Business Termination Auction- 7+ Acre Waterfront Mill Complex in Norwich, CT

(Islandia, NY) May 2017- Maltz Auctions, a premier full-service auction company serving the New York Metropolitan region, announced it will auction- in multiple offerings- the 193,000+ sq. ft. Mill complex, formerly the home of Atlantic Packaging Group, LLC, located at 359-387 North Main Street, Norwich, CT 06360, Wednesday, June 21, 2017 at 11:00 am, with registration commencing at 10:00 am, on-location at the site.

“Any prospective owner would truly be buying a piece of history. Although Atlantic Packaging had been on the site since 1917, the former cotton mill the business occupied, dates back to 1842,” said Maltz Auctions’ President, Richard Maltz. “With nearly $900k invested in this property over the past 11 years, there is an opportunity to buy great space at a rock bottom price. There is unlimited potential for this property.”

Offering Details:

• Offering A: 181,000+ Sq Ft Mill Building Assemblage on 6 Acres
• Offering B: 12,000+ Sq Ft Office Building & Warehouse on .4 Acres
• Offering C: Paved & Fenced Asphalt Parking Lot on .85 Acres
• Each Offering is Available Independently, in Groups or in Bulk

Bulk Offering Overview:

• 3 Offerings Comprised of 4 Tax Lots
• 193,834 Sq Ft Office/Industrial Space + 47,100 Sq Ft of Basement & Attic Space
• 7.25 Acres
• 600’+ Frontage on North Main Street
• Zoned General Commercial District
• Full Sprinkler System Throughout Buildings
• On-Site Parking for 150+ Vehicles
• Public Utilities (Gas, Water, Sewer & Electrical)
• Active Rail Line Divides Offerings
• $890,000+ in Improvements Since 2007

Offering A:

• 385 & 387R North Main Street
• 181,000+ Sq Ft Industrial Building Assemblage + 42,300 Sq Ft Basement & Attic
• Situated on 6 Acres (2 Tax Lots)
• Comprised of 7 Interconnected 2-4 Story Buildings and Standalone Boiler Plant
• Previously Utilized as Manufacturing Facility, Product Storage and Machine Shop
• Ground Level: 87,433 Sq Ft
• Second Level: 76,054 Sq Ft
• Third & Fourth Levels: 17,572 Sq Ft
• Overall: 6,000 Sq Ft Allocated to Office Space
• Basement & Attic: 42,300 Sq Ft (Not Included in Sq Ft Calculation)
• Boiler Plant: 594 Sq Ft
• 12′-22′ Ceiling Height Throughout
• 4 Freight Elevators Servicing the 7 Interconnected Buildings
• All Building Sprinklered
• Railroad Spur to Building 2
• Built in 1840-1900
• Known as Buildings: 1, 2, 3, 4, 5, 12, 13 & 23
• Map: 94 Block: 3 Lot: 16 (#385) & Map: 95 Block: 1 Lot: 2 (#387R)
• $175,000 Suggested Opening Bid

Offering B:

• 387 North Main Street
• 12,000+ Sq Ft 2-Story Brick Office Building with Warehouse
• Situated on .4 Acres
• Main Level: 4,800 Sq Ft High-End Office Space
• Basement: 1,200 Sq Ft Finished Shop Office & 3,600 Sq Ft Storage
• Attic: 4,800 Sq Ft (Excluded from Sq Ft Calculation)
• Warehouse/Garage: 2,581 Sq Ft
• Freight Elevator to Loading Dock in Rear
• Central Air Conditioning in Finished Areas
• Sprinklered Building
• Gas Fuel/Steam Heat
• 400 AMP Service
• Built in 1916
• Private Parking Lot
• Map: 94 Block: 2 Lot: 45
• $75,000 Suggested Opening Bid

Offering C:

• 359 North Main Street
• Paved Asphalt Parking Lot on .85 Acres
• Finished Parking Lot on .85 Acre
• Fenced-in Private Lot
• Electrical for Lighting
• Map: 94 Block: 3 Lot: 15
• $25,000 Suggested Opening Bid

Additional Information:

• The Three Assemblages will be offered for sale via the multi-par bidding process. Bids will be accepted individually, in requested combinations and in bulk. Bidding will remain open until there are no higher bids.

Inspections/Viewings: Available by appointment

Auction Date & Time: Wednesday, June 21, 2017 at 11:00 am. Registration commences at 10:00 am.

Auction Location: Sells on-location at 387 North Main Street, Norwich, CT 06360.

Terms & Conditions of Sale: Property will be sold free and clear of all liens, claims & encumbrances. In order to register to bid, all prospective bidders must present a cashier’s check in an amount of $45,000 to bid in bulk or $20,000 to bid on Offering A, $15,000 to bid on Offering B and/or $10,000 to bid on Offering C. All checks must be made payable to “Maltz Auctions,Inc.Closing must occur within 45 days after the auction. Successful Bidder shall be granted a 30-day extension to close if he/she posts an additional non-refundable 10% deposit. Subject to sale prior to auction as pre-auction offers will be considered. Please download the complete Terms and Conditions of Sale.

Buyer’s Premium: An 8% Buyer’s Premium will be added to the Successful Bidder’s high bid to determine the contract price to be paid by the Successful Bidder.

Buyer Broker Participation: Up to a 2% commission will be paid to any properly licensed Buyer Broker who registers a successful buyer in accordance with the Buyer Broker guidelines. Please download the Broker Participation form for details.

About Maltz Auctions:

Maltz Auctions is a premier, full-service auction company specializing in creating liquidity through the auction method of marketing. Now a $100+ million company with an impeccable reputation for professionalism, integrity and success, Maltz Auctions has conducted thousands of auctions and generated over $2 billion in sales on behalf of such clients as the U.S. Bankruptcy Courts and financial institutions throughout the country, the U.S. Department of Justice, the Securities and Exchange Commission, the Internal Revenue Service, N.Y. State Department of Taxation & Finance, Court Appointed Receivers, Estate Executors and Public Administrators, as well as law firms, private individuals and corporations, nationwide. Maltz Auctions is court approved to act as auctioneers, real estate brokers and receivers. The 35-year-old firm is nationally recognized as a trusted name in excellence and achievement. MaltzAuctions.com

Hi-resolution images available upon request.