Jacksonville, Fla. — Madison Hawk will conduct a real estate auction on Sept. 18 for a free standing retail building just east of downtown Jacksonville, Fla. The building is part of a Chapter 11 bankruptcy proceeding.
Located at 1220 University Avenue, the 1.72-acre property contains a 15,070-sq.-ft. Walgreens Pharmacy that generates about $302,000 in net income annually. The Walgreens Co. lease is Double Net (NN) with the initial term running through 2019.
The property will be sold absolute, regardless of price, with a suggested opening bid of $1.5 million. The sale is subject to final approval from the United States Bankruptcy Court, Southern District of New York.
The auction will take place at 12 p.m. at the Hyatt Regency Jacksonville located at 225 E Coastline Drive. Buyers will be required to present a $150,000 cashier’s check to bid. Interest bidders may attend on-site property inspections, which are held by appointment only on Aug. 22, 29, Sept. 5 and Sept. 12 at 10 a.m.