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Convenience Stores with Gas, Truck Stops, Net Lease Investments, and Redevelopment Sites
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|Foreclosure Auction Sale|
|NRC has been retained to market the foreclosure sale auction for this closed convenience store with gas near Kent State University. The store is located just off I-76 at a busy intersection and features a highway sign marquee.|
The auction is being conducted online by auctioneer by Barry Baker, in his capacity as the court-approved Private Selling Officer, and will end on June 3, 2020 at 12:00 pm Eastern Time. Bidding will start at $200,000 and is now open.
Case Information: Plaintiff: Phoenix REO, LLC; Defendant Name: Palak Petrol, LLC; Attorney: Baker Hostetler; Case #2017cv00837.
Log-in to your NRC.com account for additional property and due diligence information.
|Auction Date||Online Bidding Open! Ends June 3, 2020 - 12:00 PM ET|
|Offering||Convenience Store with Gas|
|Building Size||1,512 sf (approx.)|
|Lot Size||26,135 sf|
|Brimfield is located 13 miles east of Akron and the store sits 10 minutes south of Kent State University. The property is located immediately off I-76 exit 33, the exit for Kent State, and is surrounded by four hotels and residential housing with a McDonald's, Wendy’s, and Pizza Hut nearby. The property benefits from 40,395 vehicles per day passing by this highway exit and 22,060 vehicles per day passing by the store.|
|Auctioneer and Broker Information|
|Lead Auctioneer: Barry Baker, Ohio Sheriff Sales|
Sale in cooperation with NRC Realty & Capital Advisors of OH, DBA Continental Real Estate Advisors, #REC.2016003084, Derek Eisenberg broker.
|This is a Foreclosure Auction ordered by the Portage County Common Pleas Court. The foreclosure process clears all liens and encumbrances on the subject property.|
The property sells with a minimum opening bid of $200,000.
The required deposit is 10% of the high bid.
In the case of an online purchase, the successful bidder will be required to directly deposit the required amount into the trust account of Ohio Sheriff Sales at any Chase Bank branch OR initiate a wire transfer to said trust account by 5:00pm the day of auction. Purchaser may also have the deposit charged to the credit card provided at the time of registration with a 4% processing fee added to the deposit amount. ACH deduction is also available with no additional cost by providing your bank account information to the PSO. This method is highly recommended. If deposit has not been made by 12:00 pm the day following the auction, the credit card provided at the time of registration will automatically be charged along with the 4% processing fee.
The real estate is sold As-Is with no contingencies. All inspections (if available) must be done prior to Auction.
Close within 30 days of court confirmation.
No contract is signed after the auction. A one-page buyer information form is the only document that is required by the court. See THIS LINK.
A 10% buyer's premium will be added to the high bid to obtain the final selling price.
Provisional Auction Date: In the event the minimum bid is not achieved on the first auction date, a second auction will take place between 7-30 days later subject to no minimum bid.
Buyer pays all closing costs.
Private Selling Officer deed given at closing with no liens or back taxes.
The purchaser shall be responsible for those costs, allowances, and taxes that the proceeds of the sale are insufficient to cover. (This would typically only be in effect for a property that sells for less than the amount of taxes that are owed.)
Bid increment for Online Bidding is $1,000.
When you place a bid, you can place a "Maximum Bid" and the software will bid for you in $1,000 increments. You will be notified by email and text if you are out-bid.
Bid Extensions: If a bid is received within the last 5 minutes of the Auction end time, bidding will extend for a 5-minute period of time. Bid extensions continue until all bidding is exhausted.
Default: Be aware, if you are unable to close within 30 days of court confirmation, your deposit is non-refundable, and you could be liable for other costs and possibly be found in contempt of court.
|Although information has been obtained from sources deemed reliable, NRC Realty & Capital Advisors, LLC, the Seller, Barry Baker and Ohio Sheriff Sales, and/or its representatives, brokers or agents make no guarantees as to the accuracy of the information contained herein, and offer the Property without expressed or implied warranty of any kind. Lot and building sizes are approximate. Property may be withdrawn at any time without notice.|