SOLD - FORECLOSURE AUCTION - Tuesday, July 2 at 1:00pm - Concrete Production Facility located near I-81

SOLD - FORECLOSURE AUCTION - Tuesday, July 2, 2019 at 1:00pm - AUCTION HELD ON-SITE - 300 Mall Drive, Martinsburg, West Virginia 25401 - Known as The Martinsburg Concrete Products Co, this property is believed to be improved with an industrial office structure and multiple industrial buildings devoted to concrete production, concrete product storage, and equipment storage. The property is believed to be serviced by public electricity, public water, and public sewer. The property is also believed to be located in FEMA flood zone X, which is not classified as a flood hazard area per FEMA Map Number 54003C0153E, dated July 7, 2009. 2% BROKER PARTICIPATION OFFERED.

  •   May 29 @ 9:51PM EDT (Begins)
  •   Sep 30 @ 8:18PM EDT (Ends)
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SOLD - FORECLOSURE AUCTION - Tuesday, July 2, 2019 at 1:00pm - AUCTION HELD ON-SITE - 300 Mall Drive, Martinsburg, West Virginia  25401 - Known as The Martinsburg Concrete Products Co, this property is believed to be improved with an industrial office structure and multiple industrial buildings devoted to concrete production, concrete product storage, and equipment storage.  The property is believed to be serviced by public electricity, public water, and public sewer.  The property is also believed to be located in FEMA flood zone X, which is not classified as a flood hazard area per FEMA Map Number 54003C0153E, dated July 7, 2009.  

According to a third party report, the buildings were constructed in 1976 with periodic renovations and the improvements include 5,904 SF of Gross Building Area.  

The Property consists of 7.50+/- acres that are strategically located next to Foxcroft Towne Center, significant other shopping centers with retail stores, restaurants, hotels and conveniently accessible by I-81 and US Route 11.  While the property has an attractive IG - General Industrial zoning, and a history of being used for industrial purposes, it has potential for redevelopment for a variety of uses, subject to existing zoning laws.  

The lender retained an independent law firm to complete the title work for this foreclosure, which can provide title insurance to the purchaser at the purchaser's expense.  Please contact Auction Markets, LLC for more information. 

The property is currently occupied so please do not go onto the property.  You may inspect the real estate on Wednesday June 26, 2019 between 11am and 1pm and Tuesday, July 2, 2019 between Noon and 1pm.  2% BROKER PARTICIPATION OFFERED.

 

Check out our video of this property:

https://youtu.be/Wvo5zvyVpUU

Location

NOTICE OF SUCCESSOR TRUSTEE’S SALE
OF PROPERTY GENERALLY KNOWN AS 
THE MARTINSBURG CONCRETE PRODUCTS CO.
Located at 300 Mall Drive, Martinsburg, West Virginia  25401
    
NOTICE IS HEREBY GIVEN THAT:
By virtue of a Credit Line Deed of Trust and Security Agreement dated August 27, 2008 made and executed by THEODORE M. MYERS, II to BB&T Collateral Service Corporation, a West Virginia corporation, as Trustee, and recorded in the Office of the Clerk of the County Council (formerly Commission) of Berkeley County, West Virginia, in Trust Deed Book 2298, at Page 20, and assigned by the Beneficiary, Branch Banking and Trust Company, a North Carolina banking corporation, to SummitBridge National Investments IV LLC, a Delaware limited liability company, whose address is 1700 Lincoln Street, Suite 2150, Denver, Colorado 80203, by Assignment of Security Instruments effective as of December 18, 2015, filed of record in the aforesaid Clerk’s office on December 23, 2015, in Assignment Book 1123, at Page 695, default in the payment of the indebtedness thereby secured by the Credit Line Deed of Trust and Security Agreement having occurred, and pursuant to the terms thereof and to the written request of the holder of the indebtedness thereby secured, and further pursuant to the authority granted to the undersigned by that certain Appointment of Successor Trustee dated April 5, 2018, and recorded in the aforesaid Clerk’s office in Book 3251, at Page 447; and 

By virtue of a second Credit Line Deed of Trust and Security Agreement dated August 27, 2008 made and executed by THEODORE M. MYERS, II to BB&T Collateral Service Corporation, a West Virginia corporation, as Trustee, and recorded in the Office of the Clerk of the County Council (formerly Commission) of Berkeley County, West Virginia, in Trust Deed Book 2298, at Page 28, and assigned by the Beneficiary, Branch Banking and Trust Company, a North Carolina banking corporation, to SummitBridge National Investments IV LLC, a Delaware limited liability company, whose address is 1700 Lincoln Street, Suite 2150, Denver, Colorado 80203, by Assignment of Security Instruments effective as of December 18, 2015, filed of record in the aforesaid Clerk’s office on December 23, 2015, in Assignment Book 1123, at Page 698, default in the payment of the indebtedness thereby secured by the Credit Line Deed of Trust and Security Agreement having occurred, and pursuant to the terms thereof and to the written request of the holder of the indebtedness thereby secured, and further pursuant to the authority granted to the undersigned by that certain Appointment of Successor Trustee dated April 5, 2018, and recorded in the aforesaid Clerk’s office in Book 3251, at Page 461, 

the undersigned Successor Trustee will sell at public auction at the entrance of the Property to the highest bidder on:

