kansas-city-auction-company

GONE! Historic Katz Drugstore Auction

High Visibility Commercial Building – Sealed Bids Due August 11th


Landmark 30,000sf m/l retail space well-known for its Art Deco architecture. Opened in 1934 as the famous Katz Drugstore and most recently operated as CVS. Ample off-street parking & excellent hard corner location on busy Main & Westport Rd.

SEALED BID AUCTION
Began: 06/08/11 at 8:00 AM CDT
Ended: 08/11/11 at 4:00 PM CDT
Location: 1440 Iron Street, North Kansas City, MO 64116
INSPECTION
Began: 07/20/11 at 10:00 AM CDT
Ended: 07/20/11 at 12:00 PM CDT
Location: 3948 Main Street, Kansas City, MO 64111

INSPECTION
Began: 07/27/11 at 10:00 AM CDT
Ended: 07/27/11 at 12:00 PM CDT
Location: 3948 Main Street, Kansas City, MO 64111

INSPECTION
Began: 08/03/11 at 10:00 AM CDT
Ended: 08/03/11 at 12:00 PM CDT
Location: 3948 Main Street, Kansas City, MO 64111


PROPERTY FEATURES  

  • Approx 17,366sf main level and 12,677sf lower level (per county records)
  • Mezannine office level
  • Off-street parking for 57 vehicles
  • 1.26 acres (54,973sf)
  • Perfect for retail, restaurant, office, mixed use
  • Front and rear entrances
  • 1934 design features Art Deco and Art Moderne styling
  • On Kansas City Register of Historic Places

 

THE BUILDING

PAST – This iconic Kansas City building was built in 1934 as home to first Katz Drug Store outside the central business district. It was the first major work of famed architect Clarence Kivett who also designed numerous Kansas City landmarks including KCI Airport, the Alameda Plaza Hotel (now the Intercontinental), Kauffman Stadium, and many others.  It incorporated elements of both Art Deco (the clock tower) and Art Moderne (the horizontal bands and curved storefront) styling. 

PRESENT – Occupied most recently by CVS, the building is currently vacant and ready for new owners. With the 1986 addition, the main floor square footage is approximately 17,366sf with 18ft ceilings. The basement offers another approximately 12,677sf with 9ft ceilings. Off-street parking contains 57 spaces. The original glass storefronts have been enclosed though the familiar aluminum banding and signature clock tower remain. Retail entrances are on the east and west facades. It is on the Kansas City Register of Historic Places. Three parcels are included in this sale:

  1. The original building (3948 Main)
  2. The southwest addition (111 Westport Rd)
  3. The associated asphalt parking lot (3949 Baltimore)

FUTURE – There are many exciting possibilities for the next chapter of this landmark building. Fortunately it is located in an established and vibrant business district in the midst of an impressive new streetscaping project already underway. With a variety of potential tax credits available to new owners and tenants, the potential financial upside is tremendous.

 

THE AREA

This property is in a prime location on one of Kansas City’s most important and well-traveled commercial corridors. Main Street not only links many of the city’s signature attractions, it is home to some of the most notable businesses as well.  The property also benefits from the active presence of the Main Street Corridor Development Corporation (MainCor) which was founded in 1981 to encourage economic development and find ways to make the area a safe, clean, inviting place for people to visit, shop and live.  Across the street from this building an impressive new streetscape design is under construction that will continue to ehnance commercial values. Prospective bidders are encouraged to learn more about MainCor at www.maincor.org.

 

FAST FACTS

  • Sealed bids due: August 11, 4pm CST
  • Inspections: 7/20, 7/27 & 8/3 (10-2) or by appt.
  • Gross building area: Approximately 30,043sf including basement (per county records)
  • Lot size: 54,973sf (1.26 acres) w/57 off-street parking spaces
  • Zoned: C-2, Commercial
  • Built: 1934 as Katz Drug Store. Clarence Kivett, architect
  • Strong tax incentives available (see below)
  • Required documents on this website or by request.
  • Phase I Environmental Report available by request. Call 816-781-1134.

 

HOW TO BID/BUY

This is a sealed bid auction. Be sure to read the complete terms & conditions for this auction prior to placing your bid. Here is a summary of the steps:

Step 1: Obtain a Property Information Packet (PIP). The packet contains terms/conditions, important property information and forms necessary for submitting your bid. Packets may be requested from our office or by download from this site.

Step 2: Complete and submit the following 3 items before 4:00pm CST, August 11, 2011—

  1. Bid Certification Form
  2. Real Estate Sale Contract
  3. Deposit (Cashier’s check for 10% of purchase price)

Step 3: Receive your response! You will be notified of your bid status no later than August 18, 2011. All materials will promptly be returned on non-winning bidders.

