However, if no one offers the $4 million minimum bid the seller will accept (about half the property’s currently assessed value of $7.9 million), then all of the assets at the property – the furnishings, fixtures and equipment, totaling around 600 lots – will be sold in a live absolute auction (everything sells, regardless of price) the next two days, Dec. 15-16, beginning at 9 a.m.. That sale would be on-site and online. Internet bidding will be at www.atlanticremarketing.com.
The hotel operated until just recently as America’s Best Value Inn, and before that as a Best Western Inn. It is completely turnkey and ready to resume operation. The restaurant, the Grate Steak, was one of Norfolk’s most popular eateries until the owner, Jim Blacketer, passed away suddenly in February. His wife ran the business herself for awhile but closed it in April.
The Grate Steak operated from 1984 until its recent closing, over time building a solid reputation as one of Norfolk’s most popular dining destinations. It was unique in that patrons could select and cook their own steak on a charcoal fire (or have it cooked by chefs for an extra charge). Additional locations were opened in Hampton and Chesapeake before closing in 2006.
The property being sold is located at the corner of Military Highway (US Hwy. 13) and Interstate 264, five minutes from downtown Norfolk and the airport, 15 minutes from the Virginia Beach oceanfront and not far from the city’s recently developed light rail line. The land enjoys 500-foot frontage along Military Highway (US Hwy. 13). The auction will be held on-site, at the 4+-acre property. Online bidders may register at www.atlanticremarketing.com.
“This is a wonderful investment opportunity for someone looking to operate an already successful hotel and restaurant facility,” said William J. Summs, the chief executive officer of Atlantic Asset Management Group. “It is not a distressed property by any means. The seller is elderly and wishes to retire, and the restaurant is only available because of an untimely death.”
Mr. Summs added, “I can’t stress enough the desirability of the location of this facility. It is at the center of an area in Norfolk that has enjoyed a huge resurgence in recent years. And the facility itself has been beautifully maintained. The foundation is there for someone to just come in and start welcoming customers. It’s a remarkable opportunity, for fifty cents on the dollar.”
If the complex doesn’t sell to one buyer on Dec. 14, bidders will have much to consider the following two days. The hotel features 152 furnished rooms, a guest room lock system, 150 PTAC units (for heating and air conditioning)
The restaurant is huge, with seating for around 300 people, and includes walk-in coolers and freezers, furniture, fantastic décor and memorabilia (to include signed Frederic Remington prints and original World War II-era U.S.O. posters), huge grills (on which patrons could cook their own steaks), dinnerware, silverware, drinkware, a salad bar and a beautiful solid wood bar.
Additional restaurant equipment will feature tables and booths in varying sizes, over 100 porcelain table settings, a solid wood salad bar and accessories, a fully functional bar with True stainless steel tap beer cooler, a True double-door refrigerator, Hoshizaki ice machines, Accutemp ranges and griddles, Hobart stainless steel dishwashing stations and Follett ice bins.
All of the restaurant’s impressive architectural elements will also be sold, to include stained glass panels, lighting fixtures, beveled mirror wall panels, doors, handrails and more. When it was first constructed, the restaurant was built out at a cost of $2 million, in order to achieve an authentic Western motif. This motif is still intact and would be a plus to a new owner.
A preview will be held Monday, Dec. 5, from 10 a.m. to 2 p.m., and is open to the public. Parties interested in the real estate may call for a private tour. On auction day, Dec. 14, if the opening bid is not met, an e-mail will be sent out around noon to all registered bidders, letting them know the outcome of the real estate auction. Phone, absentee and online bids will also be accepted. A full catalog with details and photos can be viewed at www.atlanticremarketing.com.
A 15 percent buyer’s fee will be charged on all purchase of furnishings, fixtures and equipment (if no one buys the property as one lot), with an additional 3 percent if paying by credit card. The real estate buyer’s premium will be 10 percent, with a minimum qualified bidder deposit of $50,000. Online bidding may not be available Dec. 14. Real estate brokers are protected with written communication to Atlantic Asset Management Group. Check the website for details.
Atlantic Asset Management Group is a full-service auction firm specializing in the sale of commercial and residential real estate, commercial and retail businesses, machinery, heavy equipment, surplus vehicles, commercial and pleasure marine craft, and furnishings, fixtures and equipment. Bonded and licensed since 1979, the group specializes in assets of substantial value.
Atlantic Asset Management Group is always interested in quality consignments, business liquidations, estate sales and properties for future sales. To discuss solutions for your assets, business or property, you may call them at (757) 461-6867, or you can e-mail them at email@example.com. To learn more about Atlantic Asset Management Group and the Dec. 14 auction, log on to www.atlanticremarketing.com.
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Ken Hall writes pre-sale and post-sale press releases for auction houses, for a fee. He writes, submits and tracks stories for clients. Submissions are published in trade magazines, posted on industry websites and appear in local newspapers.