Tuesday, July 2, 2019 at 1:00 p.m.
300 Mall Drive, Martinsburg, West Virginia  25401 

ALL OF THE FOLLOWING DESCRIBED PROPERTY: 

All that certain lot or parcel of real estate together with the improvements thereon and appurtenances thereto belonging, situate in Martinsburg District, Berkeley County, West Virginia, and more particularly described as follows:

All that certain tract or parcel of land, together with all buildings and improvements thereon and all appurtenances thereto belonging lying and being situate in the City of Martinsburg, State of West Virginia (and which was formerly a part of the District of Arden) in the County of Berkeley and State of West Virginia, containing 7 ½ acres, more or less, and being the same real estate which was conveyed to the Cumberland Valley Fruit Product Company by deed from the Shenandoah Valley Apple, Cider and Vinegar Corporation, dated December 21, 1920, and recorded in the office of the Clerk of the County Commission of Berkeley County, West Virginia in Deed Book 140, page 286, and bounded and described as follows:  Beginning at the northeast corner of the land of the late H.J. Seibert in the southern side of what is known as the Rock Road, thence eastwardly with said road eight hundred and sixty-eight (868) feet, more or less, to the western side of the right of way of the Cumberland Valley and Martinsburg Railroad Company, thence with the said right of way southwardly eleven hundred sixty-seven and five tenths (1167.5) feet, more or less, to another corner of said Seibert, thence with this line seven hundred and eighty-two (782) feet, more or less, to the beginning.

AND BEING the same real estate which was conveyed to Patricia A. Myers from First National Bank of Maryland, Trustee, by deed dated March 10, 1989, recorded in the aforesaid Clerk's office in Deed Book 447, page 520.  Patricia A. Myers died testate September 15, 1991 and by her will of record in the aforesaid Clerk's office in Will Book 66, page 414, she devised her interest in the above described real estate to her son, Theodore M. Myers, II and her daughter Tricia M. Churchey.  Tricia M. Churchey conveyed her interest in the above described real estate to her brother, Theodore M. Myers, II, by deed dated the 6th of May, 1994 or record in the aforesaid Clerk's office in Deed Book 570, page 279.  

herein referred to as the "Property."

The Property is also known as the The Martinsburg Concrete Products Co.  It has a mailing address of 300 Mall Drive, Martinsburg, West Virginia 25401.  
 
The Property is believed to be improved with an industrial office structure and multiple industrial buildings devoted to concrete production, concrete product storage and equipment storage.  The Property is believed to be serviced by public electricity, public water and public sewer.  The Property is also believed to be located in FEMA flood zone X, which is not classified as a flood hazard area per FEMA Map Number 54003C0153E, dated July 7, 2009.
                                                                 

NOTE:  The information contained herein has been obtained from sources deemed reliable and is believed to be accurate, but is offered for informational purposes only. No express or implied warranty is made or may be inferred from any such representation.  Dimensions, square footage and acreage contained herein are more or less.  Prospective purchasers are encouraged to perform their own due diligence, in advance of the auction, regarding the Property and the improvements thereon and permitted uses of the Property.

The Property is being sold subject to any and all easements, rights-of-way, exceptions, reservations, restrictions, covenants, conditions, leases, liens or encumbrances affecting title to the property and further to any state of facts that would be disclosed by or apparent upon an inspection or an accurate survey of the Property described above; provided, however, that any such restriction, covenant or condition indicating a preference, limitation or discrimination based on race, color, religion, sex, marital status, ancestry, disability, handicap, familial status or national origin is hereby deleted to the extent such restriction, covenant or condition violates 42 USC § 3604(c).  

The sale shall further be made subject to accrued and unpaid ad valorem real property taxes upon the Property.  The Trustee makes no representations or warranties as to the validity or priority of such liens, taxes, encumbrances and other matters, if any. The Property will be sold subject to any and all assessments and taxes against said Property, and all prior liens and encumbrances of any nature whatsoever, including the Internal Revenue Service’s right of redemption, if any exists.

On June 27, 2018, the grantor, Theodore M. Myers, II, filed a voluntary petition for bankruptcy protection under Chapter 13 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Northern District of West Virginia, case # 18-00615.  The bankruptcy case was converted to a Chapter 11 case on September 28, 2018, and then converted to a Chapter 7 case on March 1, 2019.  On April 24, 2019, the Bankruptcy Court entered an Order Granting SummitBridge National Investments IV LLC Relief from Automatic Stay to foreclose against the Property at 300 Mall Drive, Berkeley County, Martinsburg, West Virginia.  
    
