NORTHBROOK, Ill., July 23, 2012 (GLOBE NEWSWIRE) -- Hilco Real Estate Auctions, LLC ("HilcoReal") (www.HilcoReal.com), the nation's premier provider of real estate auction services, announced today the foreclosure auction of the 7,300 square foot fully equipped former Fergie's Restaurant in Elizabethtown, Kentucky ideal for franchise conversion or alternative use.
The auction will be conducted on site at 1604 Ring Road, in Elizabethtown, Kentucky on August 21st at 10:00am. Cash or certified funds for at least 10% of the Purchase Price are due at the time of the auction together with acceptable surety for the balance of the funds (closing required in 30-days). This auction is in conjunction with the Master Commissioner of the Hardin County Circuit Court Civil Action No. 11-C1-01330. The real estate will be offered first and then the personal property will be sold as a separate lot in its entirety. There will be no Buyer's Premium.
The property will be open for inspection on: July 27th, August 3, 10 & 17th at 11:00 am.
Located at the most highly sought after intersection in Elizabethtown and boasting one of the largest seating capacities in the area, this auction offers the right buyer the chance to buy this property at an unprecedented discount from its original construction and acquisition cost.
Michael A. Fine, CEO and Principal of HilcoReal, said: "In spite of the general condition of the retail and restaurant real estate market nationally, there are clearly some pockets where good locations are in short supply and population needs create demand for new commercial users. There is a scarcity of retail and restaurant locations in Hardin County with the traffic counts of this location."
According to James Keith, Managing Director and Kentucky Auctioneer, "For restaurant owners or other retailers wishing to secure a foothold in Hardin county, one of the most desirable counties in Kentucky, this is a rare opportunity to acquire a high traffic location at a price that today's market will determine through the auction bidding process."
Keith added, "Another part of the allure of the location is that it is in front of Lowe's and Wal-Mart and is situated at the hottest intersection in E-Town (45,000 ADT). It's located on Ring Road giving great access to the new sports complex and also servicing most of the new residential development in Elizabethtown, resulting in easy access for homeowners of upscale properties. This will surely capture the attention of commuters adding intrinsic value to this property that is hard to put a price on."
A detailed Bidder's Information Packet is available for the property, containing property specific information, an explanation of the auction process and the Terms of Sale. The purchase of the packet is required to bid and will be available at all on-site inspections for $20.00 or by contacting the Project Manager at (847) 418-2700.
Elizabethtown was recently ranked by Forbes Magazine as one of the best places for business, careers, and cost of doing business in the United States. This high mark of distinction, along with the recently constructed $28 million dollar Elizabethtown Sports Park (located just a few miles from the former Fergie's Restaurant) is expected to generate additional revenue within the county for restaurants, hotels, and businesses.
Interested buyers can access specific property documents, photos and auction details by visiting www.HilcoReal.com.
About Hilco Real Estate Auctions, LLC Hilco Real Estate Auctions, LLC, a unit of Hilco Trading, is headquartered in Northbrook, Illinois (USA). HilcoReal is a national provider of real estate auction services combining high-touch, open-outcry auctions with technologically-advanced online auctions, and added extraordinary customization providing buyers and sellers with unmatched expertise along with efficiently-managed and completely transparent sale methodologies for conducting real estate transactions.
Please call Hilco Real Estate Auctions, LLC at (847) 418-2700 for more information.
Contact: Michael A. Fine (847) 418-2700
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The following pictures are available for download:
| [Image] | Fergies1 |
| [Image] | Fergies2 cropped |
| [Image] | Seating |
| [Image] | Seating3 |