PROPERTY INFORMATION PACKAGE #

Transcription

1 PROPERTY INFORMATION PACKAGE # Mortgagee s Foreclosure AUCTION 25,745+/- sf. Commercial/Retail Building 4.42+/- Acres at Busy Rt. 114 Signaled Intersection Built in 2007 ~ Tenants Include Walgreens & Petco 800 WAVERLY RD., N. ANDOVER, MA TUESDAY, MARCH 6 at 11:00am On-site MA Co. Lic. #3184

2 AUCTIONEER S DISCLAIMER The following information is provided to you as a matter of convenience only, and no representation or warranty, expressed or implied, is made as to its accuracy or completeness. Prospective purchasers of the auction property are responsible for conducting such due diligence of their own as they consider appropriate, prior to bidding at the auction sale. All information contained within this Property Information Packet was derived from reliable sources and is believed to be correct, but is not guaranteed. Buyers shall rely entirely on their own judgment and inspection. Announcements from the Auction Block will take precedence over any previously printed material or any other oral statements made.

3 MORTGAGEE'S NOTICE OF SALE OF REAL ESTATE By virtue and in execution of the power of sale contained in a certain Mortgage, Assignment of Leases and Rents and Security Agreement dated as of July 31, 2007 and recorded with the Essex North Registry of Deeds (the Registry ) in Book 10873, Page 1 (the Mortgage ) given by ARC WGNAMA0001, LLC to U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE, SUCCESSOR-IN-INTEREST TO BANK OF AMERICA, N.A., AS TRUSTEE, SUCCESSOR BY MERGER TO LASALLE BANK NATIONAL ASSOCIATION, AS TRUSTEE, FOR THE REGISTERED HOLDERS OF LB-UBS COMMERCIAL MORTGAGE TRUST 2008-C1, COMMERCIAL MORTGAGE PASS- THROUGH CERTIFICATES, SERIES 2008-C1 ( Holder ), acting by and through CWCapital Asset Management LLC, solely in its capacity as Special Servicer for Holder (the Mortgagee ), assignee by Assignment of Mortgage, Assignment of Leases and Rents and Security Agreement and Assignment of Assignment of Leases and Rents from UBS Real Estate Investments Inc. to UBS Real Estate Securities Inc. effective as of April 29, 2008 and recorded at the Registry on October 27, 2008 in Book 11354, Page 102, further assigned by Assignment of Mortgage, Assignment of Leases and Rents and Security Agreement and Assignment of Assignment of Leases and Rents from UBS Real Estate Securities Inc. to LaSalle Bank National Association, as Trustee, for the Registered Holders of LB-UBS Commercial Mortgage Trust 2008-C1, Commercial Mortgage Pass-Through Certificates, Series 2008-C1, effective as of April 29, 2008 and recorded at the Registry on October 27, 2008 in Book 11354, Page 106, further assigned by an Assignment of Mortgage, Assignment of Leases and Rents and Security Agreement from Bank of America, N.A, as Trustee, successor by merger to LaSalle Bank National Association, as Trustee, for the Registered Holders of LB-UBS Commercial Mortgage Trust 2008-C1, Commercial Mortgage Pass-Through Certificates, Series 2008-C1 to Holder, effective as of November 3, 2017, recorded at the Registry on November 6, 2017 in Book 15287, Page 223, of which Mortgage the undersigned is the present holder, for breach of the conditions of the Mortgage and for the purpose of foreclosing the same, will be sold at Public Auction at 11:00 a.m., on Thursday, the 6 th of March, 2018 at the premises described in the Mortgage and located at 800 Waverly Road, North Andover, Massachusetts (the Mortgaged Premises ), to wit: A certain parcel of land with the buildings and improvements thereon, situated in North Andover, Essex County, Massachusetts, being shown on a plan of land entitled PLAN OF LAND IN NORTH ANDOVER, MASSACHUSETTS, dated February 16, 2006, drawn by Control Point Associates, Inc., and recorded with the Essex North Registry of Deeds as Plan No of 2006, and more particularly described as follows: Beginning at a point where the Westerly line of Turnpike Street (A.K.A. Salem Turnpike, Massachusetts State Highway Route 114, public, 66 foot wide) is intersected by the Northerly terminus of a curve connecting the said Westerly line with the Easterly line of Waverly Road (F.K.A. Railroad Avenue, public, 66 foot wide), and from said beginning point running thence; Along the westerly line of Turnpike Street, South 26º 39 minutes 25 seconds East, a distance of feet to a hub and tack found, thence {Client Files/313399/0001/DOC/ DOCX;7} 1

