Online Auction of
Commercial Building and 27 acres +/- in Tracts
Tuesday, December 10th at 1:30 p.m.
250 Industry Way – Somerset, Kentucky 42503
Located off the heavily traveled 914 bypasses in Somerset, Kentucky, this income-producing property totals just over 27 acres and offers great visibility for either commercial ventures or for a tourist attraction. For many years this property has been the location of the successful trucking industry. This property will be offered in the following tracts;
PREVIEW DATES: DECEMBER 3RD AND DECEMBER 10TH FROM 11:30 A.M. TO 1:30 P.M. EACH DAY.
Tract #1 has a total of 5.15 acres and features a building with approximately 38,000 square ft.including an office space of approximately 12,000 square ft. The balance has been utilized as a garage/warehouse space. The building has a metal roof and the majority of the parking lot has been paved. This tract (as well as all tracts) has been leased to a trucking company for many years. This location is not only excellent for the trucking industry, but it would also be easily conducive to retail businesses such as boating, car/truck, camper/RV, mechanic shop as your visibility and location is incomparable.
Tract #2 measures 7.48 acres and features a brick/metal commercial building with attached garage. This would make an excellent additional office space. There is also a large garage and the additional acreage offers additional parking (mostly paved) and room for expansion of your business.
Tract #3 fronts Industry Road and measures 8.17 acres. This tract would make an excellent combination or would be a great commercial site in itself. Most of this tract is also paved. This location would be ideal for storage buildings.
Tract #4 is adjacent to a super busy flea market location and is another strategic location for your business venture. A level parking area and frontage along Enterprise Drive, this tract has a total of 6.35 acres.
Tract #5 also fronts Industry Road and this half-acre (.51 acres) tract offers endless possibilities for a boat storage location, car lot, or almost any commercial venture.
AUCTIONEERS NOTE: This property is located in one of the county’s highest traffic count areas and is located near Lake Cumberland. It is a great commercial property with rental income potential and even greater potential for industrial development!!
TERMS SPECIFIC FOR THIS AUCTION:
- Possession of the property will be given on February 1st, 2020 as the property is currently leased until that time.
- The current lease amount is $17,500 per month triple net lease and is leased to J&R Schugel Trucking.
- Tracts 1 and 5 have a billboard located on their line. The rights for the individual billboards have been sold and will not be transferred with the property. There is no right to the billboard included with this property.
- There is a small encroachment on Tract #4. It appears the Somerset Flea Market building does encroach on Tract #4.
- The 2019 taxes are to be paid by the seller and the 2020 taxes will be the responsibility of the purchaser.
- Should the property be sold as one unit, the lease monies will be prorated with the new purchaser. Should the property be sold in tracts, there will be no pro-ration of the lease payment. The seller will retain all lease money.
TERMS:
Buyer's Premium: There will be a 10% Buyer’s Premium added to the winning bid to determine the final sale price.
PROPERTY IS OFFERED UNDER THE SPECIFIC TERMS PROVIDED IN THE PURCHASE CONTRACT. PLEASE READ AND REVIEW THE CONTRACT THOROUGHLY PRIOR TO BIDDING ON ANY PROPERTY. IF YOU HAVE NOT READ AND REVIEWED THE CONTRACT FOR SALE OF REAL ESTATE, DO NOT BID.
SERVER & SOFTWARE TECHNICAL ISSUES: In the event, there are technical difficulties related to the server, software or any other online auction-related technologies, Ford Brothers, Inc. reserves the right to extend bidding, continue the bidding, or close the bidding. NEITHER THE COMPANY PROVIDING THE SOFTWARE nor FORD BROTHERS, INC. SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. Email notifications will be sent to registered bidders with updated information as deemed necessary by Ford Brothers, Inc.
REAL ESTATE TERMS: 20% of the total sale price down as non-refundable earnest money in the form of a certified check, cash or wire transfer within 48 hours of the close of the auction. We do not accept a credit card for the down payment. The balance of purchase price is due at closing, said closing to be within 30 days of the close of bidding. Purchaser shall be responsible for all wire transfer fees. Closing will be as specified in the Contract for Sale of Real Estate.
