CPA firm handling 'unique' sale of 210 E. Walnut St.

by Eric Olson

SBJ Reporter

eolson@sbj.net

The former Ozark Camera building at 210 E. Walnut Street is for sale.

But it's not a typical sale.

Realtor Sam Freeman and architect Tim Rosenbury, principals of Walnut Street LLC, the building's owner, are soliciting bids beginning Feb. 1. Compere & Robinette CPAs in Ozark will handle the bidding process.

Bids will be accepted until noon March 15 and are to be delivered to Compere & Robinette CPAs offices at 757 N. 20th in Ozark. Bids will remain sealed and stored off-site in a safety deposit box until the bid opening at 4 p.m. March 15 at the Vision 20/20 building, 414 South Ave. The minimum bid is $450,000, and the building will go to the highest bidder, Freeman said.

The sale includes a four-car garage directly south of the building.

Keith Robinette of Compere & Robinette CPAs said it is the first time for his firm to handle a bidding process such as this. And it may be a first for the area.

"It is just an idea that we thought, because of the limited availability of properties in the downtown area and as much interest as there seems to be in that part of Springfield, it could lend itself to a unique way of selling this building," Robinette said.

He expects the public bidding to generate a fair value for the property. "We think this is a good way to help establish that," he added. "Let the public decide."

Now Freeman, a downtown real estate broker, is charged with getting the word out. He is entering the bidding process with an open mind.

"I don't know if I'm going to have two people or 10 (people)," he said. "Who knows? It will be fun."

Freeman said the recent surge in downtown redevelopment inspired the partners to sell the building in this fashion.

"It seems like a reasonable thing to do," Freeman said. "Over the last two to three years there have been a lot of inquiries for downtown property," said Freeman, who runs Center City Development Co. and Center City Realtors. "This opens up for somebody one of the better redevelopment buildings," based on location, size and timing.

History

The structure at 210 E. Walnut St. was built in 1909 and has been mostly used for retail purposes selling furniture in the early days, and later cameras and photography equipment under the Ozark Camera name. Ozark Camera closed in 1998 and sold in foreclosure to Eugene and Virginia Anderson for $555,000, including real and personal properties, fixtures and equipment.

Kevin and Michael Chittenden were owners of Ozark Camera under the entity MK2C LLC at the time of foreclosure. MK2C LLC defaulted on three promissory notes, totaling $598,600, according to attorneys at the sale.

Walnut Street LLC purchased the property after the Andersons gifted the building to Salvation Army. Freeman would not disclose what price Walnut Street LLC paid for the building.