Auction Dates Set for Surplus Properties
05 Oct, 2026 - Tranzon Asset Advisors
As seen on Fayette Co. Public Schools
Tranzon Asset Advisors and Schrader Commercial Properties have been commissioned by Fayette County Public Schools (FCPS) to auction multiple former school and office locations across greater Lexington. FCPS has declared these properties to be surplus assets and they will be offered for sale at auction. The four collective locations will be sold in two distinct sale events in November and a second sale in December.
Two Former Elementary Schools
The first auction will feature the former Johnson Elementary School at 123 E. Sixth St. and the former Linlee Elementary at 2420 Spurr Road. Each site has unique attributes and qualities that potential bidders can explore for future use and redevelopment. Both sites offer direct access off busy and highly visible major roadways.
The auction will require bidders to submit sealed bids on or before Nov. 10 to the auction and brokerage firms. Bids will require an initial bidding deposit of $100,000 plus adequate proof of the buyer’s financial wherewithal to close the transaction at or above their written bid amount. If competitive bids are submitted, then the highest bidders will be invited to participate in a “best and final” online auction Nov. 12. Bidding for the online portion starts at the highest sealed bid amount.
Two public inspection dates are set for interested parties to tour the properties, discuss sale terms with the brokers, and conduct due diligence. The first tour is Oct. 27 and second is Nov. 3; check www.tranzon.com for specific timing.
The properties are subject to sale prior to the auction date on the same terms and conditions as any purchaser will be required to contract if purchased through the auction event. Prospective bidders should contact the brokers without delay.
Former Central Office & Nearby House
The second auction event is scheduled for Dec. 8 and Dec. 15. Sealed bids will be due on the former central office complex at 701 E. Main St. on Dec. 8, with best and final bidding on Dec. 10. Additionally, a residential property located at 700 Bullock Place will be sold through an online auction culminating on Dec. 15. Inspection dates, sale terms, and detailed property information can be obtained from either Tranzon or Schrader Commercial.
The Fayette County Board of Education has undertaken the legally required steps for surplus declaration and sale approvals for the properties at its June meeting. Tranzon and Schrader submitted a proposal via the RFP process to jointly market and sell the property portfolio.
Pre-auction offers will be considered; terms of the auction apply to all offers. All interested parties are encouraged to contact Jamie Schrader of Schrader Commercial Properties or Ed Durnil of Tranzon Asset Advisors at their earliest convenience.
Auction No. 1 Details
Property Selling: Johnson at 123 E. Sixth St., and Linlee at 2420 Spurr Rd.
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Sealed Bids Due: Nov. 10 to brokerage offices
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Best and Final Online Bidding: Nov. 12
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Auction Information Link: www.tranzon.com
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Initial Bid Deposit: $100,000.00 / bid submitted – wire or certified check
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Total Escrow Deposit from Winning Bidder: Ten Percent (10%) of Purchase
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Price Buyer’s Premium: 6% added to high bid
Johnson Details
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Property Address: 123 E. Sixth St.
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Parcel Size: 3.185± Acre
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Campus Building Size: 47,790± square feet
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Year Built: 1939 w/additions in 1955, 1958 & 1976
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Year Decommissioned: 2026
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Current Zoning: R-3 & B-1
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Utilities: electric, natural gas, sewer, telephone, cable available onsite
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Existing Improvements / Notable Features: multiple roadway access points, two-floor building design, located in heart of Lexington just north of downtown and New Circle Road; strong redevelopment potential
Linlee Details
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Property Address: 2420 Spurr Road
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Parcel Size: 10.89± Acre
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Campus Building Size: 61,279± square feet
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Year Built: 1927 w/addition in 1976
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Year Decommissioned: 2026
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Current Zoning: Agr-U/Agr-R
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Utilities: electric, natural gas, sewer, telephone, cable available or nearby
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Existing Improvements / Notable Features: multiple roadway access points, single-floor building design, located in the vibrant North Lexington corridor; strong redevelopment potential
“In nearly 40 years of offering premium commercial and investment real estate both across the U.S. and overseas, rarely do such valuable location assets become available through auction sales. These two properties offer owner/users and the redevelopment community unique opportunities to purchase real estate at their price. Both Schrader Commercial and Tranzon strongly encourage all interested parties to make plans today to participate in this exciting auction,” said Ed Durnil, president/CEO of Tranzon Asset Advisors.
Brokerage and Auction Firm Contacts Auction & Bidding Information
Tranzon
Contact: Edward D. Durnil, president & CEO, Tranzon Asset Advisors
Call (866) 243-8243 or email taainfo@tranzon.com
Johnson Elementary auction webpage
Linlee Elementary auction webpage
Property and Brokerage Information
Schrader Commercial Properties
Contact: Jamie Schrader, president, Schrader Commercial Properties
Call (859) 288-5008 or email jschrader@schradercommercial.com
Website: www.schradercommercial.com