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Type of Auction: Reserved Auction
Address of Auction: 110 E. Maedowview Rd, Greensboro,
NC
Auction Contact Name: Jason James Dolph
Auction Contact Phone: 704-831-8983
Auction Contact Fax: 704-248-0839
Auction Contact Email: jdolph@chartwellgroup.com
Reason for Auction: Out of State Lender Directs Immediate Sale
Auction Highlights: NORTH CAROLINA REAL ESTATE AUCTION
INTERSTATE COMMERCE PARK- GREENSBORO, NC
Prime Warehouse/Distribution Facility off I-85/I-40
220,000 Sq. Ft with 61% Occupancy
$775,000 Projected NOI @ 100% Occupancy
LENDER DIRECTS IMMEDIATE SALE
Offered w/ Reserve. Suggested Opening Bid: $2,650,000
AUCTION DATE: Wed. May 21, 2008: 1:00 P.M.
AUCTION LOCATION: Embassy Suites Hotel, 4800 S. Tryon St., Charlotte, NC
PROPERTY DESCRIPTION: 220,000± Sq. Ft. of updated & remodeled Distribution,
Office, & Warehouse Space in Bldgs., of 16,000 SF; 20,000 SF; 56,500 SF;
61,200 SF; & 66,100 SF on 10.67± Acres. Ceiling Heights of 16, 18, & 24
Feet. ESFR/ Wet Sprinkler Systems installed, N.C. State Development Zone.
REASON FOR SALE: Workout with Out-of-State Lender requires sale of
Asset during second quarter of 2008.
CURRENT RENTAL INCOME: Interstate Commerce Park is currently
61% occupied with tenants such as Prologix; Snider Tire; Aaron Rents; Evonik
Stockhausen; LYF-TYM Bldg.; and others. A number of Lease Expirations
run through 2012 & 2013. Rental rates vary between approx. $4.00 per Sq. Ft.
to $6.15 per Sq. Ft. Investors will see an opportunity to improve occupancy
and revenues in this value-added situation. See Rent Rolls and Leases for accurate description of each tenant obligation.
Inspection: ON-SITE INSPECTIONS. Chartwell Group Associates will be on-site
at the Interstate Commerce Park at the following times: Thursday, May 1;
Wednesday, May 7; Wednesday, May 14 & Tuesday, May 20 from 1:30 P.M.
to 3:30 P.M. Call Gordon Greene at 216-839-2005 or Jason Dolph at 704-
831-8983 to schedule an appointment.
Directions: LOCATION DESCRIPTION: Rental Figures below are based on 100% occupancy & current 61% occupancy
with certain tenant expense reimbursements.
Sched. Gross Annual Inc. @ 100% / Actual Gross Annual Inc. at 61%
$825,000 (Approx.) $550,000 (Approx.)
Sched. Net Annual Inc. @ 100% / Actual Net Annual Inc. at 61%
$765,000 (Approx.) $400,000 (Approx.)
At Diamond Off & On Ramp, S. Elm /Eugene Streets, Exit 37, of Bus I-85 & I-40, next to East Carteret Street & East Meadowview Road at the South end of Downtown Greensboro, North Carolina.
Terms & Conditions: 6% Buyers Premium. Initial Earnest Money Required to Bid . Please contact Jason Dolph at 704-831-8983 for complete Terms of Sale.
Chartwell Auctions / NCAF 7881 / Gordon Greene, NC Broker & Auctioneer / NCAL 7752
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