This online-only auction is a CASH SALE not contingent on or subject to financing, appraisal, survey or inspections of any kind, as agreed to by bidders at registration prior to bidding and specified in the attached Contract for Sale of Real Estate.
GOOD INSURABLE GENERAL WARRANTY DEED AT CLOSING.
BUYER’S PREMIUM: There will be a buyer’s premium of 10% added to the bid price to arrive at the final purchase price. Example: Bid Price $100,000 plus $10,000 (10% buyer’s Fee) equals purchase price of $110,000.
AUCTION BIDDER DEFAULT: Successful bidder not executing and returning the contract with earnest money deposit within 48 hours of the conclusion of the auction will be considered in default. In the event a winning bidder fails to submit the signed Contract for Sale of Real Estate and 20% earnest money deposit, the winning bidder will be charged a penalty fee of $5,000.00 on the credit card provided at auction registration. Additional default remedies are reserved by Ford Brothers, Inc. and the Seller as provided in the Auction Terms and Conditions and the Contract for Sale of Real Estate. Ford Brothers, Inc. reserves the right to sell to the second-highest bidder in the event the successful high bidder does not comply with the terms of the sale.
Any dispute between Ford Brothers, Inc, its Agents or Representatives and the Buyer(s) will be tried in a court of jurisdiction in Pulaski County, Kentucky. By bidding on the property, the buyer agrees to all terms and conditions set forth.
Acceptance of Bid Prices: Successful bidder(s) will be required to enter into a purchase agreement immediately following the close of the auction. Ford Brothers, Inc. will e-mail documents to be executed and said documents should be faxed or e-mailed back to Ford Brothers, Inc. within 48 hours of the end of the auction. Successful bidders not executing and returning contracts with earnest money deposit within 48 hours will be considered in default. Any and all inspections that a buyer may want must be done at the buyer’s expense prior to the close of the online bidding. Ford Brothers, Inc.'s Agents, Representatives or Employees may bid.
Title: As specified in the Contract for Sale of Real Estate
Deed: As specified in the Contract for Sale of Real Estate
Possession: As specified in the Contract for Sale of Real Estate
Real Estate Taxes and Closing Cost: All real estate taxes in 2019 taxes are to be paid by the seller and the 2020 taxes will be the responsibility of the purchaser. The purchaser will pay all other closing costs associated with the purchaser’s side of the sale, including local and state recording fees and any cost associated with the purchaser’s loan. The seller will pay for deed preparation and deed tax.
Easements: Subject to any and all easements of record, including road easements and utility easements
Zoning: This property is subject to all state and local zoning ordinances.
Bidder Verification: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Ford Brothers, Inc. will reject the registration, and bidding activity will be terminated. The Seller and Ford Brothers, Inc. reserves the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc. Bidders agree to keep their username and password confidential as they are responsible for ANY and ALL activity involving their accounts. When using the web site you must obey any and all local state and federal laws. Violations will result in the termination of web site use privileges.
Agency: Ford Brothers, Inc.' Agents and Representatives are agents of the Seller. Buyer and or Bidder agrees to hold harmless and indemnify Ford Brothers, Inc. and its Agents and its Representatives from any and all claims, damages or suits including but not limited to awards, judgments, costs, fees, etc.
NEW DATA, CORRECTIONS, AND CHANGES: Please check for updated information prior to scheduled auction time to inspect any changes, corrections, or additions to the property information. Disclaimer & Absence of Warranties: All information contained in this information packet and all related materials are subject to the terms and conditions outlined in the Contract for Sale of Real Estate agreement. The property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation either expressed or implied, concerning the property is made by the Seller or Ford Brothers, Inc. Agents or Representatives. All sketches and dimensions in the brochure are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in the brochure and on the website is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller, Ford Brothers, Inc., Agents or Representatives. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. All decisions of Ford Brothers, Inc. are final. Any dispute between Ford Brothers, Inc., its Agents or Representatives and the Buyer(s) will be tried in a court of jurisdiction in Pulaski County, Kentucky. By bidding on the property, the buyer agrees to all terms and conditions set forth.
Auctioneer/Broker/Seller Disclaimer: The information contained herein is believed to be correct to the best of the auctioneer’s knowledge. The information is being provided for the bidder’s convenience and it is the bidder’s responsibility to determine the information contained herein is accurate and complete. The property is selling in its ‘as-is’ condition with no warranties expressed or implied.
