Bankruptcy - Hotel - 5 Ac Interstate Development Site

Real Estate Auction in 3006 South Caraway Rd, Jonesboro Arkansas, United States

13 Wednesday
June 13th, 2018

Bankruptcy - Hotel - 5 Ac Interstate Development Site

Real Estate Auction in 3006 South Caraway Rd, Jonesboro Arkansas, United States

Wednesday at - 13th June , 2018

Notes

Buyers premium: 7% Buyers Premium based on the high bid.
Closing: Closing must occur within 45 days after the auction. Sold in As-Is condition, no contingencies.
NOTWITHSTANDING ANYTHING CONTAINED HEREIN TO THE CONTRARY, THE FULLY EXECUTED PURCHASE AND SALE AGREEMENT (A COPY OF WHICH IS AVAILABLE FOR DOWNLOAD WITH THE PROPERTY INFORMATION PACKAGE) SHALL CONTAIN THE SPECIFIC TERMS OF THE SALE AND SHALL GOVERN THE RELATIONSHIP BETWEEN SELLER AND PURCHASER.
Deposit Amount: Minimum deposit of $50,000 in guaranteed funds, with final non-refundable deposit equal to ten percent (10%) of total purchase price due in full to Stewart Title Guaranty Company within 3 business days after being declared the winning bidder.
Broker Coop: 2% of the high bid will be paid to a properly registered buyer broker upon consummation of closing.

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Auction Items For Sale

Bankruptcy Auction:  Hotel / 5 Acre Interstate Development Site, Jonesboro, AR

Can’t attend in person? Contact Tranzon representative by Monday, June 11, 2018 about phone or online simulcast bidding.


Attention Developers and Hoteliers: Bankruptcy auction of +/-5 acre site on I-555 at South Caraway Road, Exit 42 in Jonesboro, AR. Originally developed as a 179 room Holiday Inn, the Property occupies the strategic NE quadrant of the interchange. Features Include:

  • Flexible C-2 zoning
  • Frontage on I-555 Exit Ramp, S. Caraway Rd and Phillips Dr
  • Prime location adjacent to hotels, restaurants, convenience stores and other thriving interstate and commercial enterprises
  • 179 Room, +/-130,000 s/f hotel building
  • As of May 1, 2018, Approximately 70 rooms in service
  • Equipped kitchen
  • Separate restaurant, bar and breakfast buffet spaces
  • Multiple event spaces and conference rooms
  • Indoor pool
  • All owned personal property conveys, including numerous flat screen tvs
  • Excellent rehab or redevelopment opportunity
  • Traffic Counts:
    - I-555 Near S. Caraway Rd Exit: 36,000 VPD
    - South Caraway Rd: 25,000 VPD
    - Phillips Dr: 5,700 VPD


Parcel ID#: 01-144283-03800
2017 Tax Assessment: $3,128,850
2017 Annual Taxes: $30,068.26


Tranzon Asset Advisors, Edward D. Durnil AR Real Estate, #PB000060144, Tim Mast, AR Auctioneer #1955
U.S. Bankruptcy Court, Eastern District of Texas Sherman Division, Case No. # 17-40311