17,800±SF Retail & Commercial Buildings on 4± Acres in Conover, NC (Catawba County)

Online Only Auction of 17,800±SF Retail & Commercial Buildings on 4± Acres in Conover, NC (Catawba County)

1124 NC Highway 16 North, Conover, NC 28613

Bidding Opens: Wednesday, May 17 at 11:00 AM ET

Bid Deadline: Wednesday, May 24 at 11:00 AM ET

Inspection: Monday, May 15 & 22 at 11:00 AM ET SHARP

Sale Manager: Jeb Howell 770-841-9924 or Jeb@AMCbid.com

Click HERE to Register & Bid Now!

The secured creditor and the seller have come to an agreement whereby the secured creditor will accept a payoff of a fraction of the loan balance. A winning bid of $350,000 or above will be automatically accepted. This is your chance to obtain a well located commercial property for the price you pay at public auction!

The improvements consist of a retail showroom visible at street level, with a repair/ office area below it, and a warehouse area and small storage building to the rear, on a 4± acre lot which slopes gently from the Highway 16 North frontage down toward the I-40 Right of Way behind the site.

The most visible building is the attractive retail area, with almost 7,000±SF facing Highway 16 North, built and expanded/ renovated several times beginning in the 1960s. There are several distinct retail showrooms on the main level, plus a conference room, a small theatre, and 3 restrooms. The area below it, connected by an interior stairwell, consists of over 4,600±SF divided into several office/ storage areas, restrooms, and doors facing onto a large paved parking/ truck turnaround area behind and downgrade of the street retail frontage. Total square footage of the front building is about 11,600±SF.

Behind the main building and connected by an open breezeway are two adjoining concrete block warehouse buildings with concrete floors under a common roof which are offset such that the upgrade level nearest the street is about two feet higher than the downgrade level. The upgrade level is accessed by three drive-in rollup doors, each of which is 9’ wide and 8 feet tall. This level is 40 feet deep, 60’+- wide and has about 9 feet of clearance, with a couple of demised workshop rooms and a bathroom. The lower warehouse level, accessed by an 8’ x 8’ dock high rollup door accessed from the parking lot to the rear of the main building, is 50’+- wide, 64’+- deep. and has 12’ of clearance. Total space of the warehouse is about 5600+- sf.

At the rear of the lower parking lot is a 21’+- x 30’+- (630±SF) storage shed, with a 13’ wide x 8’ tall door, and between 8’ and 10’ of clearance.

There are 3 curb cuts along the 232 feet of frontage on NC Highway 16 North. The subject’s site improvements include an asphalt paved parking area with 30± marked spaces at the front and side of the building and additional unmarked parking areas at the rear of the building. The paved parking areas and improvements occupy a bit less than half of the total 615 foot depth of the site. The rest of the site is wooded and slopes toward the I-40 Right of Way to the rear. The site is connected to public water, sewer, natural gas, electricity, and telephone service. A 30 foot right of way or easement runs along the eastern edge of the site and provides access to a house behind the property.

The property is within a few hundred yards of a Wal-Mart Supercenter across NC 16 North, and I-40 Exit 132. Highway 16 North, also known as 1st Avenue North, leads directly into downtown Conover, and is located in the Hickory-Lenoir-Morganton MSA in western North Carolina. This MSA has undergone a transformation in the past few years, as Apple, Google, Facebook and other corporations have recognized the desirability of the area for data centers. Also, Conover is less than 50 minutes from the Charlotte Douglas International Airport, which makes it attractive to more national and international businesses.

Zoned CC Commercial Corridor District by City of Conover

Tax Parcel# 3742-10-35-4189

2016 Estimated Catawba County Tax Value $644,900; 2016 taxes $6,739.21,

Per NCDOT, 2015 annual average daily traffic counts on this part of Highway 16 North were 10,000

A Feb 2, 2017 Phase 1 Environmental Site Assessment revealed no RECs in connection with the site. This report is available by downloading and submitting the Confidentiality Agreement posted to our website.

AMC NCAL#7403

1998 Deed & Legal Description

Catawba County Tax Parcel Report

GIS Assessment Report Catawba County

Confidentiality Agreement

Broker Registration Form 2% - Conover, NC

Purchase and Sales Agreement with Exhibit A

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AUCTION REGISTRATION: In order to register for the auction, you must have pre-inspected the property and must confirm that you have done your own inspection prior to registration. You must provide proof of funds from your bank showing 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. If you are unable to provide these in advance, please contact the auctioneer for instructions.

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.

CONDUCT OF THE AUCTION: Register to bid at our website at www.AMCbid.com . Online bidding will begin two weeks prior to the auction. The auction ends when the highest bid is recognized by the auctioneer.

The bid deadline for the asset is Wednesday, May 24 at 11:00 AM ET. Any bids placed within 5 minutes of the deadline will extend the deadline for 5 minutes. The bidding continues until 5 minutes pass with no additional bidding.

TERMS OF SALE FOR REAL ESTATE: Winning bidders will pay an earnest money deposit of ten (10%) of the purchase price (bid amount plus buyer’s premium). Upon conclusion of the bidding, Buyer will sign an Auction Purchase and Sale Agreement (“PSA”), and must submit earnest money deposit in the form of a wire transfer to seller-designated escrow agent (See Auction Purchase & Sale Agreement). The earnest money deposit is non-refundable.

Closing must occur no later than Friday, June 23, 2017 unless extended in writing by mutual consent of the parties. Buyer not closing within the contractual time period to close may forfeit his/her earnest money deposit. Buyer shall execute an Auction Purchase and Sale Agreement for the property immediately after being declared the successful bidder by Auctioneer. A form Auction PSA is available at our website and at the auction site prior to the auction. The Auction PSA which Buyer must sign at the auction 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. All payments (i.e., Earnest Money, Closing Funds) must be in the form of wire transfer only.

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.

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.

BROKER PARTICIPATION INVITED: Unless noted otherwise in property listing or herein, a broker commission of two (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/ Opening Bid 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 at an office of Auction Management Corporation 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. If bidder bids onsite, Broker must also attend the auction 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.

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.

TAX EXCHANGE: Sellers and Purchasers agree that certain Sellers may effectuate 1031 Tax Exchanges on certain properties sold herein. Buyers will agree to cooperate and execute necessary documents to enable Sellers to consummate said transactions.

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.

BUYER'S NOTE: 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 to an onsite bidding platform. Auctioneer is not responsible for bidding errors caused by internet outages, bid platform failures, or power failures. Bid increments and bidding methodology are subject to change at the sole discretion of auctioneer.

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 Warranty Deed. 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; 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 closing attorney fees are at the expense of the Buyer. Sale shall be closed at the offices of Seller’s Designated Closing Agent (“Closing Agent”), as noted in Auction Purchase & Sale Agreement, or as announced at the auction.

Closing costs shall be paid in accordance with the Auction PSA, posted to the website.

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.