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Details

Business Termination Auction

193,000+ Sq Ft Waterfront Mill Complex on 7+ Acres

Office Building, Mills & Parking Lot Available Individually or in Bulk

Details:

  • 359-387 North Main Street, Norwich, CT 06360
  • Offering A: 181,000+ Sq Ft Mill Building Assemblage on 6 Acres
  • Offering B: 12,000+ Sq Ft Office Building & Warehouse on .4 Acres
  • Offering C: Paved & Fenced Asphalt Parking Lot on .85 Acres
  • Each Offering is Available Independently, in Groups or in Bulk
  • Bulk Offering Overview
  • 3 Offerings Comprised of 4 Tax Lots
  • 193,834 Sq Ft Office/Industrial Space + 47,100 Sq Ft of Basement & Attic Space
  • 7.25 Acres
  • 600’+ Frontage on North Main Street
  • Zoned General Commercial District
  • Full Sprinkler System Throughout Buildings
  • On-Site Parking for 150+ Vehicles
  • Public Utilities (Gas, Water, Sewer & Electrical)
  • Active Rail Line Divides Offerings
  • $890,000+ in Improvements Since 2007
  • Total Market Value as Assessed: $1,388,300
  • Total Annual Real Esate Taxes: $47,681.41
  • Offering A:
  • 385 & 387R North Main Street
  • 181,000+ Sq Ft Industrial Building Assemblage + 42,300 Sq Ft Basement & Attic
  • Situated on 6 Acres (2 Tax Lots)
  • Comprised of 7 Interconnected 2-4 Story Buildings and Standalone Boiler Plant
  • Previously Utilized as Manufacturing Facility, Product Storage and Machine Shop
  • Ground Level: 87,433 Sq Ft
  • Second Level: 76,054 Sq Ft
  • Third & Fourth Levels: 17,572 Sq Ft
  • Overall: 6,000 Sq Ft Allocated to Office Space
  • Basement & Attic: 42,300 Sq Ft (Not Included in Sq Ft Calculation)
  • Boiler Plant: 594 Sq Ft
  • 12′-22′ Ceiling Height Throughout
  • 4 Freight Elevators Servicing the 7 Interconnected Buildings
  • All Building Sprinklered
  • Railroad Spur to Building 2
  • Built in 1840-1900
  • Known as Buildings: 1, 2, 3, 4, 5, 12, 13 & 23
  • Map: 94  Block: 3  Lot: 16 (#385) & Map: 95  Block: 1  Lot: 2 (#387R)
  • Annual Real Estate Taxes: $15,498.05
  • Market Value as Assessed: $451,300
  • $175,000 Suggested Opening Bid
  • Offering B:
  • 387 North Main Street
  • 12,000+ Sq Ft 2-Story Brick Office Building with Warehouse
  • Situated on .4 Acres
  • Main Level: 4,800 Sq Ft High-End Office Space
  • Basement: 1,200 Sq Ft Finished Shop Office & 3,600 Sq Ft Storage
  • Attic: 4,800 Sq Ft (Excluded from Sq Ft Calculation)
  • Warehouse/Garage: 2,581 Sq Ft
  • Freight Elevator to Loading Dock in Rear
  • Central Air Conditioning in Finished Areas
  • Sprinklered Building
  • Gas Fuel/Steam Heat
  • 400 AMP Service
  • Built in 1916
  • Private Parking Lot
  • Map: 94  Block: 2  Lot: 45
  • Annual Real Estate Taxes: $9,566.70
  • Market Value as Assessed: $278,500
  • $75,000 Suggested Opening Bid
  • Offering C:
  • 359 North Main Street
  • Paved Asphalt Parking Lot on .85 Acres
  • Finished Parking Lot on .85 Acre
  • Fenced-in Private Lot
  • Electrical for Lighting
  • Map: 94  Block: 3  Lot: 15
  • Annual Real Estate Taxes: $3,051.53
  • Market Value as Assessed: $88,900
  • $25,000 Suggested Opening Bid
  • Additional Information:
  • The Three Assemblages will be offered for sale via the multi-par bidding process.  Bids will be accepted individually, in requested combinations and in bulk.  Bidding will remain open until there are no higher bids.

Inspections/Viewings: Available by appointment.

Auction Date & Time: Wednesday, June 21, 2017 at 11:00 am.  Registration commences at 10:00 am.

Auction Location: Sells on-location at 387 North Main Street, Norwich, CT 06360.

Terms & Conditions of Sale:  Property will be sold free and clear of all liens, claims & encumbrances.  In order to register to bid, all prospective bidders must present a cashier’s check in an amount of $45,000 to bid in bulk or $20,000 to bid on Offering A, $15,000 to bid on Offering B and/or $10,000 to bid on Offering C.  All checks must be made payable to “Maltz Auctions, Inc.“.  Closing must occur within 45 days after the auction. Successful Bidder shall be granted a 30-day extension to close if he/she posts an additional non-refundable 10% deposit.  Subject to sale prior to auction as pre-auction offers will be considered.  Please download the complete Terms and Conditions of Sale.

Buyer’s Premium:  An 8% 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:  Up to a 2% 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.

Have Questions? Get In Touch

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Richard B. Maltz, Auctioneer
David A. Constantino, Auctioneer
Richard B. Maltz, Licensed Real Estate Broker
Phone (516) 349-7022 Fax (516) 349-0105

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 Seller 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 Seller, 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.