Sold for $676,250
Online Only Lender Owned Auction of 2 Adjacent Manufacturing Plant Facilities - Selling Together!
Bid Deadline: Wednesday, May 17th, 2017 at 11:00 AM ET
Inspection: Property may be inspected on Monday, May 8th and 15th from 10 am - 12 Noon. Anyone wishing to inspect must sign a RIGHT OF ENTRY AGREEMENT AND RELEASE AND WAIVER OF LIABILITY (download from our website) in order to be allowed access onto the site.
507 W. Indiana Street, Edon, Ohio 43518
112,000± SF manufacturing building on 8± AC
201 Leanne Drive, Edon, Ohio 43518
37,000± SF manufacturing building on 7± AC
Plant Number One is located south of Indiana Street and consists of three parcels that total approximately 8± acres with a 112,000± SF manufacturing building located on the southern portion of the property. The northern portion of the site includes a gravel and asphalt covered parking area with a small grass-covered area. Asphalt parking and storage areas are located south of the building with grass located to the south and east of the building. The one-story building was constructed of concrete block and steel with concrete floors. A finished office area consisting of approximately 12,000± SF occupies the northern portion of the building. The remainder of the facility consists of manufacturing, shipping/receiving, quality assurance laboratory and material storage areas. Shipping docks are located in the southern portion of the facility, including 6 dock doors and 6 grade-level doors. The building height ranges from 16± to 21± feet and clear ceiling height up to 20 foot. 1200 AMP, 3-phase power
Parking includes 155 parking spaces and 2 handicap parking spaces, for a total of 157 parking spaces.
According to reports, the property was developed for its current use as a manufacturing facility in 1953. The building was constructed in phases beginning in 1953 on the central portion with additions constructed in 1960, 1965, 1966, 1967, 1973, 1978, 1992, and 2000. The property was previously cultivated farmland.
Current usage of adjoining property includes: residential properties adjacent and north of
West Indiana Street (State Route 34), to the north; grass-covered land, residential
properties to the northeast and southeast and the Edon Schools athletic fields and out
buildings, to the east; light woods/scrub and Wabash Railroad tracks followed by
cultivated farmland, to the south; cultivated farmland, Simpson Drive followed by the Plastec
(manufacturing facility), to the west.
According to the survey this parcel is not zoned.
According to WIlliams County Auditor:
507 W Indiana: 8± total acres
Parcel ID: 071-200-05-016.000
4.51 acres: CP - Commercial Acreage
Parcel ID: 071-200-05-015.000
0.72 acres: CS - Commercial Acreage
Parcel ID: 071-200-05-007.000
2.77 acres: CS - Commercial Acreage
2016 Williams County taxes: $35,030.11
An air handler in the ceiling of the factory area on the east side of the building caught fire and damaged a small portion of the ceiling and roof. The air handler will need to be replaced. The ceiling and roof area will need repair. (See ceiling photos)
Plant Number Two is located across the street from Plant Number One, north of Indiana Street and west of Leanne Drive. The property consists of approximately 7± acres improved with an approximately 37,000± square foot manufacturing building. According to Williams County property records, the parcel totals 7.14± acres. The building and associated driveways and parking areas occupy the eastern portion of the site with grass covering the remainder of the site. The one-story building is constructed of concrete block and steel with concrete floors. An office/locker room area consists of approximately 1,800± square feet and occupies the eastern portion of the building and the remainder of the facility consists of material storage areas. The building includes 5 dock doors and 3 grade-level doors. The building height varies with up to 14± foot clear ceiling height.
Parking includes 35 parking spaces and 1 handicap parking space, for a total of 36 parking spaces.
This portion of the property was developed for its current use as a manufacturing facility in
approximately 1971. The property was previously cultivated farmland.
The vicinity of the property can generally be described as mixed industrial and residential. Current usage of adjoining property includes: Bear Creek followed by Sandy Lane and residential properties, to the north; Leanne Drive, followed by one commercial building and residential properties, to the east; residential properties, followed by West Indiana Street, residential properties, Metaldyne Plant #1, and Plas-Tec, to the south; Bear Creek followed by Sandy Lane and residential properties, to the west.
According to the survey this parcel is not zoned.
According to WIlliams County Auditor:
201 Leanne: 7.14± total acres
Parcel ID: 071-170-05-001.000
5.14 acres: CR - Commercial Acreage
2 acres: CP - Commercial Acreage
2016 Williams County taxes: $9,951.59
A 3/2/2007 Phase I Environmental Site Assessment on both facilities revealed no evidence of recognized environmental conditions in connection with the property and recommended no further assessment of the property. The Phase I is available as a download on our website.
Utility systems identified at both properties are summarized below:
• The facility heating ventilating and air conditioning (HVAC) system is located on the roof.
• Sanitary sewage disposal at the property is provided through the Village of Edon.
• Stormwater is discharged to an adjacent stream (Bear Creek).
• Potable water at the property is obtained through the Village of Edon.
