Retail Spaces Sold At Auction For $100,000
Two Emmetsburg business properties were sold at auction Tuesday, Aug. 30. The two store fronts, formerly housing Food Pride grocery and an Alco store, brought $100,000. Seller was the Ida Grove Charitable Trust.
The property was offered as two separate units, or one complete unit. With over 50 people attending the auction, there were only five bidders. The auctioneer offered one building, with the option to take both properties at double the price.
“This is a nice community and a very nice piece of property,” Auctioneer Bruce Brock told the potential bidders. “This could prove to be one of the nicest buys in Emmetsburg for a long time.”
The properties were 43,000 square feet, with 98,000 square feet lot.
Brock opened the bidding a $100,000 but had no takers and eventually got an opening bid of $30,000. Slowly the bid went up, topping out at $50,000.
Chad Fank was the successful bidder, purchasing the property on behalf of Emmetsburg Community Development Corporation (ECDC). He took the option of purchasing both buildings, each at $50,000.
“The purchase by ECDC was made possible thanks to funding provided by Emmetsburg Municipal Utilities from its economic development designated fund,” said Emmetsburg City Administrator John Bird. “This is a fund to which EMU makes annual appropriations through its budget process.”
“Emmetsburg Municipal Utilities is continuing its tradition of supporting economic development,” added Billie Jo Joyce, Emmetsburg Community Development Director.
EMU has donated to many projects in the community, including the Smith Wellness Center, FIT?Trail, All-Weather Track at Emmetsburg High School, City Parks, Emmetsburg Chamber (KEMB), the Veterans Memorial, land for the soccer fields and little league fields, to name a few.
ECDC will take possession of the property on South Broadway no later than Oct. 31.
“At this time, we cannot release further information about potential use of the buildings,” said Billie Jo. “Knowing the actual sale price, we can more effectively recruit expanding businesses or new entrepreneurs.”
The two properties had been empty for a year.
“We were concerned for the image of our community,” she added. “We are working toward the betterment of Emmetsburg.”
Billie Jo continued, “This opens the door for many different opportunities for either renting or purchasing.”
Anyone interested in these properties can contact Billie Jo at 852-2262. Her office is located at The Shores.
The Food Pride and Alco complex was purchased by Tim and Jodi Dittes in July 2012. Dittes purchased the Food Pride grocery business in Emmetsburg, along with three other groceries in Northwest Iowa. Less than a year later, Dittes closed the doors to the grocery business. The Alco business had closed prior to that.
Dittes eventually gifted the properties to the Ida Grove Charitable Trust.