purchaser to pay closing cost and title insurance. Seller guarantees

title to be free and clear.



Ad Valorem taxes will be prorated at closing.



Properties shall be sold subject to Seller confirmation of bidder and bid amount and the secured creditor has reserved its rights to participate in the auction and may credit bid in a portion of its claim at the auction.



PROPERTY SOLD SUBJECT TO THE FOLLOWING: All outstanding easements of any kind on said property, including but not limited to, roads, right of ways, utilities, water lines, and the like; any mineral, oil and past conveyances, leases or reservations; to any cemeteries that might exist on the property, outstanding leases recorded or unrecorded; zoning ordinances affecting the property; restrictions of record; wet lands; all rules and regulations of any appropriated authority having jurisdiction over the property, and any recorded encroachments of record.



BUYERS NOTE: Prior to the auction all prospective purchases should examine the property and all surrounding documents carefully as each bidder is responsible for evaluating the property and shall not rely on the sellers nor the auctioneers. Sellers and Auctioneers are assuming that the bidders have inspected the property and are satisfied and accept it “As

Is” without warranties expressed or implied. Personal on-site inspection of the property is recommended. Failure of any bidder to inspect or to be fully informed as to the condition of all or any portion of the property offered, will not constitute any grounds for any claim or demand for adjustment or withdrawal of a bid, offer or earnest money after its opening

or tender.



All information was obtained from sources deemed reliable. Although every precaution has been taken to insure accuracy, the sellers and all of their agents will not be responsible for any errors or omissions herein.



Default by the Seller: If the Sellers are unable to make conveyance and to give title as herein agreed, the earnest money shall be refunded to the buyer and all obligations of either party shall wholly cease.



Default by the Buyer: Should the Buyer default in the performance of his/her contract in the time and the manner specified, then the earnest money shall be retained as partial liquidated damages and the seller may sue for specific performance.



AGENCY DISCLOSURE: Larry “Chip” Pearce Jr. has not been an agent for the Buyer in this

transaction. Larry “Chip” Pearce Jr. has been an agent for the Seller in this

transaction and is to be paid a commission by the Seller.



The Auctioneer reserves the right to reject bids from anyone who does not comply

with the terms and conditions of this auction.



Bidding: Bidding info- When you bid your max the current bid price doesn't automatically go to your max bid. Someone else has to bid to increase the current price and the

computer will automatically bid up to your max in the increments specified.



This auction features an auto extend called 'extend one, extend all'. If either shopping center receives a bid in the last 5 minutes, both lots (shopping centers) extend the time remaining another 5 minutes and will continue to extend as long as bidding takes place.

Conducted By

Pearce & Associates

205-664-4300, 888-783-4056, 251-600-9595

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