Corporate Liquidation Sale
Real Estate Auction

- OWINGS MILLS -
DEVELOPMENT SITE


7.8 ± Acres
Permits Issued For
RETAIL/OFFICE CENTER


Aerial Photo

Artist's Concept Drawing

Sale On Premises
CORNER OF
MCDONOGH & PAINTERS MILL ROADS

BALTIMORE COUNTY, MD 21117

THURSDAY, JUNE 1, 2006
AT 10:30 A.M.


       NOTE: The information contained herein has been obtained from sources deemed reliable and believed to be accurate. However, no express or implied warranty is made as to the accuracy of these representations. Prospective purchasers are encouraged to consult with the appropriate government authorities regarding the permitted uses of the property and perform their own due diligence in advance of the auction. All dimensions and acreage contained herein are more or less.

GENERAL INFORMATION

LOCATION:

PRIME HIGH VISIBILITY AND TRAFFIC CORNER - READY TO BUILD! The site is located on the northeast corner of McDonogh Road and Painters Mill Road, adjacent to the Owings Mills Corporate Campus, T. Rowe Price Headquarters and McDonogh School. New home construction is across the street and underway in the immediate area. The site is within one mile of the MTA Owings Mills subway station, Owings Mills Mall, I-795 and within minutes of Reisterstown Road and I-695.

Jeffersonian Article (05/09/06)

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Photos of auction property
Photos:
    EAST ON McDONOGH RD.
    NORTH ON PAINTERS MILL RD.
    SOUTH ON PAINTERS MILL RD.
    NEW SUBDIVISION (across the street)

For demographics of Owings Mills (based on 2000 Census Data), visit:
http://www.city-data.com/city/Owings-Mills-Maryland.html

For Information on McDonogh School, visit:
http://www.mcdonogh.org//index_flash.cfm

For information on the Owings Mills Mall, visit
http://www.owingsmillsmall.com/html/index5.asp

LOCATION MAP

For directions from your location, visit:
http://www.mapquest.com/directions/main.adp

GENERAL INFORMATION:

Photos of auction property
SITE PHOTO #1      SITE PHOTO #2

Three contiguous lots comprising a total of 7.797 acres, more or less

Traffic signal and existing curb cut at site.

The site has been cleared and sediment control devices have been installed.

Water, sewer, storm drain and other development plans have been designed and/or approved by the appropriate government agencies.

Building permits have been issued for the property from the Department of Permits and Development Management of Baltimore County allowing the grading of the site and the construction of a three story retail/office building with side drive-through areas.
BUILDING & GRADING PERMITS

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A Phase-I Environmental Site Assessment and Geotechnical Investigation have been performed and are available for inspection at the office of the Auctioneers (by appointment only.)

Complete architectural and engineering drawings are available for inspection at the office of the auctioneers (by appointment only). The drawings include:
  • All utility plans and profiles
  • Erosion and settlement control and detail plans
  • Site layout and detail plans
  • Final grading plans
  • Complete structural and building plans
  • Road and drainage area plans
  • Storm water management plans

PARCEL DESCRIPTIONS:

Tax map

PARCEL "B"

Known as 6.117 acres, Parcel "B" on the east side of Painters Mill Road - Owings Mills Corporate Campus - Tax Map 67, Grid 15, Parcel 426. (According to the Maryland Department of Assessments and Taxation.)

PARCEL "E"

Known as 1.398 acres, Parcel "E" on the north side of McDonogh Road - Owings Mills Corporate Campus - Tax Map 67, Grid 15, Parcel 426. (According to the Maryland Department of Assessments and Taxation.)

0.289 ACRE
PARCEL

Formerly known as Bachelors Hall Road. The road has been closed and incorporated into the current development plan. See the: LEGAL DESCRIPTION

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ZONING:

OR-2, office/residential. Baltimore County has approved an increased retail use for the proposed building.

For detailed zoning information, visit:
Baltimore County Zoning Code

TITLE:

All three parcels are in fee simple; sold free and clear of all liens


MANNER OF SALE

All parcels are being sold as an ENTIRETY ONLY.

TERMS OF SALE

       Deposit payable by cashier's check of $100,000 will be required of the purchaser at time and place of sale. The deposit is to be increased to 10% of the purchase price within 24 hours at the office of the Auctioneers. Balance to be paid in cash within 45 days. If payment of the deposit or balance does not take place within the specified time, the deposit will be forfeited and the property may be resold at the risk and expense of the defaulting purchaser. Interest to be charged on the unpaid purchase money, at the rate of 12% per annum, from date of sale to date of settlement. Taxes and all other public charges and assessments, payable on an annual basis, including sanitary and/or metropolitan district charges, if any, to be adjusted for the current year to date of sale and assumed thereafter by the purchaser. The property will be sold in "AS IS" condition, without express or implied warranty as to the existing zoning or use, the exact lot sizes, and the nature and description of any improvements as contained herein; and subject to easements, agreements, restrictions or covenants of record affecting same, if any. Purchaser assumes risk of loss from the date of sale forward. The purchaser waives and releases the Sellers, the Auctioneers, and their respective agents, successors and assigns from any and all claims the purchaser and/or its successors and assigns may now have or may have in the future relating to the condition of the property, including but not limited to the environmental condition thereof. If the Sellers are unable to convey good and marketable title, the purchaser's sole remedy in law or equity shall be limited to the refund of the deposit. Upon refund of the deposit this sale shall be null and void and of no effect, and the purchaser shall have no further claim against the Seller or Auctioneer. A 5% Buyers Premium will be added to the final bid price. At or prior to settlement, the Purchaser must replace the current Owner's letters of credit for the required amount of security by Baltimore County. ($163,600 for the storm water management and $16,335 for the grading). Purchasers are urged to contact Baltimore County for the exact amounts that will be required to replace these letters of credit. TIME IS OF THE ESSENCE.