PUBLIC NOTICE OF ARTICLE 9 UCC SALE: Membership Interests in 5218 Property LLC, Centennial Plaza Prop LLC, and IMARC Properties, L.L.C.

NOTICE OF SECURED PARTY’S PUBLIC SALE OF MEMBERSHIP INTERESTS
IN EACH OF (1) 5218 PROPERTY LLC, (2) CENTENNIAL PLAZA PROP LLC, AND (3) IMARC PROPERTIES, L.L.C.
UNDER ARTICLE 9 OF THE UNIFORM COMMERCIAL CODE

 Underlying Real Property: 2 Class A Office Buildings
1 Centennial Plaza, Piscataway & 5218 Atlantic Ave. Mays Landing NJ.

PLEASE TAKE NOTICE that on April 25, 2023, starting at 11:00 a.m. Eastern Time, Auction Advisors, as Auctioneer, on behalf of RL Atlantic Cent LLC, a Florida limited liability company (“Secured Party”), will offer for sale at a public auction under the Uniform Commercial Code, certain limited liability company membership interests in each of the following limited liability companies:

1. 5218 Property LLC, a New Jersey limited liability company (“5218 Property”);
2. Centennial Plaza Prop LLC, a Delaware limited liability company (“Centennial”); and
3. IMARC Properties, L.L.C., a Florida limited liability company (“IMARC”).

Ira Russack (“Russack”) is the current owner of 100% of the membership interests in 5218 Property and Centennial; and Russack and the Ira Russack Revocable Trust u/t/d October 12, 2021 (the “Russack Trust”) collectively own 15% of the non-voting membership interests in IMARC and 100% of the voting membership interests in IMARC.  To secure their respective obligations to Secured Party, Russack and The Russack Trust have pledged to Secured Party a first-priority, perfected security interest in and to their membership interests in 5218 Property, Centennial and IMARC.

The sale will be conducted in lots, with the membership interests in 5218 Property owned by Russack, the membership interests in Centennial owned by Russack, and the membership interests in IMARC owned by Russack and the Russack Trust sold separately.  The sale will be conducted virtually via online video conference. Instructions on how to become a “qualified bidder” and attend the auction via online video conference are set forth in the Terms & Conditions of Auction which are available online at www.AuctionAdvisors.com or by contacting Joshua Olshin of Auction Advisors at:  [email protected].  Secured Party is and shall be a qualified bidder and shall be allowed to credit bid amounts due and owing to it by Russack and the Russack Trust in connection with any bids it may make with respect to the membership interest in any of 5218 Property, Centennial and IMARC.

The sales will be held to enforce the rights of Secured Party under those certain Security and Pledge Agreements and UCC financing statements identified on Schedule 1 to the Notice of Sale which is posted on the AUctionAdvsiors.com website,  pursuant to which Russack and the Russack Trust, as applicable, granted Secured Party’s predecessor in interest a security interest in, among other things the membership interests in 5218 Property, Centennial and IMARC.

Qualified bidders shall be required to post a $100,000 good faith deposit (per property) prior to bidding, which deposit will be required to be increased to twenty five percent (25%) of the successful bid by the successful bidder on or prior to 11:00 a.m. ET on April 27, 2023.  Secured Party shall not be required either to post a good faith deposit or to increase its deposit as aforesaid.

The sale will be FINAL and on an “AS-IS, WHERE IS, WITH ALL FAULTS” basis and will be made WITHOUT REPRESENTATION OR WARRANTY WHATSOEVER.  The membership interests owned by Russack and the Russack Trust in each of 5218 Property, Centennial and IMARC, as applicable, are unregistered securities under the Securities Act of 1933, and as such are subject to certain transfer restrictions and the membership interests owned by Russack and the Russack Trust in each of 5218 Property, Centennial and IMARC will be sold as a single block.

Secured Party reserves the right to establish all bidding procedures and requirements and to have prospective bidders reasonably demonstrate to the satisfaction of Secured Party that they are qualified investors and their ability to perform and close on the acquisition of any of the membership interests in any of 5218 Property, Centennial and IMARC.  Secured Party reserves the right to credit bid at the sale.  Secured Party also reserves the right to adjourn, continue, or cancel the sale without further notice. Other terms and conditions of the sale are set forth in the Terms & Conditions.

Certain additional but limited information available to Secured Party regarding 5218 Property, Centennial and IMARC will be made available via a secure data room to prospective bidders who execute a non-disclosure agreement.  Such non-disclosure agreement, and other information and due diligence materials regarding the Membership Interest and the auction sale may be obtained by visiting www.AuctionAdvisors.com.  Any interested bidder must satisfy the requirements to be a “qualified bidder” by no later than 11:00 a.m. ET on April 24, 2023.

If after you have reviewed the materials posted you still have questions, please contact Joshua Olshin from Auction Advisors at [email protected] or call on Main # 212-375-1222.