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IMPORTANT COMMERCIAL REAL ESTATE SEALED BID AUCTION IN NORMAN, OK

2300 W. Main St., Norman, OK 73069

Wed, Jul 25, 2018

SOLD FOR $2,350,568

SEALED BIDS DUE: WEDNESDAY, JULY 25NEW PROPERTY INFORMATION AVAILABLE • Highly Visible Norman Location • Avg. Daily Traffic County 50,000+ Vehicles • Access on Main St. & 24th Ave. • 35,771 Sq. Ft. Single-Tenant Retail Building • 2.74+/- Acres • DOWNLOAD THE SEALED BID PACKET FOR FULL BIDDING INSTRUCTIONS


Auction Info Book


OPEN HOUSE/INSPECTION DATES

Tuesday, June 5 from 9 AM - Noon
Monday, June 18 from 9 AM - Noon
Wednesday, July 11 from 9 AM - Noon
Wednesday, July 25 from 9 AM - Noon

PROPERTY LOCATION

2300 W. Main St., Norman, OK 73069
Directions:
Take exit 109 (Main St Exit) off I-35 in Norman. Travel east on Main St for 0.1 mile, property is located at intersection of Main St and 24th Ave SW.

AUCTION LOCATION


SEALED BIDS DUE: WEDNESDAY, JULY 25
Download the Sealed Bid Packet for full bidding instructions.

PROPERTY DESCRIPTION

Previously occupied by Hastings Entertainment, this 35,771 sq. ft. retail building is located at the intersection of Main St and 24th Ave SW in Norman, OK and is positioned on 2.74+/- acres. With access to 24th Ave on the west and Main St on the north, the property is easily accessible and highly visible. Built in 1979, the building is comprised of a reinforced concrete slab foundation and concrete block walls with aggregate veneer finish.

Traffic counts at the intersection of W Main and 24th Ave are as strong or stronger than any minor arterial intersection in the area, with daily traffic counts of 32,000+ vehicles on Main Street and 17,000+ on 24th Ave, these traffic counts combined with great visibility and access make the property an ideal location for retail storefront or a variety of other commercial uses. The property is zoned C-2 General Commercial District by City of Norman.


INTERACTIVE MAP

TRACT MAP(S)

AREA MAP(S)

PROCEDURE: The property will be offered via sealed bid auction.

BUYERS PREMIUM: ALL BIDS WILL BE INCREASED AUTOMATICALLY BY A FOUR PERCENT (4%) BUYERS PREMIUM. PLEASE TAKE INTO CONSIDERATION THE FOUR PERCENT (4%) BUYERS PREMIUM WHEN SUBMITTING YOUR BID.

DOWN PAYMENT: Concurrently with the execution and delivery of your offer, buyer shall deliver an earnest money deposit payable to Escrow Agent in an amount no less than ten percent (10%) of Bid Amount.

APPROVAL OF BID PRICES: All successful bidders will be required to enter into purchase agreements at the auction site immediately following the close of the auction. The auction bids are subject to the acceptance or rejection by the Seller.

DEED: Seller shall be obligated only to convey a merchantable title by Special Warranty Deed.

EVIDENCE OF TITLE: Seller agrees to make available to bidder a preliminary title insurance commitment to review prior to auction. The cost of title insurance, if the buyer(s) elects to purchase the title insurance policy, will be the responsibility of the buyer(s). Seller agrees to provide merchantable title to the property subject to matters of record, general conditions of title, and similar related matters. Property will be sold AS-IS.

CLOSING: The closing shall take place 45 days after the auction or as soon thereafter as applicable closing documents are completed by Seller.

POSSESSION: Possession of the property shall be at closing.

REAL ESTATE TAXES: Real Estate taxes shall be prorated to the date of closing.

MINERALS: Seller specifically excepts and reserves all minerals, including without limitation, oil, gas, coal, coalbed methane, and all other hydrocarbons, lignite, and all metallic minerals, etc., if any, associated with the referenced real estate, and the term Property will not include any mineral rights.

SURVEY: Prior to auction, Seller shall provide an ALTA survey prepared by Greg P. Skinner, PLS. ACREAGE AND TRACTS: All acreages are approximate and have been estimated based on current legal descriptions and assessor tax information, subject to update upon completion of pending survey.

AGENCY: Schrader Real Estate and Auction Company, Inc. and their representatives are exclusive agents of the Seller.

DISCLAIMER AND ABSENCE OF WARRANTIES: All information contained in this brochure and all related materials are subject to the terms and conditions outlined in the Purchase 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 the Auction Company. 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 this brochure is subject to verification by all parties relying on it. No liability for its accuracy, errors, or omissions is assumed by the Seller or the Auction Company. Conduct of the auction and increments of bidding are at the direction and discretion of the Auctioneer. The Seller and Selling Agents reserve the right to preclude any person from bidding if there is any question as to the persons credentials, fitness, etc. All decisions of the Auctioneer are final. ANY ANNOUNCEMENTS MADE THE DAY OF THE SALE TAKE PRECEDENCE OVER PRINTED MATERIAL OR ANY OTHER ORAL STATEMENTS MADE.

NEW DATE, CORRECTIONS AND CHANGES: Please check www.schraderauction.com regularly to inspect any changes or additions to the property information.