“The first buyer is Marathon Realty Corporation of Abingdon. Marathon is a subsidiary of KVAT food which owns Food City,” Petzoldt said. “They made their offer on January 5 and they will escrow their loans against the purchase price in accordance with the zoning approval, so the funds will be there. The $10,000 deposit is refundable with a 180-day inspection period ending August 2, with a closing day 15 days after which the last date would be August 17.
Petzoldt says Marathon’s proposed use is a commercial convenience use, and they weren’t more specific about what that is. The rezoning and annexation process was expected to take approximately 90 to 120 days, as the approval process must go through the Johnson City Commission as well as Washington County.
“Next is Red Oak Investments, a Tennessee company. The representative is Stan Evans of Evans and Evans Real Estate. The offer was submitted on January 25 and the first offer was for $1.650 million and right now it is amended to $1.7 million,” Petzoldt said. “The purchase price is covered by a bank letter and this is an all-cash deal, so the money is there for the investors. There will be a 90-day inspection period. The date of Closing would be around June 16.
According to Petzoldt, Red Oak is not going for rezoning and annexation and their purpose for the land needs to be determined.
“Cashier Investors, a North Carolina firm of Asheville, is represented by broker John Spake. Their original offer was $1.435 million and increased it to $1.650 million,” Pedzoldt explained. “I just received confirmation that they have deposited the entire purchase in a separate account if they end up with the contract. The non-refundable deadline is March 21 and the inspection period is 45 days. The proposed use they don’t know yet, its commercial use. There is no immediate use plan for the property, nor any rezoning or annexation that allows for a shorter period.
Cashier Investors would be looking to close around May 5, according to Petzoldt, making it the fastest close of the three buyers.
The Washington County School Board will hold a special meeting called at 5 p.m. on Thursday, Feb. 9 to further discuss the counter-offers on the table.