 

AUCTIONEER’S NOTE

We are very pleased to be selling this significant Kansas City building at public auction. In addition to its unique historic value, it is a prime commercial property with tremendous potential for new owners.  Available tax credits and aggressive reinvestment in the surrounding area add to the opportunity. Our seller is not interested in holding out indefinitely for “top dollar” and has chosen instead to expedite the sale by auction. It is worth your time to submit a bid!  Don’t miss the opportunity to own this landmark property.

 

SELLER’S STATEMENT

The following statement was provided to Cates Auction & Realty by the owner of the property:

Due to multiple parties who have expressed serious interest in the property, along with its high notoriety as a historical and important part of Kansas City architecture and retail history, the auction will assure all involved that they will have a fair and honest opportunity for ownership of this iconic structure.  I feel the most equitable and honest method for sale or purchase of a commercial property at this time is the auction process.  It, in my opinion, brings ‘honest’ buyers together with ‘honest’ sellers.” 

 

PUBLIC INSPECTIONS  

  • Wed., July 20; 10-12
  • Wed., July 27; 10-12
  • Wed., Aug 3; 10-12
  • Or by appointment

(Be sure to visit the photo gallery on this site! The link is on the right side of the page.)

To find out more about the current streetscape project on Main or other exciting improvements around this property, visit www.MainCor.org or contact Diane Burnette, Executive Director (816.753.3820/dburnette@maincor.org). 

 

ATTENTION BROKERS

A commission of 3% of the high bid will be paid at closing to the properly registered agent representing the winning bidder.  The completed Broker Participation Agreement should accompany the sealed bid documents. The form can be found in the Property Information Package, by downloading from this site, or by calling our office.

 

NEW MARKETS TAX CREDITS  <NEW INFORMATION!>

According the the KCMO Community Development Entity, “This property is 100% eligible for NMTC financing which represents a significant financial incentive to anyone looking to purchase and make improvements to the building.” (This organization is very familiar with the property, having worked on a previous project for the building.) Contact: Ruben Alonso. 816-216-1851 or Ruben_Alonso@kcmocde.org.

 

ADDITIONAL CONTACTS

Diane Burnette – Executive Director MainCor. 816-753-3820  dburnette@maincor.org

Joyce Thompson – President of the 39th & Main Business Center Association, Maincor Board Member and Property Owner. 816-809-1240  joycthompson@hotmail.com

Ruben Alons – Executive Director KCMO Community Development Entity. 816-216-1851 or 816-876-9670 or Ruben_Alonso@kcmocde.org. (For tax credit info and assistance.)

Sealed Bid Auction Procedures & Terms

 

THE AUCTION: On Thursday, August 11th, 2011, Cates Auction & Realty Co., Inc. will open sealed bids in the auction of the real property commonly known as the former Katz Drug Store and comprised of three tracts located at 3948 Main Street, 111 Westport Road, and 3949 Baltimore, Kansas City, MO 64111. The property will be sold as one lot according to the terms and details provided in the Property Information Package (PIP).

 

SEALED BID AUCTION FORMAT: This is a sealed bid auction.  To bid in the auction, your written sealed bid must be received by 4:00 p.m. (CST), Thursday, August 11th, 2011, and should be delivered to Jeff Cates, Auctioneer/Broker, Cates Auction & Realty Co., Inc., 1440 Iron Street, North Kansas City, MO 64116. Conforming bids must be made on the Real Estate Sale Contract included in the Property Information Packet and must include a completed “Sealed Bid Certification” form along with an earnest money deposit as described below.  Bids that are received after the deadline may not be eligible for consideration and may be returned to the sender unopened.  All bids must have a complete return address on the outside of the envelope.

 

PROPERTY INSPECTIONS: The properties are open for inspection on July 20th, 27th, and August 3rd from 10am-12pm.  Additional showings are available by appointment.

 

DOCUMENTS AVAILABLE: Certain information has been supplied to prospective buyers to assist in consideration of the property. The property is being sold on an AS IS, WHERE-IS basis and Seller makes no representations or warranties except as described in the Real Estate Sale Contract.  It is the bidder’s responsibility to inspect the property prior to bidding to make all determinations as to the use and condition or seek professional inspection of the property. All information is taken from sources deemed reliable, all measurements are approximate and not to scale.  Bidders must independently verify any and all information supplied, and the Seller, Broker, Auctioneer, and Brokerage Companies are not responsible for any omissions, incorrect information, or opinions of third party experts and consultants. 