4 Along the dividing line between Lot 21 (now or formerly lands of Howard Wilkins and Rebecca Montagne-Wilkins) and Lot 22 (now or formerly of lands of Lawrence Eagle Tribune Realty Trust), Assessor s Map 27, South 63 degrees-20 minutes-35 seconds West, a distance of feet to a point; thence Along the dividing line between aforementioned Lot 21 and Lot 16, Map 24 (now or formerly lands of Eaglewood Properties, LLC) South 89 degrees-41 minutes-43 seconds West, a distance of feet to a drill hole found; thence Along the dividing line between Lot 26, Map 27 (now or formerly oland of Dante L. Stabile and Robert L. Stabile) and aforementioned Lot 16, Map 24, South minutes 03 seconds West, a distance of feet to a point; thence Continuing along same, North 85 degrees-08 minutes-04 seconds West, a distance of feet to a point on the aforementioned Easterly line of Waverly Road; thence Along the Easterly line, North 24 degrees-30 minutes-40 seconds East, a distance of feet to a point of curvature; thence Along the aforementioned curve connecting the Easterly line of Waverly Road with the Westerly line of Turnpike Street, along a curve to the right having a radius of feet, a central angle of 128 degrees-49 minutes-55 seconds, and an arc length of feet, also bearing a chord of North 88 degrees-55 minutes-38 seconds East, a chord distance of feet to the point and place of beginning. The Mortgaged Premises will be sold and conveyed subject to and with the benefit of all restrictions, easements, improvements, outstanding tax titles, municipal or other public taxes, assessments, liens or claims in the nature of liens, and existing covenants and encumbrances of record created prior to the Mortgage, if there be any. Terms of sale: A deposit of Two Hundred Fifty Thousand Dollars ($250,000) by certified or bank check will be required to be paid by the purchaser at the time and place of sale. An additional deposit will be required to be paid by the purchaser within two (2) business days from the date of the sale, which additional deposit will aggregate, with the initial deposit made by the purchaser, five percent (5%) of the successful bid. Any successful third-party bid shall pay a buyer s premium of 1.75% of the successful bid amount in addition to the amount of the successful bid. The balance is to be paid by certified or bank check at Bowditch & Dewey, LLP, 311 Main Street, Worcester, MA within thirty (30) days from the date of sale. The successful bidder shall be required to sign a Memorandum of Sale containing the above terms and additional terms at the time and place of sale. {Client Files/313399/0001/DOC/ DOCX;7} 2

5 Other terms, if any, to be announced at the time and place of sale. Mark W. Powers, Esquire Bowditch & Dewey, LLP 311 Main Street, P.O. Box Worcester, MA Attorneys for U.S. Bank National Association U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE, SUCCESSOR-IN-INTEREST TO BANK OF AMERICA, N.A, AS TRUSTEE, SUCCESSOR BY MERGER TO LASALLE BANK NATIONAL ASSOCIATION, AS TRUSTEE, FOR THE REGISTERED HOLDERS OF LB-UBS COMMERCIAL MORTGAGE TRUST C1, COMMERCIAL MORTGAGE PASS- THROUGH CERTIFICATES, SERIES C1, Present Holder of the Mortgage By: CWCapital Asset Management, LLC, solely in its capacity as Special Servicer for Holder Published: February 9, 2018, February 16, 2018, and February 23, 2018 {Client Files/313399/0001/DOC/ DOCX;7} 3

