Businesses owners and deal-seekers flocked to the now foreclosed Time Out Sports & Spirits Restaurant & Bar for a liquidation auction sale Monday morning.
Wilson Auction & Reality Co. Ltd. hosted the auction with co-brokers with real-estate agency Sperry Van Ness.
Hillsdale's only pulmonologist Dr. Tariq Abdelkarim bought the Time Out real-estate for half of its valued price at $230,000.
Office Manager Dawn Gartee who spoke on behalf of Abdelkarim, said they plan on converting the building into a doctor's office. Gartee said their practice is outgrowing their current location at Three Meadows Medical Building at Hillsdale Community Health Center and said renovations to the building should start soon.
Jeff and Marci Horton bought the class C liquor license for $12,000 and will allow the couple to sell beer, wine and mixed drinks pending approval. Marci Horton said the couple plan on installing the license in the Dawn Theatre in order to restore the theatre's concessions section.
Marci Horton said she did some research before attending the auction and noticed that some items, like glassware, were going for much higher than market price.
"I saw a case of 24 glasses sell for over a hundred dollars," she said.
Wilson sold over $269,050 worth of items including the real-estate, valued at $450,000, and a liquor license valued at $10,000.
Wilson said his company typically does over 130 liquidations a year with the warmer summer months being the busiest. But lately they've been busier than normal, auctioning about once a day.
Wilson said the final price of the building and real-estate isn't too out of line for an auction.
"In this market, nothing's common," Wilson said. "It's a great time to buy."
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment