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News - Press Release


Monday, January 28, 2013

Richardson Bankruptcy Auction Announced

Twenty-one commercial and residential properties are slated to go on the block March 12th from the SRKO Family Limited Partnership and the Jannie Richardson bankruptcy estates owned by longtime Colorado Springs developer Jannie Richardson, who also was the developer of Colorado Crossing, the proposed 153-acre mixed-use development on Colorado Springs' far north side development.

C. Randel Lewis, who heads Denver-based Western Receiver, Trustee & Consulting Services Ltd., was appointed as trustee to oversee the bankruptcy in 2011 and has retained NRC Realty & Capital Advisors, LLC (NRC) of Chicago to conduct the auction of the properties.

Properties include a modern 70,200 sf office complex located in Montebello Plaza on North Academy Boulevard on a 3.8 ac site with 191 car parking. The 4 two-story buildings are currently 57% occupied and are being offered in a buy one, some, or all format. Financing is available with 20% down payment. Interested parties can inspect the Montebello Office properties on February 20th or 27th, and should call NRC at 800-747-3342 extension 1302 for viewing times.

"Montebello Plaza is a fantastic opportunity for investors or end-users to purchase one or more buildings for a fraction of their reproduction cost," commented Evan Gladstone, NRC's Executive Managing Director. "The upside here could be enormous," he said. "The land and houses in this sale are interesting investor or end-user opportunities as well, and we expect all the properties to be sold through the sealed-bid auction."

Other Colorado Springs properties are a 20,000 sf redevelopment site at N Wahsatch Avenue and E Kiowa Street with 6 houses and a commercial building on month-to-month leases, 32.5 acres in Oak Valley Ranch and two Manitou Springs properties including a 3,600 sf home and 7 rental units. Castle Rock sites include 75 acres in 2 parcels non-contiguous parcels in the Westfield Trade Center Business Park.

Properties are being sold through a sealed-bid auction with bids due on March 12th. Properties are being sold under 363 of the bankruptcy code, free and clear of all liens. All bids are subject to the terms and conditions of sale and are subject to final approval by the bankruptcy court. Buyers and brokers can get more information by visiting the NRC website, www.nrc.com/1302.Due diligence information will be available for download from the NRC website in about two weeks. Broker cooperation is available.

NRC Realty & Capital Advisors, LLC specializes in the accelerated sale of commercial and residential real estate nationwide. Since its inception in 1989, NRC has sold more than 15,000 properties through bankruptcies and receiverships as well as for corporate clients and lenders including GE Capital, Standard Insurance Corp of NY, YRC Worldwide and 7-Eleven.