Fayette County Schools Sale Set for November and December
News related to:Tranzon Asset Advisors or Schrader Commercial Properties · 3 min read
Tranzon Asset Advisors and Schrader Commercial Properties have been commissioned by the Fayette County Public Schools (FCPS) to auction multiple former school and office locations across greater Lexington, Kentucky. The properties, which include former Johnson Elementary School at 123 East Sixth Street and Linlee Elementary School at 2420 Spurr Road, both in Lexington, will be sold in two distinct sale events in November and a second sale in December.
The first auction will feature the former Johnson Elementary School and Linlee Elementary School. Both sites offer direct access off busy and highly visible major area roadways. The first auction will take place on November 10, requiring bidders to submit sealed bids by that date to Tranzon Asset Advisors and Schrader Commercial Properties. Bids will require an initial bidding deposit of $100,000.00, plus adequate proof of the buyer’s financial wherewithal to close the transaction at or above their written bid amount. If competitive bids are submitted, the highest bidders will be invited to participate in a "best and final" online auction, which will occur on November 12, with bidding starting at the highest sealed bid amount.
Two public inspection dates have been set for interested parties to tour the properties, discuss sale terms with the brokers, and conduct due diligence. The first tour is on October 27, and the second is scheduled for November 3. Prospective bidders should contact the brokers without delay.
The second auction event is scheduled for December 8 and December 15. Sealed bids will be due on the former central office complex located at 701 East Main Street on December 8, with best and final bidding on December 10. A residential property located at 700 Bullock Place will be sold through an online auction culminating on December 15. Inspection dates, sale terms, and detailed property information can be obtained from either Tranzon or Schrader Commercial Properties.
The Fayette County Board of Education has undertaken the legally required steps related to surplus declaration and sale approvals for the properties at their June meeting. Tranzon and Schrader submitted a proposal via the Request for Proposal (RFP) process to jointly market and sell the property portfolio. Pre-auction offers will be considered, and terms of the auction apply to all offers. All interested parties are encouraged to contact Jamie Schrader of Schrader Commercial Properties or Ed Durnil of Tranzon Asset Advisors at their earliest convenience.
Auction No. 1 Details: Property Selling: (Johnson Elementary) 123 E. Sixth St., Lexington, KY 40508 & 2420 Spurr Rd., Lexington, KY 40511 Sealed Bids Due: November 10, 2026, to brokerage offices Best and Final Online Bidding: November 12, 2026 Auction Information Link: www.tranzon.com Initial Bid Deposit: $100,000.00/bid submitted, wire or certified check Total Escrow Deposit from Winning Bidder: Ten Percent (10%) of Purchase Price Buyer’s Premium: 6% added to high bid
Auction No. 2 Details: Property Address: 123 E. Sixth St., Lexington, KY 40508 Parcel Size: 3.185± Acre Campus Building Size: 47,790± square feet Year Built: 1939 w/additions in 1955, 1958 & 1976 Year Decommissioned: 2026 Current Zoning: R-3 & B-1 Utilities: Electric, Natural Gas, Sewer, Telephone, Cable available onsite Existing Improvements / Notable Features: Multiple Roadway Access Points, Two-Floor Building Design, Located in Heart of Lexington just north Downtown and New Circle Road, Strong Redevelopment Potential, Bid Your Price!
Property Address: 2420 Spurr Road, Lexington, KY 40511 Parcel Size: 10.89± Acre Campus Building Size: 61,279± square feet Year Built: 1927 w/addition in 1976 Year Decommissioned: 2026 Current Zoning: Agr-U/Agr-R Utilities: Electric, Natural Gas, Sewer, Telephone, Cable available or Nearby Existing Improvements / Notable Features: Multiple Roadway Access Points, Single-Floor Building Design, Located in the Vibrant North Lexington Corridor, Strong Redevelopment Potential, Bid Your Price!
The Fayette County Board of Education has undertaken the legally required steps related to surplus declaration and sale approvals for the properties at their June meeting. Tranzon and Schrader submitted a proposal via the RFP process to jointly market and sell the property portfolio. Pre-auction offers will be considered, and terms of the auction apply to all offers. All interested parties are encouraged to contact Jamie Schrader of Schrader Commercial Properties or Ed Durnil of Tranzon Asset Advisors at their earliest convenience.