36,000+/- sf operating theater on 8+/- acres with month to month lease. This theater is located next to Northpark Mall. Taxes approx $48,875 ('17). PropertyID: 352074
Auctioned:
5:00 PM EDT Thursday, June 28, 2018
Auction Location:
On-Site and Live Online
Nominal Opening Bid:
$250,000
Note: A Buyer's Premium (Buyer's Fee in WI) will apply for this property. Buyer pays a $199 Technology Fee at closing. Please see Terms of Sale for details.
Legal Description:
Tract 1:
Parcel I (Theater)
Real properly in the City of Ridgeland, County of Madison, State of Mississippi, described as
follows:
Begin on the Northeast corner of Lot 6, Block 33, Highland Colony Subdivision, Ridgeland, Madison
County, Mississippi, as recorded in Plat Book 1 at Page 6 in the office of the Chancery Clerk of
said County and State, run thence North 00 degrees 03 minutes 00 seconds West, 327.26 feet to an
iron pin; run thence South 89 degrees 47 minutes 32 seconds West 1,023.12 feet; run thence South 00
degrees 12 minutes 28 seconds East, 236.16 feet to a point on the Northern right-of-way line of
Ring Road; run thence along said right-of-way line the following courses: run thence Easterly,
clockwise along the arc of a curve, 59.08 feet; said curve having a central angle of 22 degrees 29
minutes 28 seconds and a chord bearing and distance of North 78 degrees 21 minutes 24 seconds East,
58.70 feet; turn thence North 89 degrees 47 minutes 32 seconds East, 717.64 feet; run thence
Southeasterly, clockwise along the arc of a curve, 256.47 feet, said curve having a central angle
of 48 degrees 53 minutes 59 seconds and a chord bearing and distance of South 65 degrees 45 minutes
27 seconds East, 248.75 feet; run thence Southeasterly, counterclockwise along the arc of a curve,
29.79 feet, said curve having a central angle of 04 degrees 53 minutes 03 seconds and chord bearing
and distance of South 43 degrees 45 minutes 00 seconds East, 29.78 feet; run thence North 00
degrees 03 minutes 00 seconds West, departing said right-of-way line 21.77 feet back to the Point of Beginning, a parcel situated in the Southeast
One-quarter (SE 1/4) of Section 31, Township 7 North, Range 2 East, Ridgeland, Madison County, Mississippi, and
containing 239,325 square feet of 5.494 acres, more or less.
And
Parcel II (Parking Lot)
A parcel of land located in Lot 2, Block 33, Highland Colony Subdivision, being situated in the
East 1/2 of Section 31, Township 7 North, Range 2 East, City of Ridgeland, Madison County,
Mississippi, and being more particularly described as follows:
Commence at the intersection of the South line of Lot 1, Block 33, Highland Colony Subdivision and
the West right-of-way line of Pear Orchard Road, marked by a found iron pin;
Thence S 89°58'21" W along the South line of Lots 1 and 2, Block 33 of said Highland Colony
Subdivision for a distance of 1289.58 feet to a found 1/2" iron pin marking the Southwest corner of
said Lot 2 and being the Point of Beginning;
Thence N 00°01'18" W along the West line of said Lot 2, at 327.26 feet passing a 1/2" iron pin for
a total distance of 375.36 feet to a found 1/2" iron pin;
Thence N 89°58'21" E for a distance of 310.00 feet to a found 1/2" iron pin;
Thence S 00°01'18" E for a distance of 375.36 feet to a set 1/2" iron pin in the South line of said
Lot 2; Thence S 89°58'21" W for a distance of 310.00 feet to Point of Beginning, containing 116.362
square feet,
2.671 acres, more or less.
Disclosures:
The following disclosures are provided by Seller to supplement Buyer's own due diligence and are not exhaustive of all matters that a title search and inspection of the Property may reveal.
All Properties are sold "AS IS, WHERE IS" with no financing, inspection or other contingencies to sale.
Occupied Property w/Month to Month Lease Disclosure. Buyer acknowledges and understands the Property herein is occupied. Neither Seller nor Williams & Williams have any information regarding any tenant's security deposit associated with said lease agreements. Upon closing, Buyer accepts responsibility for eviction, lease or rental negotiation, or other remediation, as Buyer finds necessary in order to clarify legal occupancy status. Buyer agrees to hold Seller, Williams & Williams, and its agents harmless from any and all results therein.
Environmental and Mold Disclosure. Buyer acknowledges receipt and review of that certain Phase I Environmental Site Assessment dated June 14, 2014 and prepared by Cardno ATC (Cardno ATC Project NO.90.75315.0064) which contains important information regarding recognized environmental conditions, including observations of the presence of microbial growth (mold) which required remediation. Buyer acknowledges receipt of the Operation and Maintenance Plan for Moisture and Microbial Control dated March 19, 2015 and prepared by Cardno ATC, and Buyer agrees to comply with any and all remediation efforts, certifications, inspections, and debris removal that may be required therein at Buyer's expense. Buyer acknowledges and understands the Property may pose a health hazard through exposure to mold or airborne contaminants.
