MIAMI—A freestanding retail building that's home to a 15,070 square-foot Walgreens Pharmacy east of Downtown Jacksonville, FL sold on the auction block. The net leased building fetched $2.8 million.
The purchase was finalized seven days from the one-day auction event. The retention to closing on the property was less than 60 days.
"The borrower and Special Servicer utilized our 363 auction marketing program as an effective workout solution to maximize recovery in an accelerated time frame," says Jeff Hubbard, president of Madison Hawk, which handled the auction. “This type of program is regularly utilized by creditors and debtors as an efficient strategy and is appealing to investors looking to acquire assets.”
Madison executed the auction under the auspices of the U.S. Bankruptcy Court, Southern District of New York. The borrowers and Special Servicers of the 1.72-acre net leased retail property located at 1220 University Avenue elected to use a 363 auction marketing program to ensure the asset was sold free and clear of any prior liabilities and to facilitate approval of the sale from the bankruptcy court.
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