IRVINE, Calif.--(BUSINESS WIRE)--Auction.com, the nation’s leading real estate auctioneer and loan sales advisor, is auctioning $154 million in Notes secured by commercial real estate from across the United States.
Online bidding opens on August 15, 2011, at 10:00 a.m. PDT and closes at 10 a.m. PDT on August 17, 2011.
This is followed the next day by its online auctioning of 50 commercial REO properties valued at over $50 million from 15 states.
Online bidding opens on August 16, 2011, at 10:00 a.m. PDT and closes at 10:00 a.m. PDT on August 18, 2011.
“Investors can perform due diligence on our website, and we are seeing enormous nationwide pre-auction interest in the myriad of properties available,” says Auction.com CEO Jeff Frieden. “Despite market volatility, investors are interested in acquiring notes secured by commercial real estate and REO properties. We are gearing up for an aggressive and lively online auction.”
Combined, the two online auctions feature over 100 commercial properties, including hotel, multi-family, retail, mixed use, industrial, office and mobile home parks, ranging from: a 32,296 SF anchored retail property in Norco, Calif., starting bid of $900,000; to a 108,269 SF, Class B office property in Olympia Fields, IL, starting bid: $1.2 million; to a 3-story, 70-unit apartment building Philadelphia, Pa., starting bid: $600,000; to a 25,841 SF mixed-use building in Kent, Wash., starting bid: $500,000; and a 52,440 SF grocery-anchored neighborhood shopping center with 97% occupancy in Gainsville, Ga., starting bid: $900,000.
Media can preview and/or observe both auctions live, including following selected bidder(s) in real time at Auction.com