Right of First Refusal. Buyer acknowledges and agrees the Property may be subject to the terms and conditions contained in the Warranty Deed to Gulf International Investment Corporation, recorded January 22, 1986 in Book 211, Page 646 in the Office of the Chancery Clerk of Madison County, including a Right of First Refusal in which Grantor may exercise an option to purchase the Property.
Prohibited Use. Buyer acknowledges and agrees the Property may be subject to the terms and conditions contained in the Warranty Deed to Gulf International Investment Corporation, recorded January 22, 1986 in Book 211, Page 646, in the Office of the Chancery Clerk of Madison County, including the Prohibited Use clause which prohibits the use of the Property for certain purposes including, but not limited to the following: commercial laundry plants, veterinary hospitals, mortuaries or similar service establishments, or garages for the storage or undertaking of automobile assembly, storage, rebuilding or demolitions yards; sale or display of pornographic material or the operation of any pornographic business, including massage parlors, theaters displaying pornographic pictures or films, or bookstores dealing primarily in pornographic materials; any activity causing: (1) any obnoxious odor, (2) any noxious, toxic, caustic or corrosive liquid, fuel or gas, (3) any dust, dirt or fly ash in excessive quantities, or (4) any unusual fire, explosion or other damaging or dangerous, hazard, including the storage display or sale of explosives or fireworks; any warehouse, assembly, manufacture, distillation, refining, smelting, agriculture or mining operation; any mobile home or trailer court, labor camp, junk yard, stockyard or animal raising facility; any dumping, incineration or reduction of garbage and refuse.
Building Aesthetics and Planning Requirements. Buyer acknowledges and agrees the Property may be subject to the terms and conditions contained in the Warranty Deed to Gulf International Investment Corporation, recorded January 22, 1986 in Book 211, Page 646, including the Building Aesthetics and Planning Requirements more particularly set forth therein.
Release of Damages. Buyer acknowledges review of the release of damages contained in Special Warranty Deed to Arbor Corp., recorded October 26, 1992 in Book 307, Page 216, in the Office of the Chancery Clerk of Madison County.
Access Agreement and Grant of Easements. Buyer acknowledges and agrees Property is subject to the terms of that certain Access Agreement and Grant of Easements by and between Northpark Joint Venture and Ridgeland Towne Center dated May 30, 1986 and recorded June 3, 1986 in Book 216, page 240 in the Office of the Chancery Clerk of Madison County, and the Easement and Reservation contained in Corrective Deed, recorded February 6, 1997 in Book 391, Page 450, of the aforesaid records.
Trust Agreement. Buyer acknowledges the Property is subject to the terms and conditions of that certain Trust Agreement between Theatre Investors, Inc., a Delaware corporation and Wilmington Trust Company, a Delaware banking corporation and William J. Wade, an individual, recorded December 15, 1995 in Book 367, Page 722, and re-recorded January 16, 1997 in Book 389, Page 670, in the Office of the Chancery Clerk of Madison County.
Construction, Operation and Reciprocal Easement Agreements. Buyer acknowledges and agrees Property is subject to the terms and of that certain Construction, Operation and Reciprocal Easement Agreement by and between Ridgeland Associates, D.H Holmes Company Limited, and McRae's Inc. dated March 16, 1983 in Book 186, Page 29, as affected by First Amendment to Construction, Operation and Reciprocal Easement Agreement, recorded in Book 521, Page 324, as affected by Second Amendment to Construction, Operation and Reciprocal Easement Agreement, recorded in Book 526, Page 145, as affected by Third Amendment to Construction, Operation and Reciprocal Easement Agreement, recorded November 1, 1984 in Book 200, Page 641, as affected by Second Supplement to Construction, Operation and Reciprocal Easement Agreement, recorded October 28, 1985 in Book 209, Page 397, as affected by Fourth Amendment to Construction, Operation and Reciprocal Easement Agreement, recorded October 30, 1985 in Book 572, Page 555, each of which is recorded in the Office of the Chancery Clerk of Madison County.
Declaration of Covenants. Buyer acknowledges the Property is subject to the terms and conditions of the following: the Declaration of Covenants, recorded in Book 526, Page 173, the Amended and Restated Declaration of Covenants, recorded in Book 546, Page 210, the First Supplement to Amended and Restated Declaration of Covenants, recorded October 30, 1985 in Book 572, Page 541, the Second Supplement to Amended and Restated Declaration of Covenants recorded December 4, 1985 in Book 575, Page 311, each recorded in the Office of the Chancery Clerk of Madison County. Buyer further acknowledges the Property is subject to the terms and conditions of the Declaration recorded in Book 526, Page 194, Amendment to Declaration, recorded in Book 546, Page 249, aforesaid records, the First Supplement to Declaration, recorded October 30, 1985 in Book 572, Page 527, the Second Supplement to Declaration recorded December 4, 1985 in Book 575, Page 330, each of which is recorded Office of the Chancery Clerk of Madison County.
Buyer further acknowledges the Property is subject to the terms and conditions of Ridgeland Towne Center Protective Covenants, recorded in Book 591, page 260, as affected by First Amendment to Ridgeland Towne Center Protective Covenants, recorded June 3, 1986 in Book 591, Page 274, as affected by Limited Release of Protective Covenants, recorded July 31, 1986 in Book 596, Page 43, each of which is recorded in the Office of the Chancery Clerk of Madison county.