News - Article

Tuesday, January 29, 2013

Some Jannie Richardson Properties Going to Bankruptcy Auction

Source: The Colorado Springs Business Journal

Long-time Colorado Springs developer Jannie Richardson's holdings will be sold in a bankruptcy auction March 12.

Of the 21 properties around the country that belonged to the SRKO Family Limited Partnership and Richardson, seven parcels in Colorado Springs and Manitou Springs will sell. While the assets up for auction include a mix of commercial and residential parcels, the proposed 153-acre mixed-use development called Colorado Crossing on Voyager Parkway will not be included in the auction.

C. Randel Lewis, who heads Denver-based Western Receiver, Trustee & Consulting Services Ltd., was appointed as trustee to oversee the bankruptcy in 2011 and has retained NRC Realty & Capital Advisors of Chicago to conduct the auction.

Properties include a modern 70,200-square-foot office complex located in Montebello Plaza on North Academy Boulevard on a 3.8-acre site with 191-car parking lot. The four two-story buildings are currently 57 percent occupied and are being offered in a buy one, some, or all format, according to a release from the auction house.

Financing is available with a 20 percent down payment. Interested parties can inspect the Montebello Office properties on February 20 or 27 and should call NRC at 800-747-3342 extension 1302 for viewing times.

Other Colorado Springs properties include a 20,000-square-foot redevelopment site at N. Wahsatch Avenue and E. Kiowa Street with six houses and a commercial building on month-to-month leases, 32.5 acres in Oak Valley Ranch and two Manitou Springs properties, including a 3,600-square-foot home and seven rental units. Castle Rock sites include 75 acres in two non-contiguous parcels in the Westfield Trade Center Business Park.

Properties are being sold through a sealed-bid auction with bids due on March 12. Under section 363 of the bankruptcy code, all properties are sold free and clear of all liens. Buyers and brokers can get more information by visiting the NRC website, www.nrc.com/1302.