6 Commercial Property Record Card Parcel ID: 210/ MAP: BLOCK: 0016 LOT: Parcel Address: 800 WAVERLY ROAD FY: 2017 PARCEL INFORMATION Use-Code: 323 Sale Price: 14,803,986 Book: Road Type: T Inspect Date: 08/30/2012 Owner: Tax Class: T Sale Date: 08/10/2007 Page: 306 Rd Condition: P Meas Date: 08/30/2012 WALGREEN CO Tot Fin Area: Sale Type: P Cert/Doc: Traffic: M Entrance: C Address: Tot Land Area: Sale Valid: R Water: Collect Id: RRC PO BOX 1159 Sewer: Grantor: Sewer: Inspect Reas: C DEERFIELD IL Exempt-B/L% 0/0 Resid-B/L% 0/0 Comm-B/L% 100/100 Indust-B/L% 0/0 Open Sp-B/L% 0/0 COMMERCIAL SECTIONS/GROUPS Section: ID:101 Use-Code:323 Category Grnd-Fl- Area Story Height Bldg-Class Yr-Built Eff-Yr-Built Cost Bldg C Groups: Id Cd B-FL-A Flrs Flrs Section: ID:201 Use-Code:323 Category Grnd-Fl- Area Story Height Bldg-Class Yr-Built Eff-Yr-Built Cost Bldg S Groups: Id Cd B-FL-A Flrs Flrs LAND INFORMATION NBHD CODE: 32 NBHD CLASS: 2 ZONE: R4 Seg Type Code Method Sq-Ft Acres Influ-Y/N Value Class 1 P 323 S N 631,620 2 R 323 A N 24,200 DETACHED STRUCTURE INFORMATION Str Unit Msr-1 Msr-2 E-YR-Blt Grade Cond %Good P/F/E/R Cost Class AS S GV GV ///97 266,200 3 VALUATION INFORMATION Current Total: 3,540,100 Bldg: 2,884,300 Land: 655,800 MktLnd: 655,800 Prior Total: 3,540,100 Bldg: 2,884,300 Land: 655,800 MktLnd: 655,800 Sketch Photo

7 Town of North Andover, MA November 21, " = 189 ft Property Information Property ID Location Owner WAVERLY ROAD WALGREEN CO MAP FOR REFERENCE ONLY NOT A LEGAL DOCUMENT Town of North Andover, MA makes no claims and no warranties, expressed or implied, concerning the validity or accuracy of the GIS data presented on this map.

8 Town of North Andover, MA November 21, Waverly Rd., N. Andover, MA 1" = 756 ft Property Information Property ID Location 800 WAVERLY ROAD Owner WALGREEN CO MAP FOR REFERENCE ONLY NOT A LEGAL DOCUMENT Town of North Andover, MA makes no claims and no warranties, expressed or implied, concerning the validity or accuracy of the GIS data presented on this map.

9 800 Waverly Rd. Planned Commercial Development District Per excerpt of N. Andover Zoning Map dated

10 SECTION 15 PLANNED COMMERCIAL DEVELOPMENT DISTRICT 15.1 OBJECTIVES The Planned Commercial Development District is intended: a. to allow considerable flexibility under a special permit in the development of tracts of land as recommended in the Town of North Andover Master Plan in accordance the goals and objectives in the Master Plan; b. to allow a developer to propose a site development use and plan unique to a particular location; c. to provide under the special permit process a mechanism for the Planning Board to evaluate the potential impacts of a proposed development; d. to permit a development which is compatible with the character of the Town and which benefits economic development of the Town; 15.2 PERMITTED USES a. The following uses are permitted: i. Walk-In Bank: A free standing building with its own parking lots and excluding drive-through windows. ii. Business and other offices; iii. All uses allowed in the R-4 Zoning District as set forth in Section of the Zoning Bylaw; PRINCIPAL USES (a) The following uses are allowed only by special permit pursuant to this Section 15 of the Bylaw: i. Hotel or Motel (limited to one in each 2,000 linear feet of street or highway as measured along the frontage); ii. Art Gallery; iii. Funeral Parlor; iv. Restaurants where the business primarily serves food to be consumed in within the building excluding fast food and drive through establishments; A fast food and drive through establishment is defined as a restaurant characterized by a large carryout clientele; long hours of service [some are open for breakfast, all are open for lunch and dinner, some are open late at night or 24 hours]; and high turnover rates for eat-in customers. v. Retail uses, provided there is no outdoor storage or sale of materials or products; ACCESSORY USES i. Eating and drinking establishments within an office building for use principally by those employed within the structure; ii. Private parking garages accessory to allowed principal uses; iii. Indoor recreational facilities such as tennis and racquetball courts as an accessory to a hotel or motel for use principally by the guests of the hotel or motel. Public memberships to the recreational facilities are not allowed. iv. No other uses shall be allowed DIMENSIONAL REGULATIONS a. Residential Dimensional requirements for the R-4 zone shall be as set forth in Summary of Dimensional Requirements (Table II) b. Commercial: i. Minimum Lot Size: 150,000 s.f. 158

