(BEDFORD) – The City of Bedford did not receive any bids on three lots of the Bedford Development Center located at 405 I Street.
In October, four of the lots, as well as the building used by the Bedford Development Center as a business incubator, were sold.
In August, appraisals were taken of the property with Brooks and Galloway appraising the four lots at $85,000, lot 16 at $4,500, and the remaining six lots at $6,000. Brooks & Galloway looked at the age of the property and the deterioration of the building as a factor in the lowest appraisal of the property, according to Bedford Planning Director Brandon Woodward.
Mordoh appraisals came in for the four lots and building at $575,000, lot 16 at $6,500 with the remainder of the lots at $10,500. Mordoh used Bloomington real estate prices for similar buildings as a reason for the higher appraisal for the property.
At their August meeting, the Board of Works approved to advertise the bids for the building and three lots with a minimum bid of $356,000. The remaining of the four lots could be bid separately.
In September, the Board of Works only received one bid from Wellness Real Estate Center for $356,500 for all the lots and the building. Laura Anderson of Millican Realty was representing the group wishing to purchase the property.
Wellness Real Estate Partners is a real estate investment company focused solely on acquiring real estate leased to behavioral health companies either through sale leaseback transactions of owned real estate or acquisitions of de novo locations, according to the company’s website.
The bid was placed on hold to see if the company was still interested in the three lots and the building. Wellness Real Estate Partners declined to purchase the remaining three lots last month. The minimum bid for the lots was set at $7,500.