A partially occupied industrial park in Grand Island is going on the auction block, as the current owner faces foreclosure by the lender.
Brian Schectman’s Industrial Realty & Funding, or IRF Properties LLC, is putting the 120,000-square-foot park at 345 Lang Blvd. up for sale through Cash Realty & Auctions on May 18 at 10 a.m. The sale comes just four months after Northwest Bank filed initial foreclosure papers against IRF and Schectman on a $2.175 million mortgage from July 2011.
Located on 9.3 acres, with two buildings of 60,000 square feet each, the park is only about one-third occupied, with four tenants holding 40,300 square feet in total. The property is assessed at $3.195 million, and it was recently listed for roughly the same amount.
This is the latest property sale by Schectman, who inherited a real estate portfolio from his father, but has since encountered financial difficulties that forced him to sell off several of his holdings, including a few apartment complexes.