JACKSONVILLE, FL -Madison Hawk, a national real estate firm and industry leader specializing in Structured Accelerated Sales, will conduct a real estate auction on September 18th for a free standing retail building just east of downtown Jacksonville, FL that is in a Chapter 11 bankruptcy proceeding.
The 1.72-acre property – which is located at 1220 University Avenue -- now contains a 15,070 square-foot Walgreens Pharmacy, which generates $302,000 in yearly net income. The Walgreens Co. lease is Double Net (NN) with the initial term running through 2019.
The property will be sold absolute, regardless of price, with a suggested opening bid of $1.5 million, according to Jeffrey Hubbard, President of Madison Hawk, which will be managing and marketing the auction sale. The sale of the property is subject to final approval from the United States Bankruptcy Court, Southern District of New York.
The auction will take place at 12:00 noon at the Hyatt Regency Jacksonville located at 225 E Coastline Drive. Buyers will be required to present a $150,000 cashier’s check to bid. Interested bidders are invited to attend on-site inspections of the property which are being held by appointment-only on August 22nd, 29th, September 5th and 12th at 10:00 am.
“This is a unique opportunity for a commercial property owner/investor to purchase a retail asset that’s already occupied by one of the nation’s most sought-after tenants,” Mr. Hubbard says. “It’s a value-added acquisition that will strengthen the portfolio of any company or individual investor by enabling them to quickly gain control of a prime retail property that will provide an immediate positive cash flow.”
The property is situated at the heavily-traveled intersection of University Boulevard and Arlington Road. The building is also within close proximity to the Arlington Expressway exchange, which handles more than 60,000 cars daily, is two miles west of Everbank Field, home of the Jacksonville Jaguars, and one mile from the 3,000-student Jacksonville University.
A detailed Due Diligence Packet is available and contains specific information related to the property, the auction and the terms of sale. The Packet is a requirement to bid at the auction and is available upon execution of the Confidentiality Agreement.
For more information, please call (800)-547-1045, or visit www.madisonhawk.com/auctions/walgreens.http://www.madisonhawk.com/auctions/walgreens
Madison Hawk is a national real estate firm and industry leader specializing in Structured Accelerated Sales and Capital Market Solutions to complex real estate situations across all asset classes. The Madison Hawk team is among the most experienced in the industry, having designed and executed over $10 billion worth of commercial and residential sales across all asset classes including; apartment buildings, office buildings, industrial buildings, shopping centers, development land, condominium developments, luxury homes and other special purpose properties. www.madisonhawk.com