Former Richmond Marsh store will go up for auction next week

  • Nov 27, 2018
  • Marketplace In The News - Pal Item

A former grocery store on the city's south side might soon have a new owner.

An online auction will be held next week for five former Marsh properties across Indiana, including the store at 1301 S. E St. in Richmond.

Mission Capital Advisors, a national firm, is handling the marketing of the real estate. The auction will be conducted on the RealINSIGHT Marketplace, a commercial real estate auction website, with each property offered for sale individually.

The Richmond location will go up for bids starting at noon Monday with an initial asking price of $50,000. The auction will close at 4:30 p.m. Wednesday.

"The seller is highly motivated to find buyers for all five properties, and we anticipate interest from both local and national buyers seeking opportunistic investments," Kyle Kaminski of Mission Capital said in a news release.

Cox Supermarkets, which had operated groceries in the city since the mid-1940s, sold the South E Street site to Marsh in 1999. The 14,730-square-foot building was home to a Marsh store until it closed in March 2017 as the regional grocery chain went under. It's been vacant since.

In a sheriff sale earlier this year, the property was sold to Wells Fargo bank, the sole bidder, for $1,288,511.75. Wells Fargo is believed to have been involved with financing the building, allowing it to take back the property.

The last remaining Marsh store in Richmond, 501 National Road W., is now called Needler's, after it was bought along with several others by Ohio-based grocer Fresh Encounter.

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