GONE! COURT-ORDERED NO-RESERVE AUCTION
NW Corner of N Ambassador Drive & NW Tiffany Springs Road, Kansas City, MO 64154
Auction Location: 7640 NW Tiffany Springs Pkwy., Kansas City, MO 64154
Ended: 04/29/15 at 1:00 PM CDT
Location: NW Corner of N Ambassador Drive & NW Tiffany Springs Road, Kansas City, MO 64154
Excellent property that can accommodate a multitude of uses including retail, office, multifamily and/or senior housing. Property is located within the KCI TIF District which has completed multiple road and sanitary sewer projects for the entire area. Surrounded by thriving retail, medical, travel, multi and single family development. Road frontage on nearly entire perimeter. Court has directed sheriff to sell! (Please be sure to read the FAQs below and click to read the Terms/Conditions for this unique sale.)
Property Location: NW Corner of N Ambassador Drive & NW Tiffany Springs Road, Kansas City, Missouri 64154
Auction Location: The Embassy Suites Hotel (Ambassador Room), 7640 NW Tiffany Springs Pkwy., Kansas City, MO 64153. Live online bidding available with advance registration.
42.21 +/- acres of prime commercial land located in one of Kansas City metro’s fastest growing areas!
•Currently zoned for retail and/or office development (B3-3 Community Business District)
•Located within the existing KCI TIF District (map available)
•Utilities to the property except sanitary sewer which is located north of Ambassador Drive
•Multiple road frontages:
•2451 ft on NW Tiffany Springs Road
•2706 ft on N. Ambassador Dr.
•Survey and conceptual site plans available
•Parcel number 193.006000000001.000
•2014 Taxes $3,218
THRIVING DEVELOPMENT LOCATION!
•Adjacent to Tiffany Springs Market Place featuring Target, JC Penney, Home Depot, Best Buy, Sports Authority and PetsMart. (Sam’s Club has closed on property immediately south of the subject property for a future store location.)
•Adjacent to Tiffany Ridge Residential and surrounded by numerous multi-family and single-family developments.
•I-29 & M152 interchange: Boardwalk Square (Lowe’s, Wal-Mart, specialty retail and dining), Multi-family and hotel, Zona Rosa (Retail, dining and mixed use).
•Near St. Luke’s North Hospital and medical complex
•Minutes from KCI airport, downtown Kansas City
•I-29 traffic count: 75,789 cars per day at NW Barry Rd. per 2013 MODot study
•M152 traffic count: 48,275 cars per day at I-29 per 2013 MODot study
•Population (5 miles): 89,975
•Avg. HH income (5 miles): $82,466
This outstanding development or investment opportunity is a rare chance to capitalize on both location and market timing. Surrounded by retail, dining, entertainment, medical, and a variety of residential development, the property has numerous possibilities. The court has ordered the Platte County Sheriff to sell the property! We are pleased to be assisting the sheriff in promoting and conducting the sale. Come and bid YOUR price on May 27th.
INSPECTION: View the property and visit with auction specialists Wednesday, April 29th from 11:00 to 1:00.
This auction is offered in partnership with Zimmer Real Estate Services, L.C. dba Newmark Grubb Zimmer.
FAQs FOR THIS SPECIFIC SALE
Q: What makes this a sheriff’s sale as opposed to a regular real estate auction?
A: This sale is taking place because the Presiding Circuit Court Judge directed the Platte County Sheriff to conduct a partition sale by auction. Cates Auction & Realty has been engaged to assist the sheriff in promoting and conducting the auction. Because it is a sheriff’s sale, payment in full is due by the end of the auction day and a sheriff’s deed will be provided once the court has approved the final sale. Be sure to read the complete Terms & Conditions prior to registering to bid.
Q: Is this a foreclosure auction?
A: No, this is a court-ordered partition sale. There are no deeds of trust or mortgages on the property.
Q: Is there a statutory redemption period?
Q: Why isn’t there a closing period like with other real estate transactions?
A: Missouri statutes and rules governing partition actions require that a partition shall be conducted by public auction for cash.
Q: What is “Sheriff’s Deed?”
A: The sheriff’s deed is the functional equivalent of a quit claim deed and passes all right, title and interest the Seller has in the property. A sample Sheriff’s Deed is provided in the Property Information Package. (Under the “Documents” section of this webpage.)
Q: What is required to register?
A: You must read and agree to the terms & conditions of the auction, provide your driver’s license, and display a $50,000 cashier’s check. (Per the auction terms, the check is made out to yourself and signed over to the Platte County Sheriff if you are the winning bidder.)
