WHAT IS A BUYER'S PREMIUM?
Posted on 10/06/2019
Bankruptcy Auction – 4-Story Office Building –
59,625+/- SF Net Rentable Area
Bankruptcy Auction! Ordered by the U.S. Bankruptcy Court, Southern District of Texas.
4-Story Office Building w/ 59,625 SF of Net Rentable Area on high visibility SW corner lot of Westheimer and Synott.
DON’T MISS THIS OPPORTUNITY TO BUY UNDER MARKET VALUE!!!
Land Area Gross: .1.5817 AC’s or 68,898 SF +|- of land
59,625 SF of Net Rentable Area
4-Story Office Building built in 1984
Great visibility on the corner of Westheimer Rd and Synott Rd
High Traffic Count with approx. 67,000 cars per day
Tenant Mix with tremendous upside for new owners
Covered parking garage and street level parking
No Zoning
48% Occupancy w/ great ground floor leasable space
IMPORTANT NOTICE REGARDING LEASES, RENT, DEPOSITS & TAXES
All tenant leases are considered executory contracts in the bankruptcy and at the time the bankruptcy case converted from a Chapter 11 to a Chapter 7, the Bankruptcy Trustee (“Trustee”) rejected ALL leases and is not in a position to legally assign the existing leases to the buyer. Therefore, Tenants are to be considered tenants at sufferance and new leases will need to be negotiated
The Trustee is not legally able to transfer any tenant at sufferance security deposits to the buyer
The Trustee may enter into a lease agreement with a new tenant post-bankruptcy petition and those leases and security deposits will be valid and transferable to the buyer
2024 Ad Valorem Taxes will NOT be prorated at closing, but will be the responsibility of the buyer when due and payable
All prior year outstanding taxes and liens will be paid by the seller at closing
Kelly Toney, Tranzon Asset Advisors, Court Appointed Auctioneer for the U.S. Bankruptcy Court, Southern District of Texas, Case No. #23-34448
Tranzon Asset Advisors of Texas, LLC, #9008058, Kelly D. Toney, TX Auctioneer #11818, Broker #0421809
5% Buyer's Premium and other terms apply
Online bidding ends August 27th at 11:00am CT
Inspection: August 22nd at 12:00pm CT
Property Address: 13111 Westheimer Road, Houston, Texas 77077
Contact Kelly Toney at 888-791-7307 ext. 808 or ktoney@tranzon.com
