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Online Auction with Reserve | Class A Retail/Restaurant Property (Former Rib Crib BBQ & Grill) | Independence, MO | Sells Subject to Bank Approval ~ BIDDING ENDS TODAY!

6000 +/- SF Freestanding Class A Retail / Restaurant on 1.5 Acre Site Strategically Adjoining Two Hotels


Located in a Major Retail Corridor Anchored by the Silverstein Eye Center Arena, Costco, Lowes, CarMax, etc., and Home to a Variety of National and Local Restaurants, Hotels and Shops, this Development has Traffic Counts over 200,000 Vehicles Per Day.

ONLINE BIDDING ONLY
Began: 10/16/17 at 3:00 PM CDT
Ended: 11/22/17 at 3:00 PM CDT

THIS AUCTION WAS ORIGINALLY LISTED AS ABSOLUTE – SELLING TO THE HIGHEST ONLINE BIDDER REGARDLESS OF PRICE, HOWEVER IT WAS RECENTLY BROUGHT TO OUR ATTENTION THAT THERE IS AN EXISTING MORTGAGE LIEN ON THE PROPERTY AND THEREFORE THE PROPERTY COULD NOT BE SOLD WITHOUT RESERVE. THE ABSOLUTE AUCTION WAS CANCELED AND THE AUCTION WAS RELAUNCHED AS AN AUCTION WITH RESERVE SUBJECT TO BANK APPROVAL.  WE APOLOGIZE FOR THIS INCONVENIENCE AND APPRECIATE YOUR CONSIDERATION TO BID IN THIS AUCTION.  THANK YOU.  JEFF CATES

PREVIEWS/INSPECTION DATES

Wednesday, November 1, 2017, 11:00 – 1:00 pm

Wednesday, November 8, 2017, 11:00 – 1:00 pm

Wednesday, November 15, 2017, 11:00 – 1:00 pm

If you would like to schedule a private showing, please call us at 816-781-1134

INVESTMENT HIGHLIGHTS

  • 6000 SF +/- Freestanding Retail/Restaurant Building on 1.5 Acre +/- Site
  • Former Rib Crib BBQ and Grill Occupied Space for 12 Years
  • Major Retail Corridor Anchored by Silverstein Eye Centers Arena, Costco, Lowes, etc.
  • Strategically Situated Between Two Hotels (Holiday Inn Express and Comfort Suites Hotels)
  • Trade Area includes Arby’s, IHOP, Outback Steakhouse, Golden Corral, Culvers, Hooters, etc.
  • Located Within Commercial/Residential Quadrangle with Traffic Counts over 200,000 VPD.
  • Significant Upside through Stabilization, Value Add or Repurposing 

INVESTMENT OVERVIEW

This well-maintained retail/restaurant property formerly Rib Crib BBQ and Grill was built in 2005 and features a 6000 SF +/- freestanding building on 1 .5 +/- acres located at 19801 E. Valley View Parkway, Independence, Missouri.  The property is strategically situated between two hotels (Holiday Inn Express and Comfort Suites) in an excellent retail corridor anchored by the Silverstein Eye Centers Arena, Costco, Lowes, CarMax, etc.  Other restaurants in the area include Arby’s, IHOP, Outback Steakhouse, Golden Corral, Culvers, Hooters, Kobe Japanese Steakhouse, bd Mongolian, Carrabba’s Italian Grill, etc.  

Located in a busy commercial/residential quadrangle bordered by Interstates I-70 to the north, I-470 to the west, US-40 Hwy to the south and Little Blue Parkway to the east, this highly visible development has traffic counts in excess of 200,000 vehicles per day.

This investment opportunity is time-definite and only available through the auction date. A mortgage lien exists on this property that will require bank approval and acceptance of the bid price. The online auction ends Wednesday, November 22, 2017, starting at 3:00 p.m.  

 

BUILDING TYPE:    Freestanding Retail/Restaurant

BUILDING CLASS:  A

TOTAL AREA:          6,000 SF +/-

USEABLE AREA:      5,240 SF +/-

SITE AREA:             1.51 Acres +/- (65,699.62 sq. ft.)

YEAR BUILT:           2005

ZONING:                 C-2 General Commercial

CONSTRUCTION:    Steel, masonry, wood

FOUNDATION:        Concrete slab

EXTERIOR:             Wood lap siding, Stone columns

ROOF:                     Composition/Derbygum

SIGNAGE:               Building, multiple locations

PARKING:              88 asphalt surface spaces +/-, ADA compliant                                    

PARCEL ID:            34-620-04-03-00-0-00-000

2016 RE TAXES:     $22,844.68

*Furniture, fixtures & equipment are not included in this sale.

“ONLINE ONLY” REAL ESTATE BIDDING

AUCTION TERMS AND CONDITIONS

REGISTRATION:

Proper and complete online registration is required to bid. All bidders must provide name, address, phone number, and email address to register. A credit card (MC, Visa or Discover) is required to actually place a bid on the property. The credit card will be validated before bidding access is granted, but is not a recognized form of payment of the deposit or purchase price. Should a Winning Bidder fail to complete the contract signing process, the required deposit will be charged to the credit card provided at registration. By registering, all bidders acknowledge having read and agree to be bound by the Auction Terms and Conditions. Bidders may register prior to, or during the bidding period. At registration bidders are given the option of receiving emails confirming their individual bids and/or when they are outbid.

