This is a unique opportunity. Most of our auction properties are not the subject of blog entries. This group of properties deserves a little extra attention.

What makes our April 26, 2010 commercial property SEALED BID auction in Hyattsville so unique is the location. This offering involves street retail and office space plus an interest in a large parking lot, all located at the corner of Baltimore Ave (US Route 1) and Farragut Street, close to the DC border and right next to the District Court and County government buildings. Property addresses are 5100-5108 Baltimore Ave and 4342-4344-4346 Farragut St. As a bonus, EYA is breaking ground as I write this on Phase 2 of the Arts District, a massive project. Click here for more information from those in the know. Phase 1 has already been completed. One recently improved parcel is leased to a busy beauty salon. A long term bail bond tenant occupies another unit. All office space is leased except for one large unit built out to be 10 or so shared office suites. The prime retail space at the corner at street level is vacant and awaits an owner-occupant’s headquarters or a smart vendor.

Due to partnership dissolution, these properties will be offered individually, in groups and as an entirety at public auction on Monday, April 26, 2010. Prospective buyers must submit their sealed bids with required deposits on or before April 26th at 3pm. High-end multiple use properties such as this may have suitors across the country or around the globe, and permitting remote bidding provides these prospective buyers the opportunity to make their best offer without physically attending a sale. There is a 10% Buyer’s Premium. It is a reserve auction sale. The property will be shown by appointment by calling the auctioneer’s office at 888.704.TRAC (8722) x100 for Paul Sobwick, Auctioneer, or myself at x111.

All types of properties including high-end, unique and commercial properties are being taken to auction by their owners - following a new trend in real estate sales. TRAC works with and in addition to listing agents to employ cutting-edge marketing tools to attract buyers in a short period of time. The TRAC auctioneer and his team work with the seller in choosing the best options for marketing their real property, strategising right up to sale day, utilizing tools such as entertaining pre-auction offers, sealed bids, internet and live outcry auctions. Buyer agents are invited to become part of the auction process, and when representing a client in a sale, they are paid a commission for their efforts.

Click here for more property information and to obtain the sealed bid packet. We’ve just posted due diligence including owners title insurance policy, a recent survey. Contact us directly for copies of leases and rentroll.

3% Broker co-op; 10% Buyer’s Premium; 60 day settlement required. Even if you don’t have or know a buyer, if you would help us spread the word about this property and the 4/26 auction, it would be greatly appreciated.

-–Tom Gimer, Principal, 888.704.TRAC (8722) x111

Tags: arts district, auction, commercial, eya, hyattsville, maryland, online

This entry was posted on Monday, February 15th, 2010 at 7:40 pm and is filed under Auctions, Events, Featured Properties, Investment. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.