BOWLING GREEN, KY--(Marketwire - Oct 20, 2011) - Six miles north of the Tennessee-Kentucky border on I-65, 965 acres of development land found new owners at a real estate auction today by J. P. King Auction Company. The land was divided into six tracts, with 322 acres selling absolute. Franklin-Simpson Industrial Authority purchased two of the tracts, totaling 451 acres.
The auction brought 16 registered bidders to the Holiday Inn Sloan Convention Center in Bowling Green, Ky., where bidders competed for the property for nearly four hours with a crowd of 135 individuals looking on. Franklin-Simpson Industrial bought Tracts 3 and 4 for $3 million.
"One of the best parts about selling real estate is watching buyers acquire property that spurs economic development," said Craig King, president and CEO of J. P. King Auction Company, also the auctioneer at today's sale. "I know it's what Mr. Garvin hoped for, and I'm glad we were able to play a small part in that development."
David Garvin pieced the property together six years ago, and after choosing not to develop it himself, hoped to sell it to someone who would be able to use the property for economical improvement in the Franklin area. The land receives a daily traffic count of 42,000 and offers two and a half miles of interstate frontage. It is zoned B-5 Interstate Interchange Business District.
About J. P. King Auction Company:
J. P. King Auction Company specializes in high-value properties and portfolios such as luxury homes, developments, condominiums and land and ranches. The company has marketed properties in all 50 states and six countries with recent sales in Colorado, Florida, West Virginia, Oklahoma, California and Montana.
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Caley King Newberry
Cell: 256.295.3629
