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LUGAS DENTAL - BANK FORECLOSED

SEALED BID LIQUIDATION

LGE Community Credit Union (LGE) has foreclosed on assets belonging to Dr. Karl E. Lugus, DDS PC (DKL) in Lawrenceville, Georgia. DKL was a pediatric dental practice. DKL’s assets consist of a nice 4,107 sq. ft professional Fee Simple office condominium as well as dental equipment and some inventory.

LGE has perfected its interested in this security, taken possession and is liquidating this collateral.

LGE is liquidating these assets through a sealed bid liquidation method. Bidders may inspect the real estate, equipment & inventory during the specific open house dates and submit their bid(s) by the set-bidding deadline. Bidders may bid on the entire operation including the real estate, all equipment and inventory to reopen facility as a similar or different type business. Or bid on the real estate only and the entire lot of equipment and inventory individually to be removed prior to high bidder closing on real estate. The official bidding form will be available at time of inspection or below.

REAL ESTATE DESCRIPTION

Address: 749 Old Norcross Rd., Suite B, Lawrenceville, Gwinnett County, GA 30046

  • 0.6739 Acres
  • Tax Parcel # R5113-142
  • 4,107 sq. ft. Building
  • 2019 RE Property Taxes - $6,349.76
  • Year Built – 2000
  • Flood Zone – No
  • Zoning= O-I Office Institutional District
  • 2020 Appraisal Available at www.dobbinscompany.com

EQUIPMENT – The equipment & remaining inventory of cleaning supplies is being offered either in bulk to stay with the real estate or in bulk to be removed. The equipment includes items needed for a pediatric dental office and includes dental chairs, X-Ray equipment, Lab Equipment, Etc.  A complete list of equipment is available below.

There is a walk-around video of this operation showing the real estate and equipment available below

THE BIDDING PROCESS: There will be a 2+ week inspection period with two open house days (10:00AM-2:00PM). Interested parties can come by and spend as much time inspecting the real estate, equipment as needed. At the end of the inspection period there will be a set bidding deadline. The official bidding form, available either on-site or on-line, must be used to bid. There are three ways to bid:

#1 Bid on Real Estate & Equipment as a Single Lot - with all personal property to remain on-site. Bidders must break the bid down with a separate number for the RE and a separate number for the equipment which will be added together to make the total overall bid. If an acceptable bid is received, a standard commercial real estate contract (available for prior review below) will be executed on an as-is basis along with the submission of a 10% Earnest Money deposit. Closing within 30 days.

#2 Bid on Real Estate by Itself – A single bid for the real estate by itself. No equipment. A standard commercial real estate contract will be executed on an as-is basis along with the submission of a 10% Earnest Money deposit. Closing within 30 days.

#3 Bid on Equipment to be Removed – A single bid for all tagged & numbered equipment. If an acceptable bid is received, the equipment package must be paid for with 100% certified funds and removed within four days of closing.

INSPECTION ADDRESS

749 Old Norcross Rd., Suite B, Lawrenceville, GA 30046

OPEN HOUSE DATES

Tuesday December 1  & Tuesday December 8, 2020  10:00am -2:00pm EST

BIDDING DEADLINE

Noon Thursday December 10, 2020 EST

BIDDER NOTIFICATION

The high bidder(s) will be notified by 5:00pm Friday December 11, 2020. All others by email.

REAL ESTATE CONTRACT EXECUTION

If the high bid on the real estate is accepted, a non-contingency standard commercial sales contract must be executed by 5:00pm Tuesday December 15, 2020 EST and a 10% earnest money deposit submitted.

REAL ESTATE CLOSING

Closing to be completed within 30 days after R/E contract execution

EQUIPMENT/INVENTORY CLOSING

(If needed) all equipment & inventory sales must be closed with 100% certified funds no later than 4:00pm Tuesday December 15 , 2020 EST

EQUIPMENT & INVENTORY REMOVAL

(If needed) All equipment & Inventory must be removed out of the building by 5:00PM Friday December 18, 2020 EST

LGE intends to sell all assets to the highest bidder(s) but reserves the option of accepting or rejecting any or all bids. All sales are as is/where is, with no representations, warranties, covenants, or undertakings of any kind whatsoever.  LGE and Liquidator reserve the right to add or remove any item from the sale without notice.

Please contact Rick Dobbins at (w) 404-352-2638 Ext 107, (C) 404-451-1595
Or rick @dobbinscompany.com with any questions regarding this liquidation.

Bid Package (Legal Size)

Equipment List

Inspection Video

Photos

Sample Real Estate Contract

Bid Form

 

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