Note: There will be a ten percent buyer’s premium added to the last bid to determine the final sales price.
NOTE: This will be a multi-parcel absolute auction, giving each and every prospective purchaser the ability to purchase any or all tracts or combination of tracts.
AUCTIONEER/BROKER/SELLER DISCLAIMER: The information contained herein is believed to be correct to the best of the auctioneer’s knowledge. The information is being provided for the bidder’s convenience and it is the bidder’s responsibility to determine the information contained herein is accurate and complete. The property is selling in its “as-is” condition with no warranties express or implied.
For additional information contact the auctioneers at 606-679-2212 or log onto our website at www.fordbrothersinc.com.
Announcements made the day of the auction take precedence over printed matter.
TERMS SPECIFIC FOR THIS AUCTION:
Possession of the property will be given on February 1st, 2020 as the property is currently leased until that time.
The current lease amount is $17,500 per month triple net lease and is leased to J&R Schugel Trucking.
Tracts 1 and 5 have a billboard located on their line. The rights for the individual billboards have been sold and will not be transferred with the property. There is no right to the billboard included with this property.
There is a small encroachment on Tract #4. It appears the Somerset Flea Market building does encroach on Tract #4.
The 2019 taxes are to be paid by the seller and the 2020 taxes will be the responsibility of the purchaser.
Should the property be sold as one unit, the lease monies will be prorated with the new purchaser. Should the property be sold in tracts, there will be no pro-ration of the lease payment. The seller will retain all lease money.
Buyer's Premium: There will be a 10% Buyer’s Premium added to the winning bid to determine the final sale price.
PROPERTY IS OFFERED UNDER THE SPECIFIC TERMS PROVIDED IN THE PURCHASE CONTRACT. PLEASE READ AND REVIEW THE CONTRACT THOROUGHLY PRIOR TO BIDDING ON ANY PROPERTY. IF YOU HAVE NOT READ AND REVIEWED THE CONTRACT FOR SALE OF REAL ESTATE, DO NOT BID.
SERVER & SOFTWARE TECHNICAL ISSUES: In the event, there are technical difficulties related to the server, software or any other online auction-related technologies, Ford Brothers, Inc. reserves the right to extend bidding, continue the bidding, or close the bidding. NEITHER THE COMPANY PROVIDING THE SOFTWARE nor FORD BROTHERS, INC. SHALL BE HELD RESPONSIBLE FOR A MISSED BID OR THE FAILURE OF THE SOFTWARE TO FUNCTION PROPERLY FOR ANY REASON. Email notifications will be sent to registered bidders with updated information as deemed necessary by Ford Brothers, Inc.
REAL ESTATE TERMS: 20% of the total sale price down as non-refundable earnest money in the form of a certified check, cash or wire transfer within 48 hours of the close of the auction. We do not accept a credit card for the down payment. The balance of purchase price is due at closing, said closing to be within 30 days of the close of bidding. Purchaser shall be responsible for all wire transfer fees. Closing will be as specified in the Contract for Sale of Real Estate.
This online-only auction is a CASH SALE not contingent on or subject to financing, appraisal, survey or inspections of any kind, as agreed to by bidders at registration prior to bidding and specified in the attached Contract for Sale of Real Estate.
GOOD INSURABLE GENERAL WARRANTY DEED AT CLOSING.
BUYER’S PREMIUM: There will be a buyer’s premium of 10% added to the bid price to arrive at the final purchase price. Example: Bid Price $100,000 plus $10,000 (10% buyer’s Fee) equals purchase price of $110,000.
AUCTION BIDDER DEFAULT: Successful bidder not executing and returning the contract with earnest money deposit within 48 hours of the conclusion of the auction will be considered in default. In the event a winning bidder fails to submit the signed Contract for Sale of Real Estate and 20% earnest money deposit, the winning bidder will be charged a penalty fee of $5,000.00 on the credit card provided at auction registration. Additional default remedies are reserved by Ford Brothers, Inc. and the Seller as provided in the Auction Terms and Conditions and the Contract for Sale of Real Estate. Ford Brothers, Inc. reserves the right to sell to the second-highest bidder in the event the successful high bidder does not comply with the terms of the sale.
