103 Research Dr., Hampton, VA 23666

Price: Call Agent


Located in Enterprise & Technology Zone

3 Office Buildings, 22,217± SF, 2.81AC

Propertry is Income Producing – Tax Assessment: $1,800,000


The property consists of 2.81 acres zoned (M-1) Light Manufacturing and includes approximately 22,217 finished square footage comprised of four improvements; a warehouse and three detached office buildings. These properties are currently income producing (Yearly Income of $251,147) and lease information is available upon request. Each office building has separate entrances and the ability to be leased to multiple tenants. The paved surface parking lot has 87 parking spaces shared between the three buildings. The grounds have an irrigation system, low power high intensity dawn to dusk security lighting, and security cameras attached to buildings 101 & 101A. The property is located in both the Enterprise & Technology Zone. The campus is situated next to a Fed EX distribution site that is under construction and scheduled to open in September of 2015.
 
101 & 101A Research Dr.

101 Research Drive consists of 8,999 SF of office space. Originally the building had 6,617 SF built in 1984 and was renovated in 2010. A 2,382 SF brick addition was also added in 2010.
Features include:
● 23 Offices, 5 Exits, 1 Private Office Exit
● 5 Bathrooms
● 4 Zoned HVAC & Back Up Propane Fueled Generator
● Secured Entry Doors & Security Cameras
● 2 Reception Areas 15’X16’ & 12’X18’
● 2 Conference Rooms
● 25’X16’ Large Office
● Break Room with Tile Floor & Built in Cabinets
101A Research Drive consists of a 30’X40’ corrugated metal & metal frame warehouse with concrete slab floor including a 14’X10’ bay door, 8’X10’ office and storage closet, and a 2nd story storage area above the office. The warehouse also features security cameras, metal gutters and downspouts, and a new dumpster pad.

103 Research Dr.
103 Research Drive consists of 4,850 SF of office space built in 1984. There are four separate entrances and the building has the ability to be divided into two sides with two communal restrooms. Originally the building housed two tenants. There is a 4 zoned HVAC system. The exterior is wrapped in vinyl and aluminum siding. Interior features include 14 offices, a reception area, and a large conference room

10 Basil Sawyer Dr.
10 Basil Sawyer Drive consists of 8,368 SF of office space built in 1985. The building has multiple exits and has the potential to be separated into three office. The front portion of the building uses the front entrance and has a reception area, 7 offices, bathrooms, and a large conference room. The rear portion of the building has two separate entrances an additional reception area, two conference rooms, and 11 offices.

Property is also available for lease:

  • 103 Research Drive – 4,850 sq ft. – $12.50/sq ft with tenant paying all utilities.
  • 10 Basil Sawyer Drive – Subdivided. Avail space – approx. 4,185 sq ft. – $14.00/sq ft utilities included.

 

R14094A

Represented by: Tim Dudley – tdudley@svn.com – (804) 232-3300

TERMS AND CONDITIONS FOR THIS ONLINE AUCTION

 

 

 

Deposit Amount

 Online Bidding:  PRIOR TO BIDDING, bidders must do one of the following:

 

  • Provide a MasterCard, Visa or Discover credit card with open credit of $25,000. Agreeing to the terms is authorization to place a hold on a major credit card. A 3% handling charge is also included.             
  • Deliver cash, certified or cashier’s check for $25,000 made payable to MOTLEYS ASSET DISPOSITION GROUP located at 3600 Deepwater Terminal Rd Richmond, VA 23234; or
  • Wire funds to MOTLEYS ASSET DISPOSITION GROUP.

 

 If initial deposit is less than 10% of the high bid, then winning bidder’s deposit MUST be increased   to 10% of the high bid by cashier’s check or wired funds within 3 business days.

 

Buyer’s Premium:

 

Online Bidding:  A Buyer’s Premium of TEN percent (10%) will be added to the high bid for the real property and included in the total selling price paid by the buyer.  For example, if the successful online bid on a given property is $100,000, the ten  percent buyer’s premium will equal $10,000, and the purchase price for the property will be $110,000.


Broker Co-op:

 

Broker Co-op:  Auctioneer will pay up to a three percent (3%) Broker Participation Fee (based on successful bid and not including applicable buyer’s premium) to broker representing the winning bidder on the real property.  Broker participation forms must be received 24 hours prior to auction.

 

Online Bidding: To qualify for a Broker Participation Fee, the licensed broker/agent must first register the prospective bidder online and include the broker’s and agent’s or auctioneer’s license number, identification of the property, and any agency disclosure statements.  Registration must occur on or before twenty four (24) hours prior to the auction. 

