50,000± s.f Commercial Building
2701 Union Ave Ext. Memphis TN 38112
- 55,980 SF
- Built 1963
- 2.73± acres
- 6 Story building
- Zoned Office High Rise
- 164 Parking Spaces
This building is ripe for re-development as a hotel or office facility. The most recent use is that of Channels 24 and 30 television studio and offices. The large footprint of the ground floor is ideal for hotel meeting areas and offices with rear loading areas.
The tower lease and the lease by the radio station will convey with the sale of this property.
According to the seller’s in-house engineer:
· The elevators have not been serviced or inspected in three years.
· Building HVAC is completely out. All air handlers on all floors need overhaul.
· The boiler was inspected last fall and is operational.
· The basement HVAC units have been off for two years and have known Freon leaks.
· Many of the toilet flush valves are inoperable.
· There are major roof leaks which were patch some in 2016.
· The asbestos on the 5th floor was partially removed a few years ago. What remains is considered stable if not disturbed.
Bid Deposits will be accepted in the form of cashier’s check or personal check with a bank letter guaranteeing the amount or a combination of these payment types. Please make the cashier’s check(s) payable to yourself. In the event that you are the high bidder, you will simply endorse the check to Morris Auction Group as a non-refundable bid deposit. In the event you are not the high bidder, your cashier’s check will be returned to you, and you may simply deposit it into your account. The high bidder will pay the Bid Deposit upon signing the sales contract at the auction.
All inspections must be done prior to the auction date since the sales contract will have no provisions subject to inspection. To preview the property, please call our office to make arrangements to gain access. Please do not bid on this property until you have thoroughly inspected the property.
A buyer’s premium of ten percent (10%) will be added to the high bid to determine the total price to be paid.
All auction properties are sold in “as is” condition. No purchase shall be contingent on financing or any other contingencies. Potential buyers are given ample time to inspect properties prior to auction. Terms and conditions are preset and non-negotiable.
All licensed real estate brokers are encouraged to participate by bringing your buyers to the auction. A commission will be paid to the licensed and qualified broker whose properly registered buyer is the successful bidder at the auction, and whose buyer purchases the property. Brokers must register their prospective buyer on the required Broker Participation Form (completely filled out and signed). The form may be obtained by calling 901-565-7770. This form must be submitted to Morris Auction Group no later than 24 hours prior to the Auction.
The successful bidder agrees to sign our standard real estate sales contract at the auction. The entire purchase price must be paid by Cashier’s or Certified Check, or wired funds at closing. The closing shall take place not later than thirty (30) days after the auction. Closing is to take place at the offices of:
1709 Kirby Pkwy
Memphis TN 38120
Announcements made at the auction supersede all printed material. All information included herein was derived from sources believed to be correct, but is not guaranteed.
These Bidder Terms and Conditions shall be governed by and construed in accordance with the laws of the State of Tennessee, including its statues of limitations, but without regard to its rules governing conflict of laws. All claims, disputes and other matters between the parties shall be brought in the state or federal courts sitting in and for Shelby County, Tennessee, which courts shall have exclusive jurisdiction, and shall be the exclusive venue, for any and all such claims, disputes, and other matters. By submitting a Bidder Registration and accepting a Bidder Number, each Registered Bidder irrevocably and unconditionally (i) agrees that any claim, suit or cause of action relating to these Bidder Terms and Conditions, or the transactions contemplated hereby, shall be brought in the state or federal courts sitting in and for Shelby County, Tennessee, (ii) consents to the jurisdiction of such courts for any such claim, suit or cause of action, (iii) waives any objection that such party may have to the laying of venue of any such claim, suit or cause of action in such courts; and (iv) waives any objection to the bringing of such claim, suit or cause of action in such courts on the grounds of forum non conveniens.
Have questions or want to bid on this auction? Please feel free to contact us to discuss your specific needs. We look forward to hearing from you!