North Norwich Plaza to be auctioned soon
The North Norwich Plaza retail center will be up for auction from April 15 to 17 with a starting bid of $350,000. (Submitted photo)
NORWICH – The country's largest online real estate transaction company will hold two days of open bidding to auction off the North Norwich Plaza retail center in April.
The property, located at 6142 Rt. 12 in Norwich, will be on auction from April 15 to 17 with a starting bid of $350,000. It's being listed on the Ten-X Commercial platform, which is "...the leading end-to-end transaction platform for commercial real estate that powers more than 90 percent of all online CRE [Commercial Real Estate] sales."
Ten-X Commercial Senior Director of the Commercial Division Evan Koransky said, "Obviously it's kind of a corner piece in the town it sounds like. It's gone through some challenging times and hopefully a new buyer will come in and fill it up, redevelop it. I'm sure the town wants a more productive use rather than being mostly vacant."
The retail center is currently filled to just 35.6 percent of its potential occupancy, and is home to five tenants: Evolve Fitness, Great Finds by Dawn, the Chenango Christian Church, Sew Nice, and M&T Bank. Evolve Fitness and M&T Bank have leases through the end of July 2020, while the other tenants are on month-to-month leases.
Asked if the sale of the property would affect current tenants, Koransky said, "They have leases in place, if they have leases in place nothing really changes. I guess it's up to the new owner how they want to restructure or extend or lease up the other space."
Ten-X Commercial is working with a broker from Keller Williams Realty, Jeffery Crannell, who is the local contact for anyone who has questions or is interested in scheduling a tour of the property. Crannell can be contacted by calling (315) 941-6259 or emailing jcrannell@kwcommercial.com.
While the starting bid for the auction is $350,000, Koransky said, "We set an undisclosed reserve price, and once that is hit or exceeded, the buyer and seller are obligated to transact. So it's similar to like an auction."
Built in 1967, the North Norwich Plaza retail center possesses 104,083 rentable square feet. It was renovated in 1998, and in 2017, a brand new ALDI grocery store was built next door.
More information about the upcoming auction and the North Norwich Plaza can be found on Ten-X Commercial's listing at www.ten-x.com/commercial/listing/6142-rt-12-norwich-ny-13815/1000009935/.
The property, located at 6142 Rt. 12 in Norwich, will be on auction from April 15 to 17 with a starting bid of $350,000. It's being listed on the Ten-X Commercial platform, which is "...the leading end-to-end transaction platform for commercial real estate that powers more than 90 percent of all online CRE [Commercial Real Estate] sales."
Ten-X Commercial Senior Director of the Commercial Division Evan Koransky said, "Obviously it's kind of a corner piece in the town it sounds like. It's gone through some challenging times and hopefully a new buyer will come in and fill it up, redevelop it. I'm sure the town wants a more productive use rather than being mostly vacant."
The retail center is currently filled to just 35.6 percent of its potential occupancy, and is home to five tenants: Evolve Fitness, Great Finds by Dawn, the Chenango Christian Church, Sew Nice, and M&T Bank. Evolve Fitness and M&T Bank have leases through the end of July 2020, while the other tenants are on month-to-month leases.
Asked if the sale of the property would affect current tenants, Koransky said, "They have leases in place, if they have leases in place nothing really changes. I guess it's up to the new owner how they want to restructure or extend or lease up the other space."
Ten-X Commercial is working with a broker from Keller Williams Realty, Jeffery Crannell, who is the local contact for anyone who has questions or is interested in scheduling a tour of the property. Crannell can be contacted by calling (315) 941-6259 or emailing jcrannell@kwcommercial.com.
While the starting bid for the auction is $350,000, Koransky said, "We set an undisclosed reserve price, and once that is hit or exceeded, the buyer and seller are obligated to transact. So it's similar to like an auction."
Built in 1967, the North Norwich Plaza retail center possesses 104,083 rentable square feet. It was renovated in 1998, and in 2017, a brand new ALDI grocery store was built next door.
More information about the upcoming auction and the North Norwich Plaza can be found on Ten-X Commercial's listing at www.ten-x.com/commercial/listing/6142-rt-12-norwich-ny-13815/1000009935/.
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