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Bankruptcy - C-Store in High Traffic, A+ Location Moyock, NC

Property Location MAP

4732 S Battlefield Blvd
Chesapeake, VA 23322
AND 100 Caratoke Highway
Moyock, NC 27958

Property #: FX2009

Preview Times


TBD

Contact Agent

Bill Londrey CAI
Tranzon Fox

804-513-0544 blondrey@tranzon.com
Bankruptcy: C-Store in High Traffic, A+ Location, Moyock, NC

Don't miss this opportunity to own the best C-store location in Eastern North Carolina! Sale is for real estate only and NOT the Border Station, INC business or its assets; The Border Station, INC is a tenant.

Why a bankruptcy auction?
Sadly, in 2021 the founder longtime owner/operator of the Border Station passed away, triggering a technical default under the bank loan documents. Hastings and Hollowell, INC, which owns the real estate, was placed in Chapter 11 bankruptcy in order to protect it from foreclosure by this lender. THERE IS NOTHING DISTRESSED ABOUT THIS REAL ESTATE.

The Location and Opportunity:
While the Border Station real estate is located in Greater Hampton Roads, a 1.7 million+ population MSA, the true value of this location is the immense funnel effect caused by I-64, and the Chesapeake Expressway channeling 26,000 vehicles per day past this site.

Virtually anyone wishing to travel by car to the beaches of the world-renowned North Carolina Outer Banks (OBX) from north of the Property must drive by the Border Station to reach their destination. In fact, if a traveler departs Washington, DC via I-95 to vacation in the OBX, this C-store is the first place to stop for gas without having to take an exit. Features Include:
  • The parcel literally straddles the NC/VA state line
  • +/-12.6 Acre site with potential expansion possibilities (Acreage according to GIS Mapping)
  • +/-420' Frontage on S. Battlefield Blvd
  • Signalized Intersection
  • Well and Septic
  • Exceptional Highway signage, including pylon sign
  • +/- 6,000s/f concrete paving; +/-20,000s/f asphalt paving
  • Zoning:
    - Chesapeake, VA: B-1, Neighborhood Business
    - Currituck County, NC: GB, General Business
  • Retail Building:
    - +/-15,813 s/f ground floor space plus +/- 1,200s/f mezzanine offices
    - Constructed in 2001
    - Large, interior access restrooms
  • Canopy and Petroleum Site Equipment:
    - Attractive +/-2,975 s/f Canopy
    - Underground Storage Tanks:
        - (1) 15,000 Gal double-walled fiberglass UST
        - (1) 12,000 Gal double-walled fiberglass UST
    - Installed 2001
    - Tank Monitoring: Veeder Root TLS-350
    - Fuel Dispensers: (6) Multi-hose multi-product with card readers (property of fuel supplier)*
    - Controller: Electronic Point of Sale System (property of fuel supplier)*
    - *Please refer to fuel supply agreement in PIP for all equipment, imaging, and branding materials that are property of fuel supplier.
  • Tenant: Border Station, INC leases the entirety of the real estate from the bankruptcy debtor.
    - Lease Rate : $41,000/Mo; $492,000 annually
    - This is a month to month oral lease.
  • Subleases: 2021 Total Rent: $75,600/year
    - Mr. Jim's Restaurant
    - Rosewood Farms vegetable stand
    - Each subtenant leases from The Border Station, INC. Seller has no written or oral lease agreements with subtenant.

NO BUYER'S PREMIUM IS BEING CHARGED IN THIS BIDDING PROCESS. PLEASE BID ACCORDINGLY
 
Parcel ID 2022
Tax Assess.
     
2022
Annual Tax
Chesapeake:    
1190000000460 $2,391,400 $24,153.00
1190000000461 $238,200 $   2,406.00
Currituck:    
0008000003F0000      $1,277,000 $   6,130.00
  $3,906,600 $32,689.00

How do I Participate?
Submit an initial Qualified Bid before 2:00 PM on December 6th, 2022 to Tranzon Fox.
  • This Qualified Bid must be on the approved Asset Purchase Agreement contained in the property information package (PIP)
  • The minimum acceptable amount of this Qualifying Bid is $2,650,000, but you may offer more and potentially be designated as the "Stalking Horse Bidder" (See below.)
  • In addition to the Qualifying Bid, Bidder must also submit an initial 5% deposit via wire transfer or guaranteed funds to the Trustee.
  • And provide written evidence reasonably demonstrating Bidder's ability to close the transaction
  • Bidder must submit all three in order to be a Qualified Bidder. No Exceptions.
  • At 2:00 PM on December 6th, 2022, Bidder registration closes, and only those who meet these qualifications will be invited to participate in the online auction that will commence at 10:00AM ET on December 7th and close at 2:00 PM on December 8th, 2022.

Please see Auction Procedures in Property Information Package for details.

Stalking Horse Bidder:
The highest Qualified Bidder may be designated as the Stalking Horse Bidder, and thereby be eligible for a stalking horse fee of 1.5% of this Qualified Bid amount, in the event this Qualified Bidder is NOT ultimately the successful high bidder in the round of online bidding.


Please be sure to download the Property Information Package ("PIP") by clicking on the words above under “DOCUMENTS.” By downloading this package, you will alert Tranzon to your interest in this property and you will receive emails with any updates on this auction. The package contains information needed to participate in bidding at auction.

VAAF423, NCAF4953

The following summary of Terms & Conditions of Auction Sale is only intended to provide you a brief outline. For a complete copy, either download the Property Information Package, if available, or contact Bill Londrey CAI

Bill Londrey CAI: Tranzon Fox

804-513-0544 blondrey@tranzon.com

All bidders must agree to all of the Terms & Conditions of Auction Sale prior to bidding at any Tranzon auction. Listings may be withdrawn or modified without notice at anytime.

For general information on the auction process, please review the Frequently Asked Questions.

  • Buyer's Premium: N/A
  • Closing: 45-Day closing, sold in As-Is condition, no contingencies.
  • Deposit Amount: Initial Preauction deposit to register: 5% wired to Trustee. Total from recognized winning bidder to make 10% due within 1 business day.
  • Broker Co-op: 1% of the high bid will be paid to a properly registered broker at settlement.
  • Agency Disclosure: The member company acting as auctioneer/agent is an agent for the seller only.
  • Disclaimer: Information contained herein is believed to be correct to the best of auctioneer/agent's knowledge but is subject to inspection and verification by all parties relying on it. Sellers, their representatives and auctioneer/agent shall not be liable for inaccuracies, errors, or omissions. All square footage and other dimensions are approximate. This offering is subject to prior sale and may be withdrawn, modified or cancelled at any time without notice.

Online Bidding Instructions:

See terms and conditions in the property information package.

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