11 ii. Height Maximum: 35 feet ( a hotel only may be constructed in height to a maximum of (60 feet); iii. Street frontage: 300 feet iv. Front setback: 100 feet with the first 50 feet as a visual buffer which shall remain open and green, be suitably landscaped, un-built upon, unpaved and not parked on. v. Side setback: 50 feet (except when directly adjacent to a residential use where it is 100 feet with a 50 foot visual buffer which shall remain open and green, be suitably landscaped, unbuilt upon, unpaved and not parked on). vi. Rear setback: 50 feet (except when directly adjacent to a residential use here it is 100 feet with a 50 foot visual buffer which shall remain open and green, be suitably landscaped, un-built upon, unpaved and not parked on). vii. Floor Area Ratio: 75:1 viii. Lot coverage: maximum of 25% ix. Contiguous Buildable Area: 75% of minimum lot size SPECIAL PERMIT GRANTING AUTHORITY The Planning Board shall be the Special Permit Granting Authority (SPGA) for the issuance of Planned Commercial Development District Special Permits. No structures associated with principal and accessory uses shall be placed, constructed or modified within the Planned Commercial Development District without first obtaining a Planned Commercial Development special permit from the Planning Board. This Bylaw is intended to be used in conjunction with other regulations adopted by the Town, and other zoning and general bylaws designed to encourage appropriate land use, environmental protection, preservation of the rural character and the provision of adequate infrastructure development in North Andover Procedures for Obtaining a Planned Commercial Development District Special Permit in accordance with Section 15. A. Pre-Application Conference Prior to the submission of an application for a Planned Commercial District Special Permit, the applicant is encouraged to confer with the Town Planner to obtain information and guidance regarding the development of the parcel. After such initial consultation with the Town Planner, the applicant may meet before the Planning Board at a public meeting. Such pre-application consultation shall be informal, non-binding, and directed toward: Reviewing the basic concepts of the proposal; Reviewing the proposal with regard to the master plan and zoning bylaw; Explaining the state and local regulations that may apply to the proposal; Preliminary discussion shall not bind the applicant or the Board; B. Submission of a Planned Commercial Development District Special Permit Application and Plan: 1. Procedures: i. The applicant shall file eight (8) copies of the Planned Commercial Development District Plan, supporting materials, filing and outside engineering review escrow fees, and three (3) copies of the form titled Planned Commercial Development District Special Permit Application to the Planning Board. The Town Planner shall certify that the plans and materials submitted have been time stamped by the Town Clerk s Office and meet the submittal requirements. ii. The Planning Board, within sixty-five (65) days from receipt of the plan by the Town Clerk, shall determine whether the proposed project is generally consistent with criteria of 159

12 the paragraph 15.1 of this Section. The Planning Board will review the plans during a public hearing process and will receive comments from the public, other Town Departments, and the applicant. iii. The applicant must follow the procedures for obtaining a Special Permit as set forth in Section 10.3 of the Zoning Bylaw. iv. If applicable, the applicant must follow the procedures for Site Plan Review under Section 8.3 Site Plan Review. 2. Submission Requirements: The Planned Commercial Development District plan shall include all of the information required under Section 8.3 (5) of the Zoning Bylaw in addition to the following: 3. Minimum requirements: The Plan, at a minimum, shall be subject to the following conditions. The Planning Board shall make a determination that the project meets all of the following criteria: a. The project is consistent with the objectives set forth in Paragraph b. The proposed project shall not generate traffic flows that, in the opinion of the Planning Board, are excessive for the project location; further, ingress and egress for traffic flow and traffic circulation within the project are designed properly so that there will be no serious hazard to vehicles or pedestrians. c. Adequate parking facilities are provided for each use and structure in the development. d. Major facilities or functions are designed to be visually compatible with natural, historical and neighborhood characteristics of the site. e. The project does not adversely affect the natural environment to the detriment of community character. f. The project must meet the requirements of Section 8.9, Lot/Slope Requirements RELATION TO SUBDIVISION CONTROL ACT Approval of a Planned Commercial Development District Special Permit hereunder shall not substitute for compliance with the Subdivision Control Act, nor obligate the Planning Board to approve any related definitive plan for subdivision, nor reduce any time period for Board consideration under that law. However in order to facilitate processing, the Planning Board may insofar as practicable under existing law, adopt regulations establishing procedures for submissions of a combined plan and application which shall satisfy this section and the board s regulations under the Subdivision Control Act. (2004/45). 160