Q: Can I make an offer to buy in advance of the auction?
A: Not in this case. The only way this property can be sold under the court order is to the highest bidder at the advertised auction.
Q: Can I bid online?
A: Yes, you can bid live online at the published auction time. Advance registration and bidder approval is required.
Q: What about financing?
A: Financing is not an option in this sale. Full payment is due by 5:00pm CDT on auction day.
Q: When is my payment due?
A: As soon as the auction concludes, the high bidder will sign the purchase agreement and endorse his or her $50,000 cashier’s check (required for registration) over to the sheriff. By 5:00 pm CDT the balance is due by wire or certified funds.
Q: When do I receive the deed?
A: Because this is a partition sale, it must be approved by the Court. The sheriff’s deed will be issued to the winning bidder upon confirmation of the sale by the Court, which is anticipated to occur within 10 days of the auction.
Q: Why is court approval required on a no-reserve sale?
A: This sale is being conducted in connection with an order by the Circuit Court to partition (divide) the Sellers’ interests in the property by sale. The Sellers cannot set a reserve price on the sale and are selling pursuant to court order. That order provides that the court must approve the final sale.
COURT-ORDERED AUCTION TERMS AND CONDITIONS
AUCTION METHOD:According to court order, this sale is to be conducted by the Platte County Sheriff with assistance from Cates Auction & Realty Co., Inc. and Newmark Grubb Zimmer on May 27th, 2015.
REGISTRATION: Onsite bidder registration will begin one hour before the auction. Online bidder registration is open now. All bidders must provide a valid driver’s license and current address. To complete registration, bidders must display a cashier’s check from a reputable bank in the amount of $50,000, made payable to self. (The winning bidder will sign the cashier’s check over to the Platte County Sheriff immediately at the close of the auction. See “Contract Signing” below.) Online bidders must also provide a credit card to register. By registering, all bidders acknowledge having read and agree to be bound by the Auction Terms and Conditions contained in the Property Information Package.
AUCTION RESERVE: There is no seller’s reserve amount in this auction; though sale to the high bidder is subject to final confirmation by the Court.
FINANCING: This is a cash transaction. A $50,000 deposit from the winning bidder is due at contract signing at the close of the auction with final payment in full due by 5 p.m. CDT on the auction day. All sale funds will be deposited with the Clerk for the Circuit Court of Platte County, Missouri and will be non-refundable unless the sale is not confirmed by the Court, in which event, the sale funds will be refunded to the winning bidder.
CONTRACT SIGNING: The successful bidder(s) shall execute a Purchase Agreement immediately following the close of bidding. The bidder shall sign his or her cashier’s check (required for registration) over to the Platte County Sheriff at this time. The balance of the purchase price is due in certified or wired funds to the Clerk of the Circuit Court of Platte County, Missouri, by 5:00 p.m. CDT the same day. The form of the Purchase Agreement is included in the Property Information Package.
EVIDENCE OF TITLE: Upon receipt of full payment (due by close of business auction day), and court approval of the sale (see “Auction Reserve” above), the Platte County Sheriff shall provide a Sheriff’s Deed to buyer. A sample Sheriff’s Deed is included in the Property Information Package.
REAL ESTATE TAXES & ASSESSMENTS: 2015 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. A survey is contained in the Property Information Package.
AGENCY: Cates Auction & Realty Co., Inc. and Zimmer Real Estate Services, L.C. dba Newmark Grubb Zimmer, along with representatives of each, are Agents of the Seller.
BUYER’S PREMIUM: A buyer’s premium of ten percent (10%) shall be added to the high bid and included in the total purchase price to be paid by the successful bidder(s).
BROKER PARTICIPATION: A commission 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. Buyer agency commission for this auction is calculated as two percent (2%) of the high bid, to be paid from the buyer’s premium, and payment is subject to court approval.
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 announcements made by the Sheriff and Auctioneer during the auction take precedence over any previously printed material or any other oral statements made. All information contained in the advertising and all related materials are subject to the terms and conditions outlined in the court order and Purchase Agreement. Advertising may items that are for illustrative purposes only.
Video: COURT-ORDERED NO-RESERVE AUCTION
To subject property: from I-29, exit NW Barry Rd., East to N Ambassador Dr., North to 4-way intersection of N Ambassador Dr. and NW Tiffany Springs Road. Property lies on NW quadrant of intersection.
To Auction site: from I-29, exit NW Tiffany Springs Pkwy, East to address. Park on North side of hotel and enter through North door.