Salem, Virginia

Absolute Auction
Krystal Restaurant
14 Wildwood Road, Salem, VA 24153

Sold - July 2009

Real Estate and Restaurant Equipment
Offered separately and together as a complete package

Easy access to and from I-81 Exit 137, only 1/2 mile away

Real Estate:This quality facility was built in 2007. The .75± acre site is an out-parcel of Food Lion shopping center and enjoys direct ingress and egress from Wildwood Rd. and two-directional ingress and egress from both W. Main St. and Wildwood Rd. via Food Lion shopping center accesses. The building contains 1534± sq. ft. and offers seating for approximately 32 customers, in addition to serving counter, food preparation and storage areas, two rest rooms, a large walk-in refrigerator/freezer and drive through. The site offers 27± paved parking spaces. The property is zoned HBD Highway Business District and is served by public water, public sewer and natural gas.

Restaurant Equipment to be offered separately and as a package with real estate. Restaurant equipment includes a full line cashiering and computer systems, grills, deep fryers, preparation tables, refrigerators, freezers, cook tops, holding ovens, steamers, warming racks, condiment servers, counters, trash cans, restaurant furniture, storage racking and numerous other items. All restaurant equipment was purchased new in 2007 and is in excellent condition.

2007 VDOT annual average daily traffic counts:
•22,000± vehicles per day on Wildwood Rd. near its intersection with W. Main St. •28,000± vehicles per day on W. Main St. at its intersection with Wildwood Rd.

Now is the time to purchase prime real estate, quality restaurant equipment and a great business opportunity!!

Photos

Personal Property Photos


Lots 1-2		Lot 17


Lots 3-5		Lots 6-14


Lot 15		Lot 16


Lots 18-26		Lots 27-48


Lot 49		Lots 49A & 49B


Lot 50		Lot 52


Lot 53		Lot 55


Lot 54		Lot 56


Lot 57		Lots 59, 59A and 60


Lot 58


Lot 58A


Lot 63		Lot 64


Lot 65		Lot 67


Lot 66		Lot 70


Lot 68		Lot 69


Lot 71		Lots 72 - 73


Lot 74		Lot 76


Lot 75		Lot 77


Lot 78		Lot 79


Lot 80		Lot 81


Lots 82-84		Lots 85-86


Lot 88		Lot 89


Lot 87		Lot 90


Lot 91		Lot 92


Lot 93		Lot 94


Lot 95		Lot 96


Lot 97		Lot 99


Lot 98		Lot 100

Numerous other items including storage racks, cooking implements and utensils, containers, paper goods, cups, etc.





Lot 152

Aerial Photography

Boundaries shown on aerial photographs and topographical maps, which are provided by Auction Company as a courtesy to bidders, are approximate. Bidders should refer to the surveys provided in the Bidder Packet for boundary locations.

Documents

Site Plan
Survey
Building Construction Plans (Part 1)
Building Construction Plans (Part 2)
Real Estate Purchase Agreement
Personal Property List (07/16/2009)
Title Commitment (Revised - 07/17/2009)
Zoning HBD (Highway Business District)
Broker Participation Application

Documents will be added as they become available.

Please check back often.

Directions

From I-81, exit 137: Go south on Wildwood Rd. .5 mile, turn left into Food Lion and take an immediate right into the Krystal parking lot. From W. Main St., east of Wildwood Rd., take a right at Denny’s. Continue past Denny’s toward Food Lion and go left into Krystal parking lot. From W. Main St., west of Wildwood Rd., turn left on Wildwood Rd. and turn right into Krystal parking lot.

