When did they win that auction? Cause the property is still listed on loopnet
http://www.loopnet.com/Listing/18254303/2150-N-COURT-ST-Circleville-OH
I am going to call the listing agent as well, glad I have a membership to loopnet
http://www.ohiorealestateauctions.com/property_details/2150_n_court_st_circleville_ohio_43113_previous_hardware_store_building_with_over_68_000_sqft_and_3_acres_568
June 12th was the auction date? That puts it at almost 60 days out.
The reserve on this property is $318,000.00 with a 10% buyer’s premium and a non-refundable 10% of the total purchase price deposit required of the winning bidder. The winning bidder will close the transaction with FirstAmerican Title Company within 30 days of the live event.
http://www.loopnet.com/Listing/18254303/2150-N-COURT-ST-Circleville-OH
I am going to call the listing agent as well, glad I have a membership to loopnet
http://www.ohiorealestateauctions.com/property_details/2150_n_court_st_circleville_ohio_43113_previous_hardware_store_building_with_over_68_000_sqft_and_3_acres_568
June 12th was the auction date? That puts it at almost 60 days out.
The reserve on this property is $318,000.00 with a 10% buyer’s premium and a non-refundable 10% of the total purchase price deposit required of the winning bidder. The winning bidder will close the transaction with FirstAmerican Title Company within 30 days of the live event.
Whats the status of the 0.04c/kwh and 68k sq ft building?
How does a successful IPO affect the timetable or progress of this lease?
What happens to the old HVAC and electric equipment after you move the operation?
Last time you built a mining facility the construction seemed to take couple weeks too long cutting into profits. Will this time be better?
How does a successful IPO affect the timetable or progress of this lease?
What happens to the old HVAC and electric equipment after you move the operation?
Last time you built a mining facility the construction seemed to take couple weeks too long cutting into profits. Will this time be better?
1. We're in negotiations for purchasing it. We've already won the auction and placed a down payment on the building. I will be approaching a few lenders next week about finishing financing on the building. If all goes well, we will have the deed to the building before we request a single BTC from Havelock. I would note that the reason we are seeking to buy it is because we can lease out a portion of the building (which will be far too large for mining/distribution) and fully offset any leasing expenses that we would face at the facility. The end goal is to have the company pay for no mortgage, no lease, and very few upgrades at the building - hopefully allowing for easier balance sheets that simply focus on mining revenue, hardware sales, and basic COGs/Overhead expenses.
2. It would help ensure that we can close the deal if any additional capital was/is needed for facility acquisition. As-is, the building is usable for retail/distribution, but not for larger scale mining. The facility is equipped with, at a minimum, 800a/208v service, but we need to continue investigation of the current capacity to see what maximum deployment is when we move in.
3. We will likely cut out the current HVAC equipment to be moved to the new facility. Furthermore, the facility is already equipped with a large number of air handlers/compressors. It was a former hardware sale company (think Lowes, but a mom & pop building). Regrettably, we could have purchased dozens of HVAC units at a fraction of retail when they liquidated the assets of the company. But there is still a reasonable amount of hardware available for utilization upon move-in.
4. We continued to pay out dividends regardless of where the facility was. Since our pivot involves a more retail-centric offering, we can put money into hardware resales, while ensuring that the HVAC/electric is done in a proper way. Once that is done, we'll leverage liquid capital from hardware sales to move into mining. Even then, I believe that we can broker a deal with companies like ZeusMiner that are willing to sell (or even give) you hardware if you're willing to split coin generation with them. This could be a scenario where the investor pays only for HVAC/electric installation, while we leverage said deal and merely pay for electricity - offsetting any hardware costs that the investor could occur while waiting (and losing) potential mining profits.
I own a APT complex and I know for a damn fact when they say 30 days to close.. that it or they take your deposit and reauction the property. Not sure about OHIO laws but I know most real estate laws are pretty close, and it is illegal for them to change terms after the auction. It gives a bidder a unfair advantage.
