NORWICH – The country's largest online real estate transaction company will hold two days of open bidding to auction off the North Norwich Plaza retail center in April.
The property, located at 6142 Rt. 12 in Norwich, will be on auction from April 15 to 17 with a starting bid of $350,000. It's being listed on the Ten-X Commercial platform, which is "...the leading end-to-end transaction platform for commercial real estate that powers more than 90 percent of all online CRE [Commercial Real Estate] sales."
Ten-X Commercial Senior Director of the Commercial Division Evan Koransky said, "Obviously it's kind of a corner piece in the town it sounds like. It's gone through some challenging times and hopefully a new buyer will come in and fill it up, redevelop it. I'm sure the town wants a more productive use rather than being mostly vacant."
The retail center is currently filled to just 35.6 percent of its potential occupancy, and is home to five tenants: Evolve Fitness, Great Finds by Dawn, the Chenango Christian Church, Sew Nice, and M&T Bank. Evolve Fitness and M&T Bank have leases through the end of July 2020, while the other tenants are on month-to-month leases.