• Electric service is provided by Toledo Edison.
• Natural gas service is provided by Ohio Gas Company.
These assets will be sold in an online only auction with concurrent bidding on a 68,455± SF Distribution Center at 3901 Dawes Road, Rockford, IL 61102. Either or both assets (Edon and Rockford) may be purchased in the online auction ending Wednesday, May 17th at 11:00 AM ET
Terms: $5,000 Deposit Required to Bid, Buyers Premium added to winning bid to determine sale price (10% of the first $400,000 bid, and 5% of the Bid Amount above $400,000), Earnest Money Deposit of 10% of Sales Price (Bid Amount Plus BP), Broker Co-Op of 1% of Winning Bid, close by Friday, June 16th, 2017.
Auction Management CorporationIn coordination with Pamela Rose Auction Company, LLC, licensed OH broker
COMPLETE AUCTION TERMS AND CONDITIONS:
In order to register for the auction, you must have:
1) Pre-inspected the property and must confirm that you have done your own inspection prior to registration. The online registration form will need to be completed before online bidding is enabled.
2) You must provide proof of funds from your bank that you have sufficient funds to cover the required earnest money down payment in order to obtain a bid number. This may be accomplished by faxing the proof of funds to 770-980-9383 or emailing to firstname.lastname@example.org at least 24 hours prior to the auction bid deadline. Proof of funds consists of a copy, fax, or original of a current bank statement in bidder’s name showing sufficient funds for 10% earnest money deposit.
3) You must submit a $5,000 Initial Bid Deposit in order to be allowed to bid. This may be accomplished by wiring the funds to our escrow account (wire instructions provided upon request) or overnighting the funds to our mailing address. The wire or overnighted funds must be received no later than Monday, May 14th, as we cannot guarantee that transfers after that time will be verifiable. Wiring instructions provided upon request.
All available material and updates are posted to www.AMCbid.com
. Due diligence materials, Auction Purchase and Sale Agreement, Broker Registration forms, and other information may be obtained by calling 877-980-9565, or by visiting the website.
INSPECTION: Property may be inspected on Monday, May 8th and 15th at 12 Noon SHARP. Anyone wishing to inspect must sign a RIGHT OF ENTRY AGREEMENT AND RELEASE AND WAIVER OF LIABILITY (download from our website) in order to be allowed access onto the site.
BUYER’S PREMIUM: Property will be sold with a Step-rate Buyer’s Premium (BP) of 10% of the first $400,000 bid, and 5% of the amount bid over $400,000. The bid amount plus Buyer’s Premium equals the final purchase price.
For Example, using a winning bid of $1,000,000, the buyers premium (added to the winning bid) is determined as follows:
First $400,000 bid yields a 10% Buyer’s Premium of….………………………...$40,000
Next $600,000 bid yields a 5% Buyer’s Premium of…………………………..…$30,000
For a total BP of …………………………………………………….……………….$70,000
which produces a Total Purchase Price of $1,070,000 ($1,000,000 Bid Plus $70,000 BP)
CONDUCT OF THE AUCTION:. Online bidders may register to bid at our website at www.AMCbid.com
no later than 24 hours prior to the auction. Any bid within the last five minutes of the bid deadline causes an automatic extension of bidding. When 5 minutes passes with no bidding, the auction closes. The auction ends when the highest bid is recognized by the auctioneer. Bid increments and bidding methodology are subject to change at the sole discretion of auctioneer.
GROUPED EXTENSION: This auction uses the grouped extension bidding feature. Both assets in this auction have been placed in an extension group. Any bid within the last five minutes of bidding for one of the assets causes an automatic extension of bidding on that asset and on the other asset. When 5 minutes passes with no more bidding, bidding on both assets will close simultaneously, with high bidder on each asset being declared the winner.
BID DEPOSITS RETURNED: Immediately following the auction, unsuccessful bidders' bid deposits will be returned to them. You can either provide wiring instructions or we will overnight you a check. Deposit must be returned to the same account from which it originated.
DEPOSIT REQUIREMENT: Immediately following the auction, the successful bidder must deliver additional earnest money via wire transfer to Escrow Agent which together with Initial Bid Deposit shall increase the earnest money deposit to ten (10%) of the Purchase Price (Bid Amount Plus Buyer’s Premium). Within two days of the Auction, Auctioneer shall also deliver to Escrow Agent the Initial Bid Deposit. Balance will be paid in full at closing. Escrow Agent is First American Title Insurance Company, located at 2425 E. Camelback Rd. #300, Phoenix, AZ 85016, Phone: 602-567-8139 Fax: 602-567-8101, with Kristen Brown, to serve as “Escrow Officer”.
Successful online bidder will be notified immediately following the closing of the auction and emailed the sale contract, to sign and return immediately upon receipt. Escrow Agent wiring instructions will also be provided for transmittal of the Additional Earnest money. If you have questions regarding registration, you may contact Heidi Googe at heidi@AMCbid.com or 404-821-8069. Please contact the sale manager for all other questions.
