Major North Carolina Commercial Real Estate Auction to be Held in Charlotte on May 21, 2008: Seven Properties to be Sold Absolute, Regardless of Price
Charlotte, N.C. (PRWEB) April 2, 2008 -- What promises to be one of the largest commercial real estate auctions in North Carolina this year will take place May 21st in Charlotte. As many as seven parcels will be offered absolute, without reserve, and regardless of price. The sale will be conducted by locally operated Chartwell Auctions (http://www.chartwellgroup.com), Gordon Greene Broker and Auctioneer. Rather than sell these assets slowly over a period of months, multiple ownerships have decided on this one-time-only sale, passing substantial savings to the successful bidder at auction.
Jason Dolph, Manager of the Chartwell Auctions Charlotte office, stated, "While many commercial real estate markets suffer, North Carolina has shown wonderful resilience. Savvy investors and real estate end users understand that now is the time to buy, and there is no better place than North Carolina." Morpace, Inc., an international independent market research company reports that commercial and industrial real estate sold at auction accounted for 15.7 billion dollars in gross revenue last year, and increase of 4.2% from 2006. Dolph adds, "Auctions connect buyers who are serious about buying with sellers who truly intend to sell. The auction process places all parties on an even playing field." Properties to be included in the May 21st sale are as follows:
University East Business Park in Northeast Charlotte: 3 office condominiums from 750 to 1850 square feet and 28 acres divided into 11 parcels with sizes from one to five acres are all that remain from this prestigious 105 acre business park in the UNCC University Area off of W.T. Harris Blvd. Ideal for office, retail, or medical use, University East is already the Charlotte home for Hartford Insurance and soon to open VA Outpatient Clinic. Two Restaurants, daycare, hotel, and a credit union also call University East home, in addition to numerous other quality businesses. Locally owned Merrifield Partners directs this one time sale, with seller financing available to buyers with a 25% down payment. Suggested Opening Bids for individual Land Sites are shown from $95,000 and for the Office Condominiums from $25,000.
Bradford Place Apartments, 340 Bradford Drive in Northwest Charlotte: This 44-unit apartment complex is currently 93% occupied with $246,000 in scheduled gross revenue. Thirty-Seven of the Townhouse Style 2-story, 2 bedroom, 1 ½ bathroom apartments have had recent renovation including new tile, countertops, and cabinets. The Suggested Opening Bid at Auction is $795,000.
Interstate Commerce Park in Greensboro, NC: This 220,000 square foot Warehouse/Distribution facility is ideally situated just off of exit 37 at the north side of Business I-85 and I-40 at S. Elm and Eugene streets. Five updated buildings are currently 61% Occupied. Scheduled Net Income at 100% Occupancy is projected at $775,000. The Current Annual Net Income exceeds $400,000 with a Suggested Opening Bid at Auction is $2,650,000. The property is directed to be sold by an Out-of-State Lender.
The auction will be held at the Embassy Suites Hotel, 4800 S. Tryon St at 1:00 P.M. on Wednesday, May 21, 2008. For a free color brochure on the May 21 Real Estate Auction with terms of sale for all properties you can call Jason Dolph with Chartwell Auctions (http://www.chartwellgroup.com) at 704-831-8983.
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