 

CONSIDERATION OF BIDS BY THE SELLER: All bids are subject to Seller acceptance on or before Thursday, August 18th, 2011.  Bids must remain irrevocable by the bidder during this period. During the consideration period the Seller has the right in its sole discretion to reject any or all bids, counter, request best and final bids, or invite top bidders to a final round of bidding in a live or internet auction.  All bids rejected by the Seller during this period will be returned to the bidders along with accompanying deposits.  Failure to notify the bidder does not constitute acceptance or rejection by the Seller, but converts the bid to a revocable offer. Seller agrees that no negotiations shall take place with parties other than the participants of the sealed bid program during the consideration period. Written notification of final approval or rejection will be provided to the high bidder immediately following a decision. 

 

BUYER’S PREMIUM:  All sales at auction shall provide that each purchaser pay a buyer’s premium (BP) equal to 10% of the high bid.  This amount shall be added to the final bid and the total shall be inserted in the Real Estate Sale Contract to determine the total purchase price. (High bid + BP = purchase price).  See the Bid Certification Form and the Sale Contract for details. 

 

DEPOSIT, TERMS & CLOSING:  Each bidder shall make an earnest money deposit (non-refundable for the successful high bidder) equal to 10% of his/her purchase price amount.  Deposits must be in the form of a cashier’s check made payable to Kansas City Title Company.  The auctioneer will hold these down payment checks during the consideration period until a successful bidder is chosen, and upon notification of the successful bidder, the Auctioneer will forward the successful bidder’s check to the title company to deposit in escrow.  (Checks and agreements will be returned to all non-winning bidders as described above.)  The balance of the purchase price is due at closing in 30 days.  Financing is not a contingency of sale in this offering.  If purchaser cannot obtain financing, then purchaser must either close for cash within the contractual period or forfeit his/her earnest money deposit.  Taxes will be prorated to closing.  The Seller is providing the seller’s title insurance policy.  The buyer’s title insurance, if needed, will be at the buyer’s expense.

 

AGENCY DISCLOSURE:Cates Auction & Realty Co., Inc. “Auctioneer” and all licensees employed by or associated with Cates Auction & Realty Co. represent the Seller in the sale of this property, and will not be agents for the buyer.

 

TAX DEFERRED EXCHANGE:The Seller will cooperate with a purchaser to consummate a tax-deferred exchange provided by Section 1031 of the Internal Revenue Code.  The Purchaser will pay all costs and will indemnify and hold Seller harmless in connection with any matters arising from this exchange.

 

BROKER PARTICIPATION: A commission of 3% of the purchase price shall be paid to the qualified broker who is duly licensed in Missouri, whose properly registered client is the successful bidder, and whose client pays for and settles the property by the closing date.  Brokers must register their prospective clients by fully completing the proper Broker Participation Agreement provided by Cates Auction & Realty Co. (and included in the PIP). Completed forms may be faxed or submitted along with the sealed bid documents to be eligible for commission consideration.

 

CONTACT INFORMATION: Questions concerning auction procedures or terms should be directed to:

Cates Auction & Realty Co., Inc., 1440 Iron Street, North Kansas City, MO 64116 / www.CatesAuction.com

816-781-1134 (MO) / 913-378-1134 (KS) / 877-781-1134 (Toll free) / 816-781-1135 (Fax)  /  Sold@CatesAuction.com

Video: Historic Katz Drugstore

Video: Katz Building on Fox 4 News

 

Hwy 71, W on 39th, S on Main to Westport Rd. OR SW Trafficway, E on 39th, S on Main to Westport Rd.

Click on any image to view larger.

The building as it was originally designed and used. 3948 Main -- As it exists today

Click on any image to view larger.

Looking north on Main
Art Deco detailing
Main floor interior looking toward Main Street entrance Interior detail Part of the basement area View through front entrance doors
2 mezzanine offices behind the windows
Stairs up to offices and down to basement Rooftop HVAC units Rooftop HVAC units
View from roof looking down Main to the south View from the roof looking up Main to the north
The original storefront

Your auction should be printing now. If not, please click here.

AuctionServices
We are Kansas City's oldest and most experienced real estate auction company specializing in accelerated real estate sales in Missouri and Kansas, including Overland Park, Lenexa, Shawnee, Leawood, Kansas City, Lee's Summit, Olathe, Blue Springs, Independence, Liberty, Kearney, Parkville, Smithville, Gladstone, Clay County, Platte County, Jackson County, Johnson County, Wyandotte County, Leavenworth County, Cass County, Lake of the Ozarks, Lake Ozark, Sunrise Beach, Osage Beach, Four Seasons, Shawnee Bend, Miller County, Camden County, and around the Midwest. Kansas City auctioneers with regional expertise!