OUTSTANDING AUCTION PROPERTY

LANDMARK WATERFRONT
BAR & RESTAURANT

Situated On 1.61 Acres± Zoned C-3, Commercial
Including Liquor License, Fixtures & Equipment


Known As
"Malibu's Lakeside"
Formerly The Old Crab Cove
5622 BELLE GROVE ROAD
One Mile North of Baltimore Beltway
(I-695) Exit 6 on MD-170 North

Anne Arundel County, MD 21225

Photo of

Sale On Premises
WEDNESDAY, JUNE 6, 2007
AT 2:00 P.M.


       NOTE: The information contained herein has been obtained from sources deemed reliable and is believed to be accurate. However, no express or implied warranty is made or may be inferred from any such representation. Square footage, acreage and dimensions contained herein are approximate and more or less.

LOCATION:

"Malibu's Lakeside" is a fully equipped restaurant and night club, located just south of Baltimore City in the Brooklyn/North Linthicum area of northern Anne Arundel County. Known for its dining, live music and special events, Malibu's is a well known entertainment destination. The site is approximately 3 miles northeast of BWI airport with direct access from Maryland Route 170 (Belle Grove Road becoming Ft. Meade Road). Malibu's has convenient access to the Baltimore Beltway (I-695), Harbor Tunnel Throughway (I-895, leading to I-95) and I-97. A new multi-million dollar street scape is under construction along Belle Grove Road (MD-170), including new sidewalks, curbing, lighting and paving. Malibu's Lakeside ceased operation on May 12, 2007.

LOCATION MAP

BUILDING:

Main Building - One story brick and vinyl siding building with composition shingle and built-up roofs. According to public tax records, the structure contains 6,826 square feet of gross building area. Photos of auction property
FRONT ENTRANCE      SIDE VIEW

Front - Approximately 350 Seats
Reception Area
Dining Rooms - including tables, chairs, tableware, decorations
Photo of
Billiard Room
Photo of
Dance Floor
Photo of
2 - Bars
Photo of
4 - Rest Rooms
Commercial Kitchen - 4-walk-in coolers, crab steaming area, fully equipped food preparation area with stainless steel equipment, including ice machine, slicer, refrigerated work island, beer keg drafts, Vulcan convection oven, Wolf range, kitchenware, utensils, etc.
Mechanical
Gas Forced Hot Air Heat
Zoned Air Conditioning
200 ampere electric service with multiple panels
Rear
Approximately 40' x 60' tented patio with ceiling fans, water view and Tiki bar
Outdoor Tiki bar and dining area
Photos of auction property
PATIO EXTERIOR      TIKI BAR      WATER VIEW
Exclusions
Micros point-of-sale system
Soda dispensers


SITE:

1.61 acres
280' along Belle Grove Road (MD-170)
200' along Patapsco River Lake
920' deep
2- Asphalt Paved Parking Lots - approximately 100 vehicles with potential for expansion

SUBDIVISION PLAT

UTILITIES:

Public water, public sewer, gas, electricity and telephone

ZONING:

C-3, General Commercial - see Anne Arundel County Planning and Zoning Web Site for land uses:
http://www.aacounty.org/PlanZone

TAXES:

2007 Real Estate Taxes - $5,007.86 as published by Anne Arundel County

LIQUOR
LICENSE:

7-Day Beer, Wine & Liquor License - permits live entertainment and package goods sales. The transfer of this liquor license is subject to the approval of the Anne Arundel County Liquor Board as in the case of an original application, and it shall be the sole responsibility of the purchaser to obtain said approval.

TITLE:

All assets are sold free and clear of liens. The real estate is in fee simple; Deed Liber 17251, Folio 633.

TERMS
OF SALE:

A $25,000 deposit, payable by certified check or cashier's check, will be required of the purchaser at time and place of sale. The deposit shall be increased to 10% of the purchase price within 24 hours at the Auctioneer's office. Balance to be paid in cash within 45 days. If payment of the balance does not take place within the specified time, the deposit shall be forfeited and the property may be resold at the risk and expense of the 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. All adjustments, including taxes, all other public charges and assessments payable on an annual basis, and 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, and subject to easements, agreements, restrictions or covenants of record affecting same, if any. Purchaser assumes the risk of loss from the date of sale forward. The purchaser agrees to waive the right of inspection for lead paint, as provided under current Federal and State law. If the Seller is 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 Auctioneers. Recordation costs, transfer taxes and all costs incidental to settlement to be paid by the purchaser. Time is of the essence. Maryland retail sales tax is due on personal property - to be collected at settlement.

NO BUYER'S PREMIUM.

Broker participation is invited.
BROKER REGISTRATION FORM