This is an outstanding opportunity to acquire an income-producing commercial building on 8.54+/- acres (34,588.7+/- square meters) in a developed retail area along a busy commercial corridor.
Located in Hatillo, Puerto Rico, the 30,000+/- sf building was built in 2003 and is currently occupied by Amigo Supermarkets (Supermercados Amigos), a division of Wal-Mart Internacional, with a multi-year lease. The supermarket parking lot has approximately 100 spaces.
In addition to the building, there are two commercial pads fronting a commercial corridor in Hatillo with future development or sales opportunities. The parcel also has vacant land with endorsements and a second building occupied by a church.
Real estate forfeited under laws enforced by the United States Department of Justice and its investigative agencies including the DEA, FBI and ATF.
RÚSTICA: Finca ubicada en el Barrio Pueblo del Municipio de Hatillo con una cabida superficial de 36,086.5098 metros cuadrados, equivalentes a 9.18139 cuerdas. Colindando por el NORTE, con la carretera Estatal PR-2, con un predio propiedad del Departamento de Transportación y Obras Públicas, con finca 21,749 propiedad de Rev del Norte, Inc., con la finca 4517 perteneciente a los Estados Unidos de América; por el SUR, con los siguientes propietarios: Sucesión José Valentín Delgado, Sucesión Jesús Valentín Delgado, Sucesión Ramón Cruz Ruis, Juan Pérez López, Sucesión Obdulio Mejías, Francisco Álvarez Mora y Sucesión Ramón Álvarez Martínez; por el ESTE, con terrenos de Aureliano Giraud Piñeiro y su esposa Arlene Ramírez Rodríguez y un predio propiedad de los Estados Unidos de América y por el OESTE, con Knight Enterprises.
Contract close date to be on or before 91 days from date of auction or accepted offer.
Addendum Disclosure. Buyer acknowledges receipt of and has initialed the following: Addendum to Real Estate Purchase Contract, Lead Based Paint Addendum, Buyer's Certification Packet. Buyer responsible for all remediation and costs therein. Seller will pay the auction service fee (referenced in paragraph 3 of section 4 of the purchase contract) on behalf of the buyer at the time of closing.
Occupied Property w/Lease Agreement Disclosure. Buyer acknowledges and understands that Property is currently occupied by Wal-Mart Puerto Rico, Inc., pursuant to a Ground Lease (the terms of which are posted on the Property website) and Buyer agrees to be bound by same. Buyer acknowledges and understands that this is a 15-year lease agreement which may be extended at lessee's option for four (4) additional five (5) year periods. Buyer agrees to hold Seller, Williams & Williams, and their agents harmless from any and all claims arising from or in any way connected to the Ground Lease. Buyer is understands and acknowledges that the lease is a binding legal document and is advised to obtain a professional opinion regarding its terms prior to bidding.
The property will be sold subject to the terms and conditions of the lease.
Legal Description Discrepancy. Seller has been advised that the correct legal description for the Property is 9.1839 cuerdas; currently the Register in Puerto Rico incorrectly shows the Property as consisting of 10.3 cuerdas. The legal description with the Register is in the process of being corrected.
Occupied Property Disclosure. Buyer acknowledges and understands that property herein contains a structure currently used as a church by individuals claiming occupancy rights without a written lease. 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 their agents harmless from any and all claims resulting from or in any way related to the occupancy status.
We have received verbal confirmation from Wal-Mart's legal counsel that Wal-Mart will waive their contractual first right of refulsal.
PR Broker: JULIA T. ACOSTA BETANCOURT. (787)-895-4949. Lic.# C-10579