Former brush plant drawing development interest
Tuesday, February 28, 2017
A former brush manufacturing plant closed since 2012 located north of the Tar River and near Pitt County’s major industrial parks has drawn interest and is involved in a post-foreclosure sale auction for the property.
Friday is the deadline in the upset bid period that began on Feb. 21 when St. Louis-based Commercial Development Co. entered a bid of $250,000 for the 371,343-square-foot manufacturing facility at 2400 N. Memorial Drive. CDC in December purchased the mortgage on the property owned by PGV Properties (Harper Brush), but the deadline could change under terms of the upset auction, CDC Executive Vice President Mark Hinds said.
An upset bid period goes into effect after a foreclosure sale. In North Carolina, after the sale of a property in a foreclosure, there are 10 days allowed for another party to offer a higher bid on the property or for the property owner to file a bankruptcy to stop the foreclosure. According to N.C. statutes (45-21.27), a new bid must be 5 percent higher than the previous bid, accompanied by a 5 percent deposit.
The property, last home to Harper Brush Works, before that to Rubbermaid Products and Empire Brush before that, sits on 50 acres (including 25 undeveloped acres) zoned for unoffensive industry. It was built in six components between 1964 and 1974.
Ceiling heights range from 17 feet to 29 feet. The warehouse carries a heavy floor load, 30 dock high doors, two drive-in doors, some mezzanine area and racking inside, and a 7.5-ton crane.
The facility is served by an adjacent CSX rail line and is convenient to U.S. 264, about 15 miles from I-64 and 40 miles from I-95.
Newell Brands Inc. has entered into an order with North Carolina to address any environmental concerns that might exist on the property.
The appraisal value of the property acquired by the previous lender was approximately $2.6 million, according to Hinds.
“We’ve been learning about all the great things going on in the community from conversations we’ve had with Pitt County Development Commission Director Wanda Yuhas and NCEast Alliance Director John Chaffee,” Hinds said. “Bringing 370,000 square feet of manufacturing space back onto the market in a relatively short time will be a great help to the community.”
Yuhas spoke highly of the property Tuesday.
“It’s rail-served, so that would give us a lot of options,” she said. “We have very few good commercial/industrial rail-served sites in Pitt County, and this one is right there at U.S. 264, a four-lane freeway. It’s a great location for a lot of reasons.”
PCDC will be in a better position to market development of the property following the conclusion of the auction process, Yuhas said.
“The CDC people really liked our market when they visited us,” she said. “They saw that we are emerging from a big town to becoming a small city and seeing so much positive change in a number of different quarters countywide. They saw the potential from getting into this market early on.”
Parties interested in the bidding process can submit a bid form to the Pitt County Court House 100 W. Third Street, Greenville, NC 27835, 2nd Floor. Questions about the bidding process can be directed to the Clerk of Superior Court at 695-7100. For property-related questions, contact Mark Hinds at CDC at 314-835-2838 or firstname.lastname@example.org.