Tranzon sets auction dates for surplus Fayette County school properties

Fayette County Public Schools is moving four former school and office properties in Lexington through a series of auctions run by Tranzon Asset Advisors and Schrader Commercial Properties. The sales begin in November and continue in December, with sealed bids, online bidding rounds and public inspections scheduled ahead of the deadlines.

Why it matters: - Fayette County Public Schools is turning surplus real estate into saleable assets, opening the door for redevelopment of several well-located Lexington properties. - The portfolio includes former school sites and office space with major-road visibility and multiple access points, making the properties attractive to buyers with reuse plans. - The auction structure could set pricing for some of Lexington’s prominent former public properties.

What happened: - Tranzon Asset Advisors and Schrader Commercial Properties were commissioned by Fayette County Public Schools to auction multiple former school and office locations across greater Lexington. - FCPS declared the properties surplus and will sell them in two auction events in November and December. - The first auction covers former Johnson Elementary School at 123 East Sixth Street and former Linlee Elementary School at 2420 Spurr Road. - The second auction includes the former central office complex at 701 East Main Street and a residential property at 700 Bullock Place.

The details: - Sealed bids for the November auction are due by Nov. 10. - The November auction requires an initial bid deposit of $100,000, plus proof of financial ability to close at or above the written bid. - If multiple sealed bids are submitted, the highest bidders advance to a best-and-final online auction on Nov. 12. - Two public inspections are scheduled for Oct. 27 and Nov. 3, with specific timing available at more information. - The properties can be sold before the auction if an acceptable offer is received under the same terms and conditions. - Sealed bids for the former central office complex are due Dec. 8, followed by best-and-final online bidding on Dec. 10. - The 700 Bullock Place property will be sold through an online auction ending Dec. 15. - Inspection dates, sale terms and detailed property information are available from Tranzon or Schrader Commercial. - The Fayette County Board of Education completed the legally required surplus declaration and sale approvals at its June meeting. - Tranzon and Schrader submitted their joint marketing proposal through the RFP process. - Pre-auction offers will be considered, but auction terms apply to all offers. - Interested parties are directed to contact Jamie Schrader of Schrader Commercial Properties or Ed Durnil of Tranzon Asset Advisors. - Auction No. 1 carries a 6% buyer’s premium and requires a 10% total escrow deposit from the winning bidder.

Between the lines: - The sales process suggests FCPS wants competitive bidding rather than a single negotiated disposal. - The mix of school campuses, office space and a residential property widens the buyer pool beyond traditional education users. - The redevelopment language points to a likely emphasis on repurposing central Lexington land rather than preserving the existing school use. - The auction format also creates urgency, since the properties remain subject to pre-auction sale.

What’s next: - Interested buyers need to inspect the properties and submit sealed bids before the November and December deadlines. - Competitive bids could trigger additional online bidding rounds for the highest sealed bidders. - Tranzon and Schrader will continue marketing the properties ahead of the auctions.

The bottom line: - FCPS is selling four surplus Lexington properties through a staged auction process that could reshape several prominent redevelopment sites in the city.