Real Estate Auction Thurs., Nov. 12, 2:00 PM
Somerdale, NJ

42,023 sq ft Building on 5.91± acres
900 Kennedy Blvd.
Somerdale, Camden
County, NJ 08083

Prime Location! At the Gateway to the new $40,000,000 Cooper Towne Center and the new Walmart under construction.

Great opportunity to own a property that is pivotal to the Cooper Towne center!

Property will be sold subject to the Buyer getting preliminary approval from Somerdale Borough for Buyer’s intended use of the property.

The Mayor has stated that due to this property's strategic location to Cooper Towne Center, Somerdale Borough is anxious to assist the Buyer and to see that the redevelopment of 900 Kennedy Boulevard will be successful. This includes the timely review of the Buyer's intended use of the property and possible tax abatements and grants.

When the bidding reaches the low reserve of $1.2 million the Auction becomes an Absolute and the property will definitely be sold. Originally on the market for $1.7 million. There is a Buyer's premium fee of 10% added to the high bid.

POTENTIAL USES
FOR THIS PROPERTY
On September 8, 2009, the Borough of Somerdale adopted The Kennedy Boulevard Area Redevelopment and Revitalization Plan which establishes the Property and several others in the vicinity to be in the redevelopment area and thereby subject to Eminent Domain.

Both the Plan and a letter from the Borough Council dated September 11, 2009 clearly state that there is no plan for the taking of the Property.

Additionally, the light industrial zoning classification is no longer valid, thus requiring approval of the Borough Council for future zoning classification and permitted use of the Property.

In consideration of the above, the Seller has agreed to offer the Property at auction subject to the Buyer obtaining preliminary approval from the Borough of Somerdale for the intended use of the property.

• Address: 900 Kennedy Blvd., Somerdale, NJ 08083
• 20 minutes to Philadelphia, 1 block North of Rt. 30 (White Horse Pike), 2 mi E of I-295, 4 mi to NJTP (Exit 3)
• Kennedy Blvd. is one of the town's main thorofares and is presently undergoing a project known as the KENNEDY STREETSCAPE PROJECT
• 42,023 sq ft Building on 5.91± acres, formerly used for manufacturing and warehouse.
• Built 1960 with more recent additions
• Building has 36,000± sq ft of manufacture and warehouse space and 5,084 office of space; Primarily one story.
• Manufacture/warehouse area has 2 doors that allow drive through access for loading and unloading plus 5 loading docks.
• Ceiling heights 21-22'
• 2000+ amp electric
• Public Utilities
• Construction: Concrete & Steel
• Heating: 2 roof-top gas fired heaters, and gas fired gas heaters in the manufacture/warehouse
• Emergency lighting
• Sprinkler System
• 1 Freight Elevator
• 7 Bathrooms
• 30 car parking (DOES NOT COMPLY WITH ZONING REQUIREMENTS)
• Fenced yard

May have possibility for building expansion and/or a separate building

A Traiman representative will be at the preview to answer your questions. Email your questions to info@traiman.com. or call 215-799-0655. Reading the Agreement of Sale may also answer your questions. The Agreement of Sale will be available at the property previews.

Due Diligence

• Kennedy Boulevard Area Redevelopment/ Rehabilitation Study and Redevelopment and Revitalization Plan
  [80 pg PDF 2.56MB posted 10/12]
• Solicitor letter on Eminent Domain for the Borough Somerdale
  [2 pg PDF 48KB posted 10/31]
• Tax Map
  [3 pg PDF 789KB posted 10/12]
• Condition and Warranty for Roof
  [1 pg PDF 10KB posted 10/20]
• Aerial Photo (2007) of Study Area
  [1 pg PDF 452KB posted 10/12]
• Study Area with Cooper Towne Center Plan overlay
  [1 pg PDF 404KB posted 10/12]
• State Plan Policy Map for Somerdale Borough and vicinity
  [1 pg PDF 177KB posted 10/12]
• Community Facilities in Proximity to Study Area
  [1 pg PDF 457KB posted 10/12]
• Existing Somerdale Zoning
  [1 pg PDF 82KB posted 10/12]
• Study Area Blocks and Lots
  [1 pg PDF 85KB posted 10/12]
• Recommended Redevelopment and Rehabilitation Areas
  [1 pg PDF 88KB posted 10/12]
• Figure Ground Plan
  [1 pg PDF 96KB posted 10/12]
• Streetscape Design Hierarchy
  [1 pg PDF 224KB posted 10/12]
• Study Area Overlay Districts
  [1 pg PDF 82KB posted 10/12]
• Kennedy Blvd. Plans
  