TERMS OF SALE:  
A prospective purchaser must have in hand, at the time and place of the foreclosure auction sale, $30,000.00 in certified funds, which will serve as the "Initial Deposit" if the prospective purchaser secures the winning bid.  The Initial Deposit will then be paid to the Successor Trustee at the close of the foreclosure auction sale.  The Initial Deposit must be increased to equal ten percent (10%) of the purchase price no later than 12:00 p.m. (Noon), July 3, 2019, to be paid to the Successor Trustee by wired funds (the “Additional Deposit”). The Initial Deposit and Additional Deposit are nonrefundable. The balance of the purchase price and all other sums due by purchaser shall be payable by wired funds at Settlement to be held on or before August 2, 2019.  The purchaser shall be responsible for the payment of the transfer taxes imposed by West Virginia Code § 11-2-1 and all other settlement costs and costs incidental to transfer of the Property.  Taxes and all other public charges and assessments outstanding against the Property shall be paid by purchaser at Settlement. Time shall be of the essence with respect to the payment of the Additional Deposit and all sums due by the purchaser at Settlement. 

The Successor Trustee reserves:  (1) the right to modify or waive the requirements for bidder’s deposits and terms of sale and/or settlement; (2) the right to withdraw the Property from the sale (3) the right to cancel or postpone the sale; (4) the right to reject any and all bids.  The party secured herein, if a bidder, shall not be required to post a deposit, and may bid in the form of a credit bid. If the Successor Trustee is unable to convey title, the purchaser’s sole remedy in law and in equity shall be limited to a refund of the deposit and the sale shall be considered null and void and of no effect.

Upon conclusion of the sale, the purchaser will be required to execute a Contract of Sale reflecting the purchase price and incorporating the terms of this Notice.  If the purchaser fails to deliver the Additional Deposit, the purchase price, and all other sums due at Settlement within the prescribed time, at the Successor Trustee’s sole discretion, she may declare the deposits forfeited, and in addition to any other legal or equitable remedies available to her, may convey the Property to the next highest bidder if such bidder will honor his bid, or may proceed to resell the Property pursuant to the Deeds of Trust.  In the event of such a default the defaulting purchaser(s) shall be liable to the Secured Party for the payment of any deficiency in the purchase price resulting therefrom, all costs and expenses of any subsequent sale, reasonable attorneys’ fees, all other charges due, and incidental damages.  In the event a resale of the Property results in a sale in excess of the amount originally bid by the defaulting purchaser, the defaulting purchaser shall not be entitled to return of his deposits, and waives any and all claims, rights and interest to any such excess amount and shall not be entitled to any distribution whatsoever from the resale proceeds.  The parties’ respective rights and obligations regarding the terms of sale and the conduct of the sale shall be governed by and interpreted according to the laws of the State of West Virginia.  

The Property will be sold in “AS IS” condition.  The Successor Trustee makes no representations or warranties of any kind or character including, but not limited to, the condition, zoning, or use of the Property or the title to the Property to be conveyed.  The purchaser is responsible for, and the Property is sold subject to, any environmental matter or condition, whether latent or observable, if any, that may exist at or affect or relate to the Property and to any governmental requirements affecting the same. The Property will be sold subject to any building or housing violations, easements, agreements, restrictions, terms, rights of way, filed and unfiled mechanics' and materialmen's liens, covenants, conditions, rights of redemption, liens and all other encumbrances having priority over the secured party’s deed of trust, if any, lawfully affecting the Property, whether or not of record, including but not limited to environmental conditions (including without limitation possible wetlands, riparian rights, critical or protected areas, and the presence of protected or endangered species) and all applicable federal, state and local laws, ordinances and regulations lawfully affecting the Property. The Successor Trustee will deliver a trustee’s deed to the purchaser without any covenant or warranty (express or implied) in the form prescribed by W.Va. Code § 38-1-6 upon receipt of the purchase price in good and available funds.  

The purchaser at the foreclosure auction sale shall assume the risk of loss of the Property immediately after the foreclosure auction sale takes place.  It shall be the purchaser’s responsibility to obtain possession of the Property following execution and delivery of the deed from the Successor Trustee conveying the Property to the purchaser. 

The sale does not include the sale of any personal property in or on the Property.  Any personal property remaining at the Property after the foreclosure auction sale will be deemed to constitute ABANDONED PROPERTY and may be disposed of accordingly.       

The Successor Trustee reserves the right to adjourn the sale for a time, or from time to time, without further notice, by announcement made at the time and place of the sale described above. Announcements made on the day of sale take precedence over these Terms of Sale.

Given under my hand this 16th day of May, 2019. 
        
                
DEBRA LEE ALLEN, Successor Trustee                                
Spilman Thomas & Battle, PLLC

Remote Location:
292 Pleasant Valley Drive,
Charles Town, West Virginia  25414
304.291.7951                                                 
dallen@spilmanlaw.com

For additional information, including the Public Property Inspection dates, please contact: 

Auction Markets, LLC
Stephen Karbelk
571-481-1037 
stephen@realmarkets.com
RealMarkets.com
West Virginia Auctioneers License #2275