Going, going...not gone PDF Print E-mail
Written by ALEX ASPACHER Sentinel Staff Writer   
Thursday, 31 October 2013 09:35
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Michael Berland with Chartwell Group during the auction of The Orleans Building at Levis Commons. (Photos: J.D. Pooley/Sentinel-Tribune)
PERRYSBURG - The Orleans Building at Levis Commons had no bidders during a court-ordered auction Wednesday.
The storefront - occupied by Fat Fish Blue Comedy Club, Nagoya restaurant and other businesses - had a published reserve price of about $3.6 million, which elicited no bids from a handful of people in the audience at the Hilton Garden Inn.
Mired in debt, the property located at 3290 Levis Commons Blvd. was ordered to be sold at auction after Levis Commons developer Larry Dillin defaulted on a Huntington Bank loan used to construct the Orleans Building.
Though no one placed a bid Wednesday, parties from seven U.S. states and Canada have expressed interest, according to Michael E. Berland, executive vice president of the Chartwell Group, the receiver appointed by the Wood County Court of Common Pleas.
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The Orleans Building at Levis Commons is up for auction.
He said none of those people were "comfortable with the financial position of the property," but noted that itwould likely sell if the bondholders would agree to restructuring.
"We identified real buyers" during the marketing and inspection process, Berland said.
Information provided at the auction indicates the building currently brings in about $716,000 per year at 63 percent occupancy. Full occupancy would bring the income to $1.2 million. Additionally, the sale included 8.95 acres for further development, on which another 80,000 square-foot facility would draw another $1.6 million each year if it were built.
Last Updated on Thursday, 31 October 2013 09:39
 

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