"Fallston"

Live Auction Bidders – a $75,000 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 $75,000 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 4:00 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.

Harford County, MD

Live Onsite & Online Simulcast Bidding
$750,000 Opening Bid

NNN INCOME OPPORTUNITY

WALGREENS STORE
2101 Fallston Road
Fallston, MD 21047

$75,244.58 Net Annual Income
Escalating in 2025 with Options through 2040

Online Bidding Opens
MONDAY, SEPTEMBER 25, 2023

Live Onsite Auction
WEDNESDAY, SEPTEMBER 27, 2023
AT 10:30 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.

GENERAL INFORMATION:
Triple net ground lease to Rite Aid of Maryland, Inc., dated November 10, 1994, assigned to Walgreen Co. in 2017. Current lease runs through November 2025, with 4 five-year renewal options at substantially increased rentals. Tenant pays for all maintenance, taxes and insurance.

LOCATION:
The property is situated at the southeast corner of Fallston Road (MD-152) and Pleasantville Road in central Harford County, MD, about 45 minutes north of Baltimore. The surrounding area is predominantly rural-residential in character, with limited commercial development clusters. High demand for community shopping makes this Walgreen’s store an ideal location. Traffic counts are approximately 22,434 per day on Fallston Road and 4,834 per day on Pleasantville Road. Highway linkage to US-1 and I-95 is excellent.

IMPROVEMENTS:
Freestanding one story masonry retail building, constructed in 1996, comprises approximately 10,032 square feet of gross building area, according to public tax records. The building has a covered drive-thru window, pole sign and approximately 50-car asphalt paved parking lot.

SITE:
3.038 Acres – Record Plat

Zoning B1 – Neighborhood Business District is intended to provide limited retail and service facilities convenient to residential neighborhoods. Uses are limited primarily to convenience goods and services satisfying the household and personal needs of the residents of abutting residential neighborhoods. Standards are compatible with low-density residential districts, resulting in similar building bulk and low concentration of vehicular traffic.

Private well and septic

TITLE:
The property is in fee simple and sold free and clear of liens. Harford County Deed Book 3345, Page 112. Known as Lot 4-A, Second Resubdivision Plat, Lot 4, Leighigh Property, recorded in Plat Book CGH 88, folio 29.

TAXES:
Published annual real estate taxes are $20,201, based on a full value assessment of $1,897,767, and are paid by the tenant.

ADDITIONAL INFORMATION:
Please complete the Waiver and Confidentiality agreement to receive the ground lease and assignment.

SUMMARY TERMS OF SALE:
Please see the contract of sale for complete terms.
Live Auction Bidders – a $75,000 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 $75,000 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 4:00 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, 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 deposit, if any, shall be adjusted at the time of settlement. The property will be sold in “AS IS” condition, and subject to the existing lease of the tenant 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. Time is of the essence. A 5% buyer’s premium will be added to the final bid price.

Property 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 10 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.