News: Front Section
Posted: July 21, 2017
JJManning Auctioneers completes three sales totaling $3.015 million
Peabody, MA During the 2nd quarter of this year, JJManning Auctioneers continued to build upon their long history of selling commercial properties in coastal Massachusetts with the following sales:
• On March 16, a former 5 pump gas station located on .65 acre at the intersection of Rtes. 6A & 134 in East Dennis, drew 5 bidders to a mortgagee’s foreclosure auction wherein this property, tax assessed at $532,800, was sold for $555,000. The sale closed quickly and the station was reopened for business before the end of June to capture the traffic passing this busy site on route to Sesuit Harbor and other popular Cape Cod destinations.
• On June 1, a mortgagee’s foreclosure auction for the 29,952 s/f, 3-story historic “O’Shea Building” in Peabody attracted 9 bidders each with a $50,000 certified deposit in hand to compete for this partially gutted vacant landmark built in 1906. The redevelopment property, tax assessed by the city of Peabody at $972,900, was sold for $1.47 million in heated bidding with the buyer being responsible for an additional $26,000 in municipal liens on top of their bid.
• On June 21, a gas/service station known as “Bay Village Auto” on .65 acre at the Buzzards Bay Rotary in Bourne sold. This Growth Incentive Zone gateway property, sold turn-key on behalf of the retiring owner, caught the attention of 5 bidders whose lively competition drove the sales price to $990,000 with the successful local buyer providing a $25,000 certified deposit that was increased to a full 10% within 3 days.
JJManning Auctioneers is currently accepting consignments for summer and fall of commercial, industrial, and residential properties.
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