13 Welcome to NORTH ANDOVER, MASSACHUSETTS North Andover, a vibrant community in which to live and work or visit, offers a business-friendly environment of modern amenities while mindful of its rich history of more than 365 years. Convenient to routes I-495 and I-93, North Andover encourages business development while protecting its small town New England atmosphere with the preservation of expansive open spaces and thoughtful and safe residential neighborhoods. North Andover, committed to sustaining economic growth, provides a pro-business climate by fast tracking the permit process. We meet in advance with potential developers and commercial tenants to review relevant zoning, the availability of grants, tax incentives and infrastructure improvements to expedite prospective projects. North Andover stimulates and facilitates a pro-growth economic environment. A robust transportation infrastructure, including easy access to interstate highways, a major railroad line and a regional airport, makes getting employees and product in and out of North Andover relatively trouble-free. Extensive sanitary sewer and portable water systems of considerable capacity are also available. The town s advanced infrastructure and positive attitude towards business development has resulted in North Andover s being recognized by the Commonwealth of Massachusetts High Tech Council as a positive place to locate your business. North Andover is truly a full-service community, blessed with natural beauty, a top-quality public school system, well-maintained parks, expansive walking trails and the best youth center in all of the Merrimack Valley. The exceptional work of our state-accredited Police Department results in a low crime rate while the Fire Department delivers excellent emergency response. The Public Works Department helps insure that our roadway and utility service are first rate, all of which have contributed to North Andover s being recognized by Money Magazine as a desirable place to live for municipalities with a population under 100,000 in the eastern United States. Our town prides itself on maintaining a strong quality of life and sense of community for those that live and work here. We believe that whether you decide to open a business, reside in or visit North Andover, you will enjoy all we have to offer. Sincerely, North Andover Board of Selectmen Andrew W. Maylor, Town Manager Location The Town of North Andover is located in Essex County in the northeastern part of Massachusetts on the banks of the Merrimack River. North Andover lies 12 miles east of Lowell; 24 miles north of Boston; 33 miles from Manchester, New Hampshire; and 243 miles from New York City. Named after Sgt. Richard Condon, North Andover s airfield can accommodate a full range of aircraft, from single and multi-engine planes to smaller jets and helicopters. Over 80 local and national firms (including major telecommunications and defense industry companies) use LWM for business travel Demographics (*source 2010 census; **MA Dept Labor, May 2012) Settled: 1646 Incorporated as a town: 1855 Population: 28,352* Land area: sq. miles Population Density: 1,063 per sq. mile Labor Force: 14,117** Unemployment Rate: 5.2% ** Government: Open Town Meeting Board of Selectmen - Town Manager Median Family Income: $120,966 This publication is Published & Distributed by: GDP GLOBAL DESIGN & PUBLISHING LLC marketing@gdpublishing.com All design and text is provided by Global Design & Publishing, LLC in collaboration with The Town of North Andover, Massachusetts. All text and images have been carefully compiled for this publication. However, we do not guarantee the accuracy of the content. Photography by: Jim Tourtellotte, Millie G. Matasso, Brenda Tomasz and Erica Ferrone (additional photos provided by Global Design & Publishing, LLC). Copyright 2013, Global Design & Publishing, LLC. Any reproduction without our written permission is prohibited. NORTH ANDOVER MASSACHUSETTS

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27 THANK YOU FOR REVIEWING THE ENTIRE PROPERTY INFORMATION PACKAGE. WE LOOK FORWARD TO SEEING YOU AT THE AUCTION. IF YOU HAVE ANY QUESTIONS PLEASE DON T HESITATE TO CONTACT US. Justin Manning, CAI, AARE President Phone: Fax: Web: auctions@jjmanning.com Let JJManning Auction your Valuable Real Estate Marketing Experience Integrity Results JJManning Auctioneers specializes in the accelerated marketing of residential and commercial real estate. We work with progressive sellers and real estate brokers to offer dynamic and award winning marketing solutions. Call or Visit for a Free Consultation!