SALE OF TWO MALLS. Notice is hereby given that Pierce & Associates, on behalf of Development Specialists, Inc. as Liquidating Trustee appointed in the chapter 11 bankruptcy case of In re J&E Land Company, Inc., Case No. 13-02081 (Bankr. N.D. Alabama) will conduct a public sale by on-line auction of the following two shopping centers located in Jasper, Alabama, to be sold individually (property information reports are available):
#1 – Medical Plaza East – 4331 Highway 78 East, Jasper, Alabama 35501
67,000 Sq. Ft. Retail Space (previous appraisal lists the shopping center as having over 74,000 sq. ft.); 6.8 acres, more or less
Income Producing: (13) Tenants, anchored by Alabama ABC store and medical offices, (17) Vacant Spaces for additional income; Recent Environmental Phase I conducted
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: County records reflect parcels that have been sold, including a car wash, storage building, and gas station; those parcels are not included in this sale)
16,275 Sq Feet Retail Space; 1.6 acres, more or less
Income Producing: Multiple Tenants; Vacant Spaces for additional income; Recent Environmental Phase I conducted
Current Monthly Income – $5,400 with 2 units vacant
TERMS. The property will be sold by legal description and transferred by trustees deed.
Bidding Ends October 13th @ 2:00pm Central Time
Winning bidder must sign a non contingent contract and pay earnest money within 24 hours of auctions end.
A bidder packet will be made available which includes current income statements, copies of leases, tenant payment history, surveys, environmental reports, sales agreement sample, and 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 cashier’s 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 a bidders account online with a valid credit card. A bidder’s privileges will not be activated 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 qualified bids at the Bid Center.
Notifications: All registered bidders will receive updated information about this auction by email.
These announcements supersede any prior oral or printed statements and will be attached to and become a part of the contract.
THIS DEAL WAS ADDED TO THE DAILY DAC OPPORTUNISTIC DEAL DATABASE ON 9/12/16. TO SEE MANY MORE DEALS INVOLVING FINANCIALLY DISTRESSED COMPANIES AND OTHER TIME SENSITIVE SITUATIONS, YOU CAN SUBSCRIBE HERE.
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