Commercial Real Estate and Anderson and Office Complexes and Property taxes and Regional News and Madison County and Real Estate & Retail

Tax bills spur eBay listing for Anderson office buildings

September 5, 2011

Two investors stung by soaring property taxes have listed three Anderson office buildings on eBay in hopes of drumming up interest in the $4.5 million package deal.

The buildings include two high-rises and a two-story office building.

Real estate agent Jeanne Clarkson said investors Albert Golukhov and Nikolaos Tsatov decided to sell the buildings after changes in how the state taxes commercial property caused their tax bills to soar. She told The Herald Bulletin that the taxes are based on the $3.4 million purchase price of the buildings, but don't reflect the fact that they are only about 60-percent occupied.

"More than 25 percent of the gross income of those properties goes toward property taxes," Clarkson said.

Clarkson posted the sale on eBay as a marketing tool in hopes of reaching a broader audience. She said the buildings aren't up for auction.

The eBay listing so far has generated more than 50 leads from the U.S., Canada and Great Britain.

Clarkson said the ideal buyer will be someone with large cash reserves and the ability to wait until the market rebounds and occupancy increases.

Linda Dawson, Anderson's economic development director, said the buildings would be a good fit for small- to medium-size professional service businesses, including call centers.

She said she hopes the buildings become more active and bring more businesses and people downtown.

"We think that any time there are new owners to a building they will bring fresh perspectives to the building," she said. "Often they will have their own set of (business) contacts, and that can only be positive."

The most expensive property is the First Merchant's Bank Tower Building, 33 W. 10th St. The 10-story, 90,000-square-foot tower is occupied by First Merchant's Bank on the bottom two floors. Other tenants include law and insurance offices. The building is listed separately for $2 million.

The package also includes the Union Building, 1106 Meridian St., a six-story, 104,000-square-foot brick office building built in 1902, with tenants including Lawyer's Title and Wells Fargo Financial. It is listed for $1.75 million.

The third property, called Eleventh and Jackson, is a two-story 15,000-square-foot office building that is headquarters for Connecticut Electric. The building is listed for $750,000.

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