To qualify for a Broker Participation Fee, the licensed broker/agent must first register the prospective bidder by mail, email, or fax, (804) 232-3301, info@motleys.com on Motley’s Broker Participation Acknowledgment Form, with MOTLEYS ASSET DISPOSITION GROUP 3600 Deepwater Terminal Rd Richmond, VA 23234.  Registration letters must be countersigned by the prospect and include the broker’s and agent’s or auctioneer’s license number, identification of the property, any agency disclosure statements, the letter and participation acknowledgment form.  Please see Broker Participation Form for full details.

 

SPECIAL NOTE:

No commission will be paid to Brokers on any sale to an entity of which (or any affiliate of which) they are principals, employees or affiliates, or immediate family members.   No Broker Acknowledgment Forms will be accepted at the auction site.

Bidding: 

All Bidding is open to the public without regard to race, color, sex, religion, or national origin.  As used in these conditions of sale, the term “the final bid” means the highest bid acknowledged by the auctioneer, and the term “purchase price” means the sum of the final bid and the applicable buyer’s premium.  The highest bidder acknowledged by the auctioneer at the end of the bidding on a given lot shall be the buyer of that lot.  The auctioneer has the right to reject any bid or raise any bid which, in his opinion, is not commensurate with the value of the property being offered.  The auctioneer may advance the bidding at his absolute discretion and, in the event of any dispute between bidders, may determine the successful bidder or re-offer and resell the property in dispute. Should there be any dispute after the sale, the record of final sale shall be conclusive.

 

Bidder’s Number:  All Bidders are required to have a Bidder’s Number to bid.  To obtain a Bidder’s Number, online registration must be completed giving full name, address, phone number, and valid credit card information.  By registering online, Bidders accept and agree to all terms contained herein.

 

Bidding and Winning:  If you are the Winning Bidder, you will be contacted by phone by an Auctioneer representative at the phone number you provided during registration.  Once contacted by Auctioneer representative, the Winning Bidder will be sent, by e-mail via ‘Docusign’, the Purchase Agreement for electronic signature.

 

The Purchase Agreement shall be executed within thirty (30) minutes of receipt.  If a Winning Bidder cannot be reached within fifteen (15) minutes of the Auctioneer’s acknowledgment of the winning bid, or Winning Bidder fails to return the Purchase Agreement executed (within thirty (30) minutes), then the Auctioneer or Seller can declare the Winning Bidder to be in default and will be subject to liquidated damages per the Purchase Agreement.  In the event of such declaration, the Winning Bidder’s bid shall be null and void and the Auctioneer and Seller shall have absolutely no further liability or obligation to that Bidder.  The Auctioneer or Seller reserves the right to immediately put the property back up for sale.

 

Bid Execution: Bids are accepted through the internet only.  Auctioneer shall not be responsible for failing to execute bids due to Buyer’s/Auctioneer’s technological difficulties.

 

Closing:  TIME IS OF THE ESSENCE WITH RESPECT TO ALL CLOSINGS!

 

 

The successful buyer must sign all documents and contracts and return to Auctioneer within thirty (:30) minutes of receipt of purchase agreement.   The buyer will be required to make an appointment with the closing agent to pay the balance of the purchase price and receive the deed to the property.  All closings must occur on or before SIXTY (60) days from seller acceptance, unless otherwise specified in the Purchase Agreement.  Buyer acknowledges and agrees that time is of the essence.  Said premises are to be conveyed by Marketable Deed from all owners of record and free and clear of all liens.

In the event a Winning Bidder fails to submit the signed Purchase Agreement and deposit as provided in the terms and conditions, the Winning Bidder will be charged an administrative fee of $5,000.00 on the credit card provided at auction registration.

Closing Costs:  The deed shall be prepared and acknowledged by Seller at Seller’s expense and recorded at the expense of Buyer.   The buyer shall pay all title searches, title insurance charges, survey expenses, usual conveyance expenses, and recordation taxes, including the Grantor’s and Grantee’s Tax.  Real estate taxes, rents, water and sewer charges, if any, will be prorated as of the date of closing.

Successful bidders must pay all wire transfer fees.  Sale of the property is not contingent upon the buyer obtaining financing. 

 

 

Liquidated Damages Clause For Failure to Timely Close

In the event that Buyer does not close on time, ‘Time being of the essence,’ and the Seller and Auctioneer agree to an extension of the closing time, the Buyer agrees to pay liquidated damages in the amount of $80.00 for each day closing is delayed beyond the original closing date. The sum of the liquidated damage charge will be deducted from the Buyer’s deposit and any deficit of deposit will be paid at closing.  The remedy provided by this paragraph shall be in addition to any other remedy available to Seller.

