Bankruptcy Auction of 23.5± Acres on Interstate 45, Houston, TX 77037 (Harris County)

Details
Auction Location

BANKRUPTCY AUCTION

Bill Heard Enterprises, Inc. Case# 08-83029-JAC11

23.53+/- Acres – Selling Divided or Together

9111 North Freeway, Houston, Harris County, Texas 77037

SELLING ON SITE

Wednesday, April 14^th, 2010 @ 11 AM – CST

PROPERTY DESCRIPTION: 23.53+/- acre former auto dealership on the west side of North Freeway with 1,595+-’ of frontage on the feeder road of Interstate 45. The property contains over 150,000 sf of former buildings in multiple masonry and metal structures that have been vandalized and are in need of repair/removal. The property is legally described as: 10.021+/- acres, Reserve A, Restricted, Land Mark Center North, 8.353+/- acres, Reserve B, Restricted, Land Mark Center North, 4.5587+/- acres, Tract 1D, in the P. Tharp Survey, Abstract 1645, and 0.6027+/- acres, Tract 1H, in the D. Hacker Survey, Abstract 1314, in Harris County, Texas. It is further identified as Harris County tax numbers 116-822-000-0001, 116-822-000-0002, 047-087-000-0004, and 048-182-000-00012. It is located in Flood Zone AE, inside the 100 year floodplain, however, major drainage alterations have been made in the area. There is no secured debt on the property.

The property is located in the northern-central part of Harris County, which is approximately 10.5 miles north of the Houston Central Business District, on the west side of Interstate 45, approximately 800’ south of the intersection of SH 249 & Interstate 45.

BILLBOARD INCOME: A billboard has been placed on the property and renders $8,400.00 annually. A copy of the billboard lease has been place under the documents section.

PROPERTY OFFERING: The property will be offered in two tracts. Once offered individually, both tracts may be offered as a single tract.

Tract 1 - Being approximately +/- 8.3527 acres of land situated at the northeast and northwest corner of I-45 North at Hidden Valley Drive, between State Highway 249 and West Gulf Bank Road and being further identified as Harris County Appraisal District account numbers 116-822-000-0002.

Tract 2 - Being approximately +/- 15.1748 acres of land situated at the northeast and northwest corner of I-45 North at Hidden Valley Drive, between State Highway 249 and West Gulf Bank Road and being further identified as Harris County Appraisal District account numbers 048-182-000-0012 and 047-087-000-0004.

ENVIRONMENTAL DISCLAIMER: A Phase I Environmental Site Assessment, dated January, 8^th 2010, can be accessed by signing the appropriate disclaimer. The disclaimer is posted under the Documents link for this property listing on the website and is titled Environmental Disclaimer Form. Please download, sign, and fax to 770-980-9383. The company that conducted the study found multiple environmental concerns. All bidders will be required to acknowledge that they have reviewed the referenced study, and are strongly advised to perform their own due diligence, and draw their own conclusions before bidding. Neither Trustee nor Auctioneer make any environmental warranties.

Terms: $50,000 Cashiers Check required to bid , 10% Buyers Premium added to winning bid to determine sale price, greater of $50,000 cashiers or 10% Earnest Money Deposit payable immediately after the auction, close in 30 days.

Escrow and Closing Agent: First American Title, attn Carol Perry. Closing agent fees split between Buyer and Seller.

Broker Co-Op: See BROKER PARTICIPATION section in website terms for details

For additional property information, auction terms, and contract form, visit www.auctionEbid.com or call 770-980-9565.

1827 POWERS FERRY ROAD, BLDG. 5

ATLANTA, GA 30339

770-980-9565

www.auctionEbid.com

Julian E Howell, TXAL# 14026

Hunter Schuehle, TX Broker

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