 

BIDDING ONLINE:

All bidding in this auction is being conducted online. (If you need assistance placing a bid or prefer to submit a bid in person, please call our office for assistance. 816-781-1134) To place a bid, bidders enter their “maximum” bid and click the “Place Bid” button. Each time that bidder is outbid by another bidder, the system will automatically bid on their behalf at the established bid increments up to their maximum. In the case of an auction with a reserve, if the max bid amount entered is less than the reserve, the system will place the bid at the max amount. Once the system displays that the reserve has been met, then it will advance the bid (by the bid increments) only when the bidder is outbid by another bidder, up to the bidders max. The Auctioneer does not know any bidder’s maximum bid.  The system will not advance a bidder’s own bid. Online-only auctions utilize the “Soft Close” feature that automatically extends the bidding time if a bid is received in the last 2 minutes of the published bidding period. The extensions will continue until 2 minutes have lapsed without any bidding activity, at which time the auction is concluded.

 

BUYER’S PREMIUM:

A buyer’s premium of ten percent (10%) of the high bid shall be added to that bid and included in the total purchase price to be paid by the successful bidder(s).

Sample calculation —   High bid                      =          $50,000

                                    Buyer’s Premium        =          $  5,000  (10% of 50,000)

                                    Total purchase price    =          $55,000

 

FINANCING:                                                                                                                       

Financing is not a contingency of sale in this offering. Therefore, it is strongly recommended that potential bidders ensure in advance that they are able to obtain the necessary financing to close the transaction.

 

CONTRACT SIGNING:

At the conclusion of the auction the Winning Bidder will receive an email and/or phone call confirming his or her winning bid status. In this or a subsequent email the Winning Bidder will receive a link to sign all documents electronically along with wiring instructions for submitting the required earnest money deposit to the named title company.

A MORTGAGE LIEN EXISTS ON THIS PROPERTY THAT WILL REQUIRE BANK APPROVAL AND ACCEPTANCE OF THE BID PRICE.

Should the electronic processes described above be unavailable, alternative arrangements will be made. In any event, the contract signing and deposit payment process must be completed by noon on the day following the auction conclusion. A Winning Bidder whose documents and deposit are not received within the required timeframe is subject to paying a liquidated damages amount equal to the down payment (charged to the credit card used at registration) and will not be allowed to bid in any future Cates Auction & Realty auction events. Note that property-specific purchase documents are available prior to the auction end date and any professional reviews of such documents should be undertaken PRIOR to bidding. All final bids are subject to Seller’s reserve, unless advertised otherwise. Any property with a high bid exceeding the Seller’s reserve will be declared “sold” by the Auctioneer. In instances where the seller’s reserve was not met in the auction, the signed contract and accompanying deposit will be presented to the Seller for approval, which shall be given or denied in the Seller’s sole discretion within 5 business days. If approval is denied, all documents and the deposit will be returned immediately.

 

DOWN PAYMENT (DEPOSIT):

The Winning Bidder shall be required to make an earnest money down payment equal to ten percent (10%) of the total purchase price.  This deposit must be received by wire transfer (or by certified funds), by close of business the day following the bidder being declared the Winning Bidder. Winning Bidders whose documents and deposit are not received within the required timeframe are subject to paying a liquidated damages amount equal to the down payment (charged to the credit card used at registration) and will not be allowed to bid in any future Cates Auction & Realty auction events.

 

CLOSING:

The Winning Bidder shall close within 30 days of the auction date, unless stated differently in the Purchase Agreement.

 

EVIDENCE OF TITLE:

Seller shall furnish at seller’s expense evidence of title (a preliminary title commitment for Title Insurance.)

 

REAL ESTATE TAXES & ASSESSMENTS:

2017 taxes are to be prorated as of the closing date.

 

EASEMENTS AND LEASES:

Sale of said property is subject to any and all easements of record and any and all leases.

 

AGENCY:

Cates Auction & Realty Co., Inc. and its representatives are Exclusive Agents of the Seller.

 

BROKER PARTICIPATION:

A commission of 3% of the high bid (unless a different percentage is stated in the property’s MLS listing) will be paid to any properly licensed Broker who registers a successful buyer according to the appropriate Broker Participation Agreement. This form is available from the Auction Company and must be completed and returned no later than 48 hours prior to the auction end date.

 

DISCLAIMERS AND ABSENCE OF WARRANTIES:

The information in the auction advertising was obtained from sources believed to be accurate, but is subject to verification by all parties relying on it.  All sketches and dimensions are approximate.  No liability for its accuracy, errors or omissions is assumed by the Seller or the auction company. All bidders are responsible for conducting their own inspections, investigations, inquiries and due diligence concerning the property. The property is being offered on an “AS IS”, “WHERE IS” basis and no warranty or representations, expressed or implied, is made by the Seller or the auction company. All information contained in the advertising and all related materials are subject to the terms and conditions outlined in the purchase agreement.  The Auctioneer reserves the right to bid on behalf of the Seller up to, but not beyond the Seller’s reserve (if applicable). This property is available for and subject to sale prior to auction.

 

PRE-AUCTION SALES:

As exclusive agents for the Seller, the Auctioneer has a fiduciary obligation to present any and all offers to the Seller. Therefore, all properties are subject to pre-auction sales. Pre-auction offers must meet all auction terms and be submitted to the Auctioneer on the Real Estate Sale Contract along with the required deposit. Properly submitted offers will be presented to the Seller, who may accept or reject such offer in their sole and absolute discretion.

We hope you enjoy bidding in the online auction!

Video: Absolute Online Auction | Class A Retail/Restaurant Property

I-70 to Little Blue Parkway, south to E. Valley View Pkwy., right to 19801 (next to Holiday Inn Express).  Watch for signs. 

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