THE FOLLOWING IS A NEWS-GAZETTE STORY BY JENNIFER BAILEY
DANVILLE — The building adjacent to Towne Centre that houses Old National Bank in downtown Danville has a new owner.
The winning bid was $425,000, with a purchase price of $446,250 in an auction that ended Wednesday.
The listing on the Ten-X auction website stated the reserve had been met and the property at 2 W. Main St. sold.
“We’re pleased to announce that a reasonable bidder won the auction of the building (Wednesday),” said Danville Mayor Rickey Williams Jr.
He wouldn’t discuss anything more about the sale, which will be finalized.
“The owner’s announcement will be forthcoming,” Wiliams said.
The building’s auction was from July 15-17.
Starting bid was $125,000, according to the listing on the Ten-X auction website. Depending on the winning bid amount, there also was up to a 5 percent transaction fee.
The listing stated that the “Value-Add Bank Office” three-floor building totals 40,152 square feet. It was built in 1976 and renovated in 1994.
According to the listing, it’s a “prominently positioned office property … with 28 percent occupancy. Incredible opportunity to acquire a rare value-add office asset with long-term, in-place cash flow via Old National Bank through October 2029. Premier corner-lot location at a signalized intersection, allowing visibility and access to over 13,000 vehicles per day, creating signage opportunity.”
“Excellent location at the gateway to downtown Danville next to key government buildings, including the county courthouse and city hall. Adjacent to Danville Towne Centre, a critical area shopping center with shadow anchoring tenants Family Dollar and Save-A-Lot grocery.”
At the moment, Old National Bank is the only tenant, and its lease expires in October 2029, the listing said. It said the property includes about 25,000 square feet of above-grade space and 15,000 square feet of basement space. The 1.9-acre parcel is currently owned by 2 West Main LLC of Evansville, Ind.
“Old National leases our space in the building at West Main Street in Danville, so it is the building owner putting the building up for auction. This does not impact our business at this location,” said Rick Vach, external communications manager with Old National Bancorp in Ann Arbor, Mich. “Our lease will remain in effect if the building is sold, and we will continue to serve our clients at this location.”
FOR COMPLETE ACCESS TO THE NEWS GAZETTE STORY PLEASE GO TO https://www.news-gazette.com/business/economy/danville-bank-building-sells-in-auction/article_a374ec56-444c-11ef-b006-a788a301a664.html
