Tranzon Asset Advisors and Schrader Commercial Properties are pleased to announce that they have been commissioned by the Fayette County Public Schools (FCPS) to auction multiple former school and office locations across greater Lexington, KY. 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.
The first auction will feature former Johnson Elementary School located at 123 East Sixth Street and the Linlee Elementary School at 2420 Spurr Road, both in Lexington. Each site has unique attributes and qualities that potential bidders can explore for future use and redevelopment. Both former schools offer direct access off busy and highly visible major area roadways.
The November auction will require bidders to submit sealed bids on or before November 10 to the auction and brokerage firms, bids will require an initial bidding deposit of $100,000.00 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 which will occur on November 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 on October 27 and second is scheduled for November 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.
Read the full Press Release here.