Broker Participation

Any broker actively licensed in the Commonwealth of Virginia whose agent properly registers the successful high bidder will be paid a two percent (2%) commission at settlement. Registration must be on a Woltz & Associates, Inc. Broker Participation Application form and contain the name, address and signature of agent and prospect as well as Broker’s license number and Federal Tax ID number. The form must be received in the office of Woltz & Associates, Inc. by 12:00 noon on July 20, 2009. If prospect attends preview, agent must attend with prospect. Additionally, agent must attend sale and co-register with prospect on auction day. Only the first broker to register the high bidder will be paid a commission. Agents acting as principals, on behalf of licensed real estate agents, on behalf of family members, on behalf of entities in which they hold an ownership interest or who represent prospects who have had prior contact with seller or auction company are not eligible. Only one registered bidder per agent. Broker Participation Application

Terms and Conditions

REGISTRATION: Bids will be accepted only from registered bidders. Registration begins on site at 10:00 AM. Please bring a driver’s license for identification.
TERMS OF SALE: All property is being sold Absolute to the high bidder, “AS IS, WHERE IS.” Bidders should perform such independent investigation with respect to the property as they deem necessary or appropriate. ALL SALES ARE FINAL. Secured creditors reserve the right to bid on their behalf.
AGENCY: THE AUCTION COMPANY AND ITS REPRESENTATIVES REPRESENT THE SELLER.
ANNOUNCEMENTS: Announcements day of sale take precedence over all prior releases, verbal and written, concerning this sale.
BIDDING: The auctioneer will determine bid increments.
BUYER’S PREMIUM: A Buyer’s Premium will be charged. The Buyer’s Premium on real estate is five percent (5%) of the high bid amount. The Buyer’s Premium on personal property is 10% of the high bid amount. The Buyer’s Premium is added to the high bid amount to determine the sale price.
DEPOSIT ON REAL ESTATE: A deposit in the amount of ten percent (10%) of the sale price (high bid plus Buyer’s Premium) will be required for the real estate on day of sale. The deposit is payable by cash, cashier’s check, pre-approved personal check made payable to Woltz & Associates, Inc, or wire transfer into the Woltz & Associates, Inc. Escrow Account on sale day. Personal checks will be approved if the Buyer presents, at time of registration, a letter from its bank stating that the Buyer is a customer of the bank and that the account on which the check is drawn is in good standing.
CLOSING DATE FOR REAL ESTATE: The balance of the purchase price is due at settlement on or before August 27, 2009.
TRANSFER OF TITLE: The real estate will be conveyed by special warranty deed, free and clear of liens, subject, however, to any recorded liens, easements, conditions and restrictions of record.
FINANCING: Your bidding and purchase of the property is not conditional upon financing. Be sure you have arranged financing, if needed, and are capable of paying cash at closing.
BIDDER PACKET: A Bidder Packet with information regarding the real estate will be available from the Auction Company and posted at www.woltz.com
PAYMENT FOR PERSONAL PROPERTY: All personal property must be paid in full on day of auction sale by cash, or pre-approved personal or business check payable to Woltz & Associates, Inc. Personal and business checks will be approved if the Buyer presents a bank letter stating that the Buyer is a customer of the bank and the checking account is in good standing. Buyers will be provided a Bill of Sale.
REMOVAL OF PERSONAL PROPERTY: Personal property becomes the responsibility of the Buyer at the time of sale. The Auction Company does not provide equipment or labor to remove purchased items. All personal property must be removed from the premises day of sale, by 7:00 PM, or Wednesday July 22, 9:00 AM to 2:00 PM, unless other arrangements are made with Auction Company and Seller. NOTE: Buyers are responsible for removing all equipment and personal property in a professional and workman like manner, without causing damage to the real property and/or other personal property. Any repairs necessitated by equipment removal damage shall be at the expense pf the purchaser of equipment which removal causes such damage.
GENERAL: The information contained in this brochure is subject to verification by all parties relying on it. No liability for its accuracy, error, or omissions is assumed by the Seller or the Auction Company.

Contact

For more information, please contact Boyd Temple (VA# 1850).
Phone Number: (540) 342-3560 or 800-551-3588
Email: Boyd