Any dispute between Ford Brothers, Inc, its Agents or Representatives and the Buyer(s) will be tried in a court of jurisdiction in Pulaski County, Kentucky. By bidding on the property, the buyer agrees to all terms and conditions set forth.
Acceptance of Bid Prices: Successful bidder(s) will be required to enter into a purchase agreement immediately following the close of the auction. Ford Brothers, Inc. will e-mail documents to be executed and said documents should be faxed or e-mailed back to Ford Brothers, Inc. within 48 hours of the end of the auction. Successful bidders not executing and returning contracts with earnest money deposit within 48 hours will be considered in default. Any and all inspections that a buyer may want must be done at the buyer’s expense prior to the close of the online bidding. Ford Brothers, Inc.'s Agents, Representatives or Employees may bid.
Title: As specified in the Contract for Sale of Real Estate
Deed: As specified in the Contract for Sale of Real Estate
Possession: As specified in the Contract for Sale of Real Estate
Real Estate Taxes and Closing Cost: All real estate taxes in 2019 taxes are to be paid by the seller and the 2020 taxes will be the responsibility of the purchaser. The purchaser will pay all other closing costs associated with the purchaser’s side of the sale, including local and state recording fees and any cost associated with the purchaser’s loan. The seller will pay for deed preparation and deed tax.
Easements: Subject to any and all easements of record, including road easements and utility easements
Zoning: This property is subject to all state and local zoning ordinances.
Bidder Verification: The identity of all bidders will be verified, bidding rights are provisional, and if complete verification is not possible, Ford Brothers, Inc. will reject the registration, and bidding activity will be terminated. The Seller and Ford Brothers, Inc. reserves the right to preclude any person from bidding if there is any question as to the person’s credentials, fitness, etc. Bidders agree to keep their username and password confidential as they are responsible for ANY and ALL activity involving their accounts. When using the web site you must obey any and all local state and federal laws. Violations will result in the termination of web site use privileges.
Agency: Ford Brothers, Inc.' Agents and Representatives are agents of the Seller. Buyer and or Bidder agrees to hold harmless and indemnify Ford Brothers, Inc. and its Agents and its Representatives from any and all claims, damages or suits including but not limited to awards, judgments, costs, fees, etc.
NEW DATA, CORRECTIONS, AND CHANGES: Please check for updated information prior to scheduled auction time to inspect any changes, corrections, or additions to the property information. Disclaimer & Absence of Warranties: All information contained in this information packet and all related materials are subject to the terms and conditions outlined in the Contract for Sale of Real Estate agreement. The property is being sold on an “AS IS, WHERE IS” basis, and no warranty or representation either expressed or implied, concerning the property is made by the Seller or Ford Brothers, Inc. Agents or Representatives. All sketches and dimensions in the brochure are approximate. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the property. The information contained in the brochure and on the website is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller, Ford Brothers, Inc., Agents or Representatives. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. All decisions of Ford Brothers, Inc. are final. Any dispute between Ford Brothers, Inc., its Agents or Representatives and the Buyer(s) will be tried in a court of jurisdiction in Pulaski County, Kentucky. By bidding on the property, the buyer agrees to all terms and conditions set forth.
Auctioneer/Broker/Seller Disclaimer: The information contained herein is believed to be correct to the best of the auctioneer’s knowledge. The information is being provided for the bidder’s convenience and it is the bidder’s responsibility to determine the information contained herein is accurate and complete. The property is selling in its ‘as-is’ condition with no warranties expressed or implied.
Note: There will be a ten percent buyer’s premium added to the last bid to determine the final sales price.
NOTE: This will be a multi-parcel absolute auction, giving each and every prospective purchaser the ability to purchase any or all tracts or combination of tracts.
AUCTIONEER/BROKER/SELLER DISCLAIMER: The information contained herein is believed to be correct to the best of the auctioneer’s knowledge. The information is being provided for the bidder’s convenience and it is the bidder’s responsibility to determine the information contained herein is accurate and complete. The property is selling in its “as-is” condition with no warranties express or implied.
For additional information contact the auctioneers at 606-679-2212 or log onto our website at www.fordbrothersinc.com.
Announcements made the day of the auction take precedence over printed matter.