18,000 SQ FT Shopping Center
March 15, 2017 at 12:00 am
320 East Johnson Highway
Norristown, PA 19401
US Bankruptcy Court
900 Market Street
Philadelphia, PA 19101
Bankruptcy Auction – United States Bankruptcy Court Eastern District of Pennsylvania
In Re: Helen Antonelli – Case # 16-14945-sr
18,000+ Sq Ft Shopping Center on Corner Lot
- 320 East Johnson Highway, Norristown, PA 19401
- Located in Montgomery County, 30 Minutes North of Philadelphia, PA
- 18,010 Sq Ft Mixed-Use/2-Story Shopping Center on Corner 1.37 Acre Lot
- 15,834 Sq Ft Net Leaseable & 2,166 Sq Ft Common Area
- Current Gross Income: $157,000
- 54% Occupied (8,581 Sq Ft)
- Projected Gross Income: $279,000
- 4 Retail Units on 1st Floor & 4 Office Suites on 2nd Floor
- 1st Floor: 4 Retail Spaces (7,825 Sq Ft)
- 5,725 Sq Ft Occupied (3 Units)
- 2,100 Sq Ft Vacant (1 Unit)
- Each Unit has Private Bathroom
- Each Unit has at Least 1 HVAC Unit
- 2nd Floor (Elevator Service): 4 Office Suites (8,009 Sq Ft) + Extensive Common Area
- 2,856 Sq Ft Occupied (1 Office Suite)
- 2,753 Sq Ft Vacant (1 Office Suite)
- 2,400 Sq Ft Vacant/Unfinished (2 Office Suites)
- Common Bathrooms
- Each Unit has at Least 1 HVAC Unit
- Additional Information:
- 230′ Frontage on East Johnson Highway
- Daily Traffic Count of 20,000 Vehicles
- 60 Parking Spaces
- Fully Sprinklered
- Year Built: 2008
- Lot Size: 59,798 Sq Ft (1.37 Acres)
- Zoning: CR – Commercial Retail District
- Parcel ID: 13-00-17569-004
- Annual Real Estate Taxes: $44,137.18
- $1,275,000 Opening Bid
Inspections/Viewings: Mondays, March 6th & 13th from 10:00 am – 12:00 noon.
Auction Date & Time: Wednesday, March 15, 2017 at 12:00 noon. Registration commences at 11:00 am.
Auction Location: United States Bankruptcy Court for Eastern District of Pennsylvania, 900 Market Street, Philadelphia, PA 19101.
Terms & Conditions of Sale: Property will be sold free and clear of all monetary liens. In order to register to bid, all prospective bidders must present a cashier’s check in the amount of $130,000 made payable to “Gary F. Seitz, Chapter 7 Trustee”. Please download the complete Terms and Conditions of Sale.
Buyer’s Premium: A six (6%) percent Buyer’s Premium will be added to the Successful Bidder’s high bid to determine the contract price to be paid by the Successful Bidder.
Buyer Broker Participation: A two (2%) percent commission will be paid to any properly licensed Buyer Broker who registers a successful buyer in accordance with the Buyer Broker guidelines. Please download the Broker Participation form for details.
Gary F. Seitz, Chapter 7 Trustee
Gellert Scali Busenkell & Brown, LLC, Attorneys for the Chapter 7 Trustee
Maltz Auctions, Court Retained Auctioneer/Broker
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Bill Howze, PA # AU005050
The Real Property is being sold “AS IS” “WHERE IS”, “WITH ALL FAULTS”, without any representations, covenants, guarantees or warranties of any kind or nature, and free and clear of any liens, claims, or encumbrances of whatever kind or nature, with such liens, if any, to attach to the proceeds of sale in such order and priority as they existed immediately prior to the Closing, and the sale of the Real Property is subject to, among other things (a) any state of facts that an accurate survey may show; (b) any covenants, restrictions and easements of record; (c) any state of facts a physical inspection may show; (d) any building or zoning ordinances or other applicable municipal regulations and violations thereof; and (e) environmental conditions. By delivering their respective Deposits, all Bidders acknowledge that they have had the opportunity to review and inspect the Real Property, the state of title thereof and laws, rules and regulations applicable thereto, and will rely solely thereon and on their own independent investigations and inspections of the Real Property in making their bids. Neither Maltz, the Trustee nor any of their collective representatives makes any representations or warrantees with respect to the permissible uses of the Real Property including, but not limited to, the zoning of the Real Property. All Bidders acknowledge that they have conducted their own due diligence in connection with the Real Property and are not relying on any information provided by Maltz, the Trustee, or their professionals. The Real Property will be sold subject to any and all violations or conditions requiring corrective action. The information contained herein was derived from sources deemed reliable, but is not guaranteed. Most of the information provided has been obtained from third party sources and has not been independently verified. It is the responsibility of the Buyer to determine the accuracy of all components of the sale and Property. Each potential bidder is responsible for conducting his or her own independent inspections, investigations, inquiries, and due diligence concerning the Property, including without limitation, environmental and physical condition of the Property. All prospective bidders are urged to conduct their own due diligence prior to participating in the Public Auction. Bid rigging is illegal and suspected violations will be reported to the Department of Justice for investigation and prosecution.