The two-day online auction that began Tuesday, January 19 for the former Home Depot building ended today with an apparent buyer, having met the undisclosed reserve price.
Just prior the original 3:00pm deadline, the reserve price had yet to be reached; however, a last-minute bidding frenzy extended the auction. The reserve price was reached at around 3:30pm, while bidding continued until just before 4:00pm.
Since the reserve price was met at auction, the sale of the former Home Depot store is highly likely. However, that doesn’t mean the building will be immediately occupied. It is possible that an investor or company purchased the building for possible future use, with no immediate plans. Also remember that no deal is yet finalized on its purchase.
The final bid was listed at $3,475,000. Prior to auction, the building was listed at an asking price of $10,000,000. According to the Bismarck Assessing Division, the market value of the property is $7,109,200.00.
Home Depot had closed its doors in 2008 after only a three-year stint in Bismarck. The building has remained vacant ever since, with no promising offers having been made on the 100,000+ square foot facility up to this point.
- Home Depot Building’s Buyers Come Forward (02/10/2010)
- Potential Uses For Former Home Depot Building (01/13/2010)
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