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  • Two Large Evansville Properties on Auction Block 
    Reported by: Web Producer @ tristatehomepage.com

    Thursday, Nov 5, 2009 @06:18pm CST

    Two major properties - Evansville Plaza Hotel & Suites at Evansville Regional Airport and First & Diamond Avenues Shopping Plaza - will be on the auction block, one after the other, Tuesday.
    The site for both auctions will be the hotel, located at 5701 U.S. 41 North.
    Jonathan Baker, of Baker Auction & Realty in Evansville, said the full-service hotel is expected to be auctioned at 1 p.m., followed by the auction of the shopping center.

    Evansville Plaza Hotel & Suites includes:
    119 rooms 83,000 square feet of improvements with nine suites and an owner's unit Amenities, such as a heated indoor swimming pool, meeting and banquet space for accommodating 250 guests, the newly refurbished Runway 41 Restaurant & Bar and a full liquor license It sits on 4.65 acres of land, owned by Evansville Regional Airport Authority District.

    Diamond Ave. Shopping Plaza includes:
    A total of 149,182 square feet of space A high-traffic site that includes 11 acres Free-standing buildings on the site, whose square footage ranges from 99,000 and 30,000 to 7,600, 6,500, 2,500, 1,600 and 1,550.
    The hotel first opened in 1978 as a Sheraton Inn, operated by Chicago-based United Hotel Management Co. and owned by a group of investors headed by David Kanady of E.L. Kanady Investments.
    It later became a Days Inn and has had several other owners.
    The hotel now operates as the Evansville Plaza Hotel & Suites and is owned by Evansville Management Group, which is based in Boca Raton, Fla.
    It sits on 4.65 acres of land, which the hotel owner leases from the Evansville Regional Airport Authority District, said Dianna Kissel, airport marketing manager and public information officer.
    The current hotel owner completely remodeled the hotel's Runway 41 Restaurant & Bar eight months ago, Greene said.
    The hotel is being offered with a published minimum bid reserve price of $635,000.
    However, Greene said, the hotel could sell either below or above that amount.
    The buyer will be required to present a cashier's check for $37,500 on the day of the auction, Baker said.
    "We've had a number of good prospects from Kentucky, Indiana and New Jersey so far," he said.
    An on-site inspection for prospective bidders will be held at the hotel from 2 to 4 p.m. Monday.


    The shopping center originally was developed around the mid-1970s as West Plaza.
    Retailers Venture, ShopKo, Hill's Department Store, Buehler's Buy-Low, Dollar Tree and Auto Zone, among others, occupied space there at different times.
    The center currently is owned by the New York City-headquartered Nassimi Group.
    The property has been nearly or totally vacant for at least the past two to five years.
    Baker said the shopping center is being offered with a published minimum bid reserve price of $900,000, only 25 percent of its current value of $3.830 million, as assessed by the Vanderburgh County assessor.
    Baker said the property could sell for under or above the reserve amount.
    The buyer will be required to present a cashier's check of $45,000 on the day of the auction, Baker said.
    Bids are being accepted on both properties - in advance of the scheduled auctions - by Greene at (877) 430-9558 and Baker at (812) 491-6247.
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