Four Commercial Buildings Up for Absolute Auction
U.S. Bankruptcy Court has ordered Mercer Rug Cleansing to sell its four real estate and business assets through auction.
Mercer's main building in Richmond Va., an intangible business asset and two commercial buildings that are associated with the business are going to be available for interested buyers.
Prospective purchasers can bid on all of the rug cleaning and repair businesses assets in its entirety or on any of the four offerings that will be up for auction.
Tranzon Fox, a New York-based real estate and disposition company, will be conducting the auction.
The auction for Mercer's real estate properties will take place on Dec. 19 at its 23,126-square-foot headquarters building.
An absolute bankruptcy auction will be conducted for three Richmond commercial buildings that Mercer owns.
The first is a 6,242-square-foot property that is a two-bay industrial building. Tranzon said this property is ideal for a small light-industrial user or investor.
Another structure to be sold via an absolute auction is the Oregon Hill building. This 17,319-square-foot property has an adjacent lot and is within walking distance of Virginia Commonwealth University. According to Tranzon, this building could generate state and federal historic tax credits if it is rehabilitated.
All of the buildings up for auction will be sold regardless of price.
Tranzon said it has been marketing Mercer Rug Cleansing, which has generated an average annual gross of $800,000 to $900,000 over the past three years, regionally anticipating this auction in order to preserve the jobs of the business's employees and to generate maximum returns for its creditors.