Email: info@ajbillig.com
6500 Falls Road, Baltimore, MD 21209
Click 'AJ' icon to access map directions.
The property will be open 1 hour prior to the live onsite auction and is also available to view during normal business hours.
Terms Of Sale:
Live Auction Bidders – a $100,000 deposit, payable by cashier’s check, will be required of the purchaser at time and place of sale. The deposit shall be increased to 10% of the purchase price within 24 hours at the Auctioneer’s office (wire or cashier’s check).
Online Auction Bidders – a $100,000 deposit, payable by cashier’s check or wire, will be required of all online bidders prior to the start of the live auction. The deposit will be held in escrow until the completion of the auction and will be retained from the winning bidder. Other bidder deposits will be returned within one business day. Interested parties who do not provide a deposit in advance as stated above will not be permitted to bid. The deposit shall be increased to 10% of the purchase price by cashier’s check or wire transfer by 4:30 P.M. on the day of auction. Deposit Escrow Agreement
A 5% buyer’s premium will be added to the final bid price. For complete Terms Of Sale, see the Summary Terms Of Sale at the bottom of this page and see the Sample Contract.
Featuring Live & Simulcast Online Bidding
$1,000,000 Opening Bid
ESTATE SALE
HARFORD COUNTY
JARRETTSVILLE PLAZA SHOPPING CENTER
1.93± Acres ✦ Zoned VB ✦ Fully Occupied
$187,500 NNN Annual Income
Sale on Premises
1700 JARRETTSVILLE ROAD
a/k/a 1752 Jarrettsville Road &
3701-3709 Federal Hill Road
Corner Federal Hill Road
Jarrettsville, Harford County, MD 21084
Online Bidding Opens
MONDAY, JUNE 19, 2023
Live On-Site Auction
THURSDAY, JUNE 22, 2023
AT 11:00 A.M.
NOTE: The information contained herein has been obtained from sources deemed reliable and is believed to be accurate. However, no express or implied warranty is made or may be inferred from any such representation. Dimensions, square footage and acreage contained herein are more or less. Prospective purchasers are encouraged to perform their own due diligence, in advance of the auction, regarding the permitted uses of the property.
LOCATION:
Located at the corner of Jarrettsville Road and Federal Hill Road in Jarrettsville, Maryland, the Jarrettsville Plaza Shopping Center is a well-positioned retail strip with excellent existing income. Jarrettsville is an historic community with a rich, rural tradition going back more than 250 years. Over more recent decades, the community has expanded to include a significant number of small and mid-sized subdivisions, making the area a convenient bedroom community for those commuting to Hunt Valley, Bel Air, Towson, White Marsh and Baltimore. The confluence of existing farms, rolling pastures, wooded expanses and tidy neighborhoods makes the area very attractive to a wide variety of residents.
Positioned at the primary crossroads in Jarrettsville, the Center benefits from constant exposure and easy access to those commuting throughout the area. Annual average daily traffic is 9,285 cars per day along Federal Hill Road and 4,102 cars per day along Jarrettsville Road. The Center is among only a small handful of retail properties within several miles, providing valued convenience to the nearby consumer base.
The fully occupied shopping center has been anchored by a corporate owned 7-Eleven, originally Southland Corporation and now 7-Eleven, Inc., since it was constructed by the current owner in 1977. The J’Ville Grille, a well-known neighborhood restaurant, Karma Salon and Spa and Drumgoole Financial Services round out the existing tenants, who have been at the site for 4, 10 and 2 years, respectively.
The auction provides an opportunity to purchase a well-located asset with nearly 50 years of stable income, full occupancy and scheduled rent escalations. Whether a newer investor looking for a prime acquisition, or seasoned enterprise looking to add to their portfolio, the Jarrettsville Plaza Shopping Center represents an attractive investment for any real estate investor.
For more information about the area, please visit:
Harford County, MD – www.harfordcountymd.gov
Harford County WebGIS – hcggis.harfordcountymd.gov
SITE:
Lot size – 1.932 acres, more or less
ZONING:
VB – Village Business District
According to the Harford County Zoning Code, “This district is intended to provide business services to rural areas and to preserve and enhance the character and function of long-established rural settlements. This district compliments the VR district by providing a mix of business and residential uses at an appropriate scale.”
For more information about Harford County Zoning, please visit:
Zoning Administration – www.harfordcountymd.gov
IMPROVEMENTS:
Single story retail building – constructed in 1977 and containing 8,655 square feet of gross building area, according to public tax records. Masonry construction and aluminum roof. Interior finishes are mixed. The building is arranged for 4 tenant spaces, all of which are occupied, each with separate exterior entrances. Total annual scheduled rent is $187,500 NNN as further detailed below.
Please complete a Waiver and Confidentiality agreement to obtain copies of the rent roll and leases.
TITLE:
In fee simple; sold free and clear of liens.
TAXES:
Published annual real estate taxes are $17,834.82 based on a full value tax assessment of $1,656,233.
SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.
Live Auction Bidders – a $100,000 deposit, payable by cashier’s check, will be required of the purchaser at time and place of sale. The deposit shall be increased to 10% of the purchase price within 24 hours at the Auctioneer’s office (wire or cashier’s check).
Online Auction Bidders – a $100,000 deposit, payable by cashier’s check or wire, will be required of all online bidders prior to the start of the live auction. The deposit will be held in escrow until the completion of the auction and will be retained from the winning bidder. Other bidder deposits will be returned within one business day. Interested parties who do not provide a deposit in advance as stated above will not be permitted to bid. The deposit shall be increased to 10% of the purchase price by cashier’s check or wire transfer by 4:30 P.M. on the day of auction. Deposit Escrow Agreement
Deposit funds shall be held by A. J. Billig & Co., LLC. Balance to be paid in cash at settlement, which shall take place within 45 days. If payment of the deposit or balance does not take place within the specified time, the deposit shall be forfeited and the property may be resold at the risk and expense of the Purchaser. All adjustments, including taxes, rent, ground rent and all other public charges and assessments payable on a monthly or annual basis, and sanitary and/or metropolitan district charges, if any, to be adjusted for the current year to date of settlement and assumed thereafter by the Purchaser. Security deposits, if any, shall be adjusted at the time of settlement. The property will be sold in “AS IS” condition, and subject to the existing leases of the tenants in place, easements, agreements, restrictions or covenants of record affecting same, if any. The Property will be sold subject to Harford County violation notices, if any. Purchaser assumes the risk of loss from the date of contract forward. The Purchaser waives and releases the Seller, the Auctioneers, and their respective agents, successors and assigns from any and all claims the Purchaser and/or its successors and assigns may now have or may have in the future relating to the condition of the property, including but not limited to the environmental condition thereof. If the Seller is unable to convey good and marketable title, the Purchaser’s sole remedy in law or equity shall be limited to the refund of the deposit. Upon refund of the deposit this sale shall be null and void and of no effect, and the Purchaser shall have no further claim against the Seller or Auctioneers. Recordation costs, transfer taxes and all costs incidental to settlement to be paid by the Purchaser except where otherwise mandated by local, State or Federal law. Time is of the essence. A 5% buyer’s premium will be added to the final bid price.
The Property is being sold subject to the tenant’s right of first refusal as designated in the subject lease. Said right of first refusal must be exercised within 5 business days of being notified as to a bona fide offer. In the event that tenant exercises the right of first refusal, Purchaser shall receive a refund of their deposit as specified above, and the Contract will be deemed to be null and void and of no effect. Purchaser shall have no further claim against the Seller or Auctioneers.