 

Conditions of Default:

 

If successful bidder defaults in making settlement, the deposit paid by that defaulting successful bidder shall be forfeited and applied to the costs and expenses of the auction sale and then to the balance due under the applicable note, and the property purchased by such defaulting successful bidder may either be resold at the risk and expense of such party, or Auctioneer may accept the next highest available bid at the auction sale.  Such defaulting successful bidder shall be liable personally for any deficiency resulting from the resale of the property it purchased at a lower price as well as for all costs, expenses, and attorneys’ fees in connection with such resale.  The forfeiture of such deposit shall not limit any rights or remedies of Auctioneer with respect to any such default. 

 

If Auctioneer resells the property, the original defaulting Buyer shall be liable for the payment of any deficiency between the purchase price and all costs and expenses, the expenses of both sales, reasonable attorney’s fees, commissions, incidental damages and all other charges due hereunder.  In any event; the Buyer’s, earnest money deposit will be retained by Auctioneer as liquidated damages.

 

Controlling Law:

 

The respective rights and obligations of the parties with respect to the Conditions of Sale and the conduct of the auction shall be governed and interpreted by the laws of the Commonwealth of Virginia.   By bidding at an auction, whether present in person or by agent, written bid, telephone, online or other means, the bidder shall be deemed to have consented to the jurisdiction of the state and federal courts of the Commonwealth of Virginia.

 

Inspection:

 

All property is being sold “where is,” “as is,” “with all faults,” with no representations or warranties of any sort except the special warranty to be included in the deed to the real property.  Descriptions are provided as a service to customers only and do not constitute a warranty, either expressed or implied.  Trustee and Auctioneer disclaim all responsibility for physical condition.  All buyers are responsible for prior inspection of properties on which they bid, and by bidding are deemed to have so inspected the property to their satisfaction.  Placing a bid on the offered property, whether in person, or by agent, by written bid, telephone bid or other means, constitutes an agreement by bidder to these conditions of sale.

Auctioneer and their agents and subagents assume no liability for errors or omissions in this or any other property listing or advertising or promotional/publicity statements and materials. Although information has been obtained from sources deemed reliable, Auctioneer makes no guarantee as to the accuracy of the information herein contained or in any other property listing or advertising or promotional/publicity statements and materials.

 

Release:

 

The successful bidder must agree to release any and all claims or causes of action it may have against beneficiary and Auctioneer (or the employees or agents of either of them) relating in any way to (a) the auction sale, (b) the property offered for sale, (c) any condition or aspect of such property that may not be in compliance with any federal, state, or local law, regulation, or ruling including, without limitation, any laws, regulations, and rulings relating to environmental contamination or hazardous waste, and/or (d) any documents, reports, complications, financial statements, projections, surveys, or any other documents delivered to such successful bidder by  Auctioneer, and/or the beneficiary, or the agents or employees of either of them (collectively, the “Accommodation Documents”).  The successful bidder must acknowledge and agree that the beneficiary, Auctioneer, and the agents or employees of any of them have not made and do not make and have disclaimed any and all representations or warranties regarding the truth, accuracy, or completeness of any of the documents provided the successful bidder relating to the property purchased or the sources thereof and that such documents were provided solely as an accommodation to such successful bidder.

 

Governmental Authorizations: 

 

The successful bidder for the real property will be responsible for obtaining, at its expense, the approval for any license, privilege, permit, or right necessary to improve, renovate, and/or develop the real property, or to construct, improve, and/or alter any improvements on the real property, and such successful bidder will be responsible for the fulfillment of any conditions imposed or required for such approvals.  The auction sale will be final whether or not any such approvals are obtained of any necessary or desirable licenses, permits, privileges, or rights.

 

Megan’s Law Disclosure

 

Interested parties should exercise whatever due diligence they deem necessary with respect to information on registered sexual offenders who might live near a property being offered for sale.  Such information may be obtained by contacting your local police department or the Department of State Police.

 

Should any terms set forth in these Terms and Conditions be inconsistent with the terms of the Purchase Agreement to be executed by the successful bidder, the terms of the Purchase Agreement shall control.

 

The property is located in Virginia’s Tidewater region within the Hampton city limits. The office complex is approximately .7 mile from the National Institute of Aerospace, 1.1 miles from Hampton Roads Center and The Hamptons Golf Course, 1.8 miles from NASA Langley Research Center, 3.1 miles from Langley Air Force Base, 4 miles from access to I-64, 9.2 miles from Christopher Newport University, and 38 miles from Virginia Beach.

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Motleys Asset Disposition Group

http://motleys.com/

3600 Deepwater Terminal Road Richmond, VA 23230

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