Sold for $1,325,000
2120 S. Hwy 6, Houston, TX 77077 (Harris County)
7,841±SF Former Joe’s Crab Shack on 2.25± Acres
Selling Absolute - No Minimums, No Reserves
Bid Deadline: Wednesday, November 15 at 1:00 PM CT
Closing Deadline: Thursday, December 14
Inspection: Thursday, November 2, Wednesday, November 8 & Tuesday, November 14 at 1:00 PM CT SHARP
Property Description: 7,841±SF former Joe’s Crab Shack, a free standing restaurant on Hwy 6 with great ingress and egress and 67,674 VPD traffic counts.
This restaurant was built in 1997. Constructed as a single-story wood and steel joist stucco slab-on-grade structure, it is ideal for continued operation as a restaurant or conversion to a wide variety of retail uses where high traffic is a requirement. It is situated on 2.25± acres. There is also a large covered outdoor patio, water feature, children’s play area, wheelchair ramp, and professional landscaping. Easy access is provided through one dedicated curb cut, as well as neighboring parking areas, and an adjacent access road. Ample parking is provided with 135± striped parking spaces and 6± handicapped spaces for a total of 141± parking spaces.
The location is adjacent to two hotels, near West Oaks Mall and Central Shopping Center. Many national retailers in the area such as Walgreens, Best Buy, Home Depot, Walmart Supercenter, etc are potential income generators for the site. This booming “Energy Corridor” area of the Houston market area has strong demographics with a population of 307,418 in a 5 miles radius.
A March 2007 Phase 1 Environmental Report revealed no evidence of historical or recognized environmental conditions associated with the subject site.
Tax Parcel ID: 116-539-001-0010
2016 Total Taxes: $46,841.78
Auction Conducted in Conjunction & Cooperation with:
Fine & Company LLC, TREC#596212, Julian E. Howell TDAL#14026
This auction features a grouped bid extension - please see details in terms below.
Terms: Bank Proof of Funds Required to Bid, 10% Buyer’s Premium added to winning bid to determine sale price, 10% Earnest Money Deposit, close by December 14th, 2017. Auctioneer is not responsible for bidding errors caused by internet outages, bid platform failures, or power failures.
Each of the properties sell individually as "lots" however they are all tied together by the auction clock. We will set a bid deadline for all of the assets. Once we get within 5 minutes of that bid deadline, any bid placed on Any of the assets will extend All of the assets another 5 minutes. This extension will continue until no bids are placed on any of the assets in a five-minute window.
This feature is in place partially to prevent "sniping" which can occur on online auctions with a hard deadline. It recreates the action of a "Live Auction". If your opponent bids in the waning seconds of the auction, you still get another chance to bid.
With that in mind, don't wait out the bid until the last second, as it can put you at risk for not getting your bid in before the 5-minute clock runs out.
AUCTION TERMS & CONDITIONS:
In order to register for the auctions, you must
1) Confirm that you have done your own inspection prior to registration.
2) Provide proof of funds from your bank that you have sufficient funds to cover the required 10% 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 info@AMCbid.com in advance of the auction. Proof of funds consists of a copy, fax, or scanned pdf of a current bank statement in bidder’s name showing sufficient funds for earnest money deposit. All registrations must be completed online at our website in advance of the auctions.
BUYER’S PREMIUM: Property will be sold with a ten (10%) percent Buyer's premium. The bid amount plus Buyer's premium equals the final purchase price. For example: A $100,000 bid, plus the 10% ($10,000) Buyer's premium, equals the $110,000 final purchase price.
AUCTION INFORMATION & OFFICES:
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 770-980-9565, or by visiting our website, or the website of our partner designated as Broker for the state in which the asset is located.
CONDUCT OF THE AUCTION:
Online bidding will begin seven days prior to the auction. Online bidders may register to bid at our website at www.AMCbid.com
no later than 24 hours prior to the auction. The auction ends when the highest bid is recognized by the auctioneer. Any bid within the last five minutes of the bid deadline causes an automatic extension of bidding.
GROUPED EXTENSION: All of the assets in the auction are in the same extension group, which means that a bid placed on any of the assets extends the bidding on all of the assets for 5 minutes. When 5 minutes passes with no bidding on any assets, the auction closes. Bid increments and bidding methodology are subject to change at the sole discretion of auctioneer.
INSPECTIONS: Inspection of all Properties is strongly recommended before bidding. See posted inspection dates and time on each Property listing. All visitors to any of the Properties must sign a Right of Entry Agreement (available for download on our website) prior to being allowed access to the Properties. Visitors to the Properties assume all risk of accidents, personal injury, death and/or property loss or damage sustained or incurred as a result of entering upon the Properties at any time for any reason, and agree to release, discharge, waive, indemnify and hold harmless Auctioneer, Seller, its affiliates, lenders, principals, members, partners, shareholders, officers, directors, employees, agents and representatives (“Released Parties”) from and against all liabilities, actions, causes of actions, suits, damages, losses, judgments, claims and demands whatsoever, in law or in equity, including legal fees and disbursements, which Visitors or their heirs, executors, administrators, successors or assigns may now or hereafter have against any of the Released Parties for any personal injury, death or property loss or damage arising in connection with the Visitors entering upon the Properties at any time. No Inspections may occur on the Properties after the Auction Sale Date.
