Headlining the auction is the former DIY Home Improvement Store on Brookpark Road in Cleveland. The 108,000-sf building on 14 acres boasts excellent highway visibility. Suggested opening bid is $3 million.
An income-producing Firestone building located at 12800 Brookpark Rd. also will be auctioned. Leased to Firestone, the building has a net operating income of $50,000 and will be offered with a suggested opening bid of $200,000.
Seven additional former DIY Home Improvement Stores in Akron, Eastlake,Medina, Ashtabula, Warren and North Randall also will be offered. Most of them are less than seven years old. The properties range in size from 66,000 sf to 99,000 sf. Suggested opening bids are from $1.7 million to $2 million.
Additionally, outlots/building pads will be auctioned separately inEastlake, Akron and Medina.
The warehouse store announced in June that it would voluntarily close the doors on its remaining stores in northeastern Ohio."The company currently expects that the net proceeds from the sale of our remaining locations, as well as the value of the prior disposition of merchandise inventories, will exceed the company's total outstanding obligations," says Clifford L. Reynolds, president and CEO of DIY. "Welook forward to a successful auction."
The company is not currently in bankruptcy.
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