PURCHASING AND CLOSING: Buyer shall execute an Auction Purchase and Sale Agreement (“Auction PSA”) for the property immediately after being declared the successful bidder by Auctioneer. A form Auction PSA is available at our website. The Auction PSA which Buyer must sign contains an acknowledgment that Buyer has inspected the property prior to the auction, is relying solely on his/her inspection, and is purchasing the property As Is with all faults and without reliance on any warranty of any kind whatsoever. NO CHANGES WILL BE MADE TO SAID AUCTION PSA OR ANY EXHIBITS ATTACHED THERETO, AND BUYER WILL BE OBLIGATED TO EXECUTE AND DELIVER SAID AUCTION PSA ON AUCTION DAY. Provided, however, Seller reserves the right to modify or amend said Auction PSA, to complete blank sections, to attach appropriate exhibits, and to comply with state and local laws as may be enacted or amended from time to time. Additional Earnest Money for a successful bidder must be in the form of wire transfer only.
Closing must occur no later than Friday, June 16th, 2017 unless extended in writing by mutual consent of the parties. Balance of purchase price will be paid in full at closing. Buyer not closing within the contractual time period to close may forfeit his/her earnest money deposit.
BROKER PARTICIPATION INVITED: A broker commission of one percent (1%) of winning bid will be paid to the properly licensed broker whose prospect purchases and closes on the real estate. To qualify for a commission, the Broker must register by mail, email, fax or hand delivery the prospect’s name and address on the Broker Registration/ Written Opening Bid form available as a download at the AMC website listing for this asset prior to bidder registration. The form must be signed by the prospect and the Broker, and must be received at the office of Auction Management Corporation no later than 24 hours prior to the published auction date. Broker must also be present with their prospect during bidding and sign the Auction Real Estate Sales Contract if their client is the winning bidder. Commissions to be paid only upon closing. A Broker cannot act as a principal and a broker on the same transaction. In the event a Prospect makes initial contact with Auctioneer, a Broker Registration will be disqualified.
FINANCING: Please note that financing is NOT a contingency of this transaction. Because financing is NOT a contingency, all potential bidders must make certain in advance that they are capable of obtaining the necessary financing to close the transaction.
PLATS/SKETCHES/DRAWINGS AND PHOTOS: Are not to be relied on. Existing legal descriptions are not guaranteed for complete accuracy. All acreage and dimensions are approximate and could be subject to change upon an actual field survey. All stakes, signs or flags indicating boundaries or location are for general location purposes only and are not to be construed as precise property corners.
AUCTION POWER OF ATTORNEY: For interested bidders who cannot attend the auction but would like to have a representative bid at the auction on their behalf, an Auction Power of Attorney can be obtained by contacting the Auction Information Office at (770) 980-9565.
TITLE: Property sold is subject to all matters of record, including, without limitation, recorded easements, existing roads and planned roads, power line and other utility easements, ingress and egress easements, and other easements of record.
BUYERS NOTE: Auctioneer reserves the right to add or delete property from this auction or to alter the order of sale from that published herein. Failure to inspect property prior to auction does not relieve purchaser of contractual obligations of purchase. Property sells As Is - Where Is with no warranties expressed or implied. Real property to be conveyed by Special Warranty Deed. Sale shall be closed at the designated office of First American Title Insurance Company, (“Closing Agent”), as noted in Auction Purchase & Sale Agreement, or as announced at the auction. Closing may occur remotely through overnite, email, and wire transfer. Each party shall pay its own attorneys’ fees. Only the following sale closing costs will be paid by Seller: (1) Commissions or brokerage fees to auctioneer and/or cooperating Brokers as set forth in separate agreement with auctioneer, and as established in these Terms and Conditions; (2) reasonable title corrective expenses, in Seller’s sole determination; (3) 0% of closing fees charged by Closing Agent; and (4) Prorated property taxes as set forth in the Purchase and Sale Agreement and back taxes due, if any. All other closing costs, including but not limited to surveys, title examination, title insurance, transfer taxes, 100% of closing fees charged by Closing Agent, loan closing costs, and purchaser’s attorney fees are at the expense of the Buyer.
Information was gathered from reliable sources and is believed to be correct as of the date this material is published, however, this information has not been independently verified by sellers or auctioneers. Its accuracy is not warranted in any way. There is no obligation on the part of Sellers or Auctioneer to update this information. ALL ANNOUNCEMENTS MADE AT THE AUCTION TAKE PRECEDENCE OVER ALL ADVERTISING. The sellers do not have any liabilities whatsoever for any oral or written representations, warranties or agreements relating to the property except as expressly set forth in the Auction PSA. Unless advertised and promoted as an Absolute Auction, all assets herein are sold subject to Seller confirmation. Seller and its agents reserve the right to bid up to the amount of Seller’s published or unpublished reserve price, at Seller’s sole option. There is no obligation on the part of the Sellers to accept any backup bids in the event the high bid falls through.