TERMS OF SALE FOR REAL ESTATE: Immediately upon being declared the successful bidder by Auctioneer, Purchaser will sign an Auction Purchase and Sale Agreement (“PSA”), and must submit an earnest money deposit of ten (10%) of the purchase price (bid amount plus Purchaser’s premium) in the form of a wire transfer to Kristin Brown at First American Title Insurance Company, 2425 E. Camelback Road, Suite 300, Phoenix, AZ 85016, (602)567-8139, email@example.com (“Escrow Agent”) . See Auction Purchase & Sale Agreement (PSA). Wiring instructions to be provided at time of contract submission. The earnest money deposit is non-refundable. If you have questions regarding registration or bid submission, 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:
Closing must occur no later than December 14, 2017 (as specified on each property listing and the Auction PSA) unless extended in writing by mutual consent of the parties. Purchaser not closing within the contractual time period to close may forfeit his/her earnest money deposit. Purchaser shall execute an Auction Purchase and Sale Agreement for the property immediately after being declared the successful bidder by auctioneer. The Auction PSA is available at www.AMCbid.com
prior to the auction. The Auction PSA which Purchaser must sign at the auction contains an acknowledgment that Purchaser 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 Purchaser 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. All payments (ie, Earnest Money, Closing Funds) must be in the form of wire transfer only. Please note that the PSA will prohibit any assignment of the PSA without the prior written consent of the Seller and, without limiting the foregoing prohibition, no assignment of the PSA will be approved by Seller if occurring within 5 business days prior to the closing date. Assignment is governed by the PSA.
When allocations or assignments of closing costs within these Terms and Conditions are in conflict with the Purchase and Sale Agreement posted for the asset, the Purchase and Sale Agreement language will prevail.
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.
EASEMENTS: All property sold is subject to recorded easements which include existing roads and planned roads, power line and other utility easements, ingress and egress easements, and other easements of record.
BROKER PARTICIPATION INVITED: Unless noted otherwise in property listing or herein, a broker commission of two percent (2%) of the Winning Bid will be paid on real estate. A commission will only 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 using the Broker Registration Form posted to the website for the property listing prior to bidder registration. The registration form must be signed by the prospect and the Broker, and must be received by the Designated State Licensee with a copy to firstname.lastname@example.org for the state in which the Property is located no later than 5:00 PM two (2) days prior to each bid deadline via fax or mail. In no case will a broker registration be accepted after a bidder has registered. Any Broker receiving commission pursuant to separate agreement with Seller is NOT eligible to receive any additional commission. Broker must also sign the Purchaser- signed Auction PSA following completion of the auction. Commissions to be paid only upon closing. A Broker cannot act as a principal and a broker on the same transaction. The Designated State Licensees are:
NY- David Kent, (585) 739-5609, email@example.com
TX- Michael Fine, (312) 278-0600, firstname.lastname@example.org
PURCHASER'S NOTE: Auctioneer is providing a marketing service in cooperation with licensed Brokers/ Auctioneers in various states around the US. State licensees are responsible for all brokerage activities in the states in which they are licensed. Auctioneer reserves the right to add or delete property from this auction or to alter the order of sale from that published herein. Auctioneer reserves the right to convert the bidding platform from an online-only to an onsite or webcast or sealed bid bidding platform if no bidders register and submit required bidding qualifications by the online bidding deadline. Personal on-site inspection of the property is strongly recommended. 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 Limited or Special Warranty Deed. Only the following sale closing costs will be paid by seller: (1) Commissions or brokerage fees to Auctioneer and/or Designated State Licensees 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; and (3) Prorated property taxes and back taxes due, if any. All other closing costs, including but not limited to surveys, title examination, loan closing costs, and Purchaser’s attorney fees are at the expense of the Purchaser. Sale shall be closed at the offices of Kristin Brown at First American Title Insurance Company, 2425 E. Camelback Road, Suite 300, Phoenix, AZ 85016, (602)567-8139, email@example.com, (“Closing Agent”), as noted in Auction PSA, or as announced at the auction. Purchaser to pay all closing fees charged by the Closing Agent, the cost of any title insurance premium, and any escrow fees charged by Escrow Agent. When allocations or assignments of closing costs within these Terms and Conditions are in conflict with the Purchase and Sale Agreement posted for the asset, the Purchase and Sale Agreement language will prevail.
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. There is no obligation on the part of the Sellers to accept any backup bids in the event the high bid falls through.