Two Jasper shopping centers set for bankruptcy auction

JASPER, Ala., Sept. 8, 2016 /PRNewswire/ -- Two shopping centers in Walker County are being sold in an online auction as part of the ongoing liquidation of J&E Land Company. Pearce & Associates will market the retail properties individually in an online auction scheduled to end Thursday, Oct. 13.

Medical Plaza East Shopping Center, located at 4331 Highway 78 East, Jasper, is located near Walker Baptist Medical Center, has 67,000 square feet of leasable space. It currently has 13 tenants, including an Alabama ABC Store.

"This is a great location, surrounded by businesses that generate traffic, including auto dealerships, restaurants, hotels and medical practices," said Chip Pearce, president of the auction company.

Also selling will be Walston Bridge Plaza, a 16,275-square-foot shopping center at 301 Walston Bridge Road in Jasper.

"Both of these shopping centers are tremendous opportunities for investors. In each case, we will provide bidders with detailed information, which includes copies of leases, tenant payment history, surveys and environmental reports," said Pearce.

Bidders will be required to submit a deposit of $25,000 via cashier's check or bank wire transfer. Deposits of non-winning bidders will be returned within 24 hours of the end of the auction.

Pearce will provide a bid center on Thursday, October 13, where bidders may bring deposits and get assistance with registration and bidding. The bid center will be located at the Hampton Inn on Industrial Parkway in Jasper, Alabama. 

Individuals seeking additional information may visit auctionbypearce.com or call 205-664-4300.

Jasper-based J&E Land Company filed for Chapter 11 bankruptcy protection in 2013, citing debts of more than $7.4 million. The liquidation is being administered by George E. Shoup, III, of Development Specialists, Inc., as the Plan Trustee of the Liquidating Trust.

Pearce & Associates, based in Alabaster, markets real estate and other assets throughout Alabama, primarily through online auctions. Clients include estate executors, business owners, attorneys, bankruptcy trustees and individuals. The firm also has ongoing contracts with many cities and counties for the sale of surplus materials. 

Development Specialists, Inc. (DSI) is a leading national provider of management consulting and financial advisory services, including turnaround consulting, fiduciary roles, financial restructure, litigation support, wind-down oversight and forensic accounting services.

For more information:
Carl Carter, 205-823-3273

SOURCE Pearce & Associates