• Zoning
  [7 pg PDF 398KB posted 11/3]
• Brochure
  [12 pg PDF 1.03MB posted 11/4]
• Agreement of sale
  [2 pg PDF 149KB posted 11/5]
• Photo Gallery

Links

• Kennedy Boulevard Streetscape Improvements
  [opens in new window]
• Camden County Home Page
  [opens in new window]
• Borough of Somerdale Home Page
  [opens in new window]

*You will need to have Adobe Reader installed to view these PDF documents. Download Adobe Reader

Weather Conditions
Auction held rain or shine. If the Auction is cancelled due to very severe weather conditions, the Auction will be rescheduled. The cancellation notice will be posted on our website the morning of the Auction. A new Auction date will be posted on our website, and an email notice will be sent out to those who have registered on our website. You may also call 215-799-0655.

Check back to this location often for updates, revisions, or changes.

• Zoning changed from I-Industrial to Redevelopment Area 9/30
• Added Condition and Warranty for Roof 10/20
• Added Zoning information 11/3
• Added brochure 11/4
• Added Agreement of Sale 11/5

Auction on Premises
Thursday, November 12, 2009 at 2:00 PM

Previews
Thursday, November 5, 2009 from 1:00 to 3:00 PM or by Appointment.

Tax Parcel
Tax ID BLOCK 30, 27 & 28, LOT 1

Taxes
Taxes: $37,059.41 for period from November 2008 to August 2009

Pubic water and sewer

Terms

Total Deposit
Total deposit of 15% is to be paid at the auction by the high bidder. See below for guaranteed portion of the 15% deposit.

Guaranteed Deposit
A good faith registration deposit in the amount of $50,000 in the form of bank cashiers check or certified check (made payable to yourself) or cash is required to register to bid at the time of the Auction and will be credited towards the total 15% deposit. The remainder of the 15% deposit may be paid by personal check. Seller reserves the right to accept other forms of payment. The amount of the guaranteed deposit is not based on the value of the property.

On-Site Bidder Registration
Begins one hour prior to the Auction.

Buyer's Premium
There is a 10% Buyer's Premium for this Auction.

Settlement
On or before 45 days.

Absentee Bidding by Telephone
Arrangements by signed agreement of sale and guaranteed deposit must be made with the Traiman office no later than one week prior to Auction.

Minimum Opening Bid
There is no minimum opening bid. The auctioneer will request the public to make the opening bid.

Property

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Real Estate Brokers & Agents Invited —
Registration Form
Earn a 2% commission. You must be the one who introduced this property to your buyer/client, and you must accompany your client to the previews and to the Auction. Register your buyer no later than 48 hours prior to the Auction by Traiman's form including your client's signature. Agents buying for themselves or family members are not eligible to collect a commission.

Broker Registration Form
Download registration form and guidelines
(2 page PDF).

First time Auction attendees
The open public Auction method is where the parties who are interested in bidding on the property gather as an audience and bid in an open public forum. You will be asked to register at the time of the Auction. Before the bidding begins the Auctioneer will review the terms of the Auction and explain how the bidding will occur. Most people bid by raising their hand. The Auctioneer calls out the numbers in a clear, understandable cadence. Our intention is to make you feel comfortable with the process before you enter the bidding. You need not be represented by a Real Estate Broker to bid and buy at Auctions.

We suggest that you contact a mortgage company or bank prior to coming to the Auction for the purpose of determining how much of a mortgage you will qualify for. If you are the winning bidder and cannot obtain a mortgage, or for some other reason are unable to complete settlement the total amount that you deposit will be forfeited.

The property is being sold subject to good and marketable title and free and clear of all liens and encumbrances in accordance with the Agreement of Sale. Please review the Clear of Liens and Encumbrances Clause of the Agreement of Sale.

Notice
The information used for the advertising of this property may not be accurate. Measurements, figures, and drawings are approximate. Interested parties must do their own research and are not to rely on any information provided by the seller, the Auction Company, or their representatives. The Agreement of Sale takes precedence over any advertising or oral or written announcements. Auctioneer represents the Seller, not the Buyer. Auctioneer reserves the right to reject bids that the Auctioneer deems inadequate. If you have a question during the Auction, please notify an Auction staff member for a private conversation. Seller and the Auction Company reserve the right to have parties escorted from the premises for soliciting other bidders or for other reasons deemed inappropriate. Information contained herein is subject to change.

Questions regarding this Auction
A Traiman representative will be at the preview to answer questions. You may also email your questions to info@traiman.com. Or call 215-799-0655. Reading the Agreement of Sale when it is posted may answer your questions.

Property information may change daily and this is your notice that it may contain certain mistakes. Neither Traiman nor seller will be held liable for errors or omissions. If you see an error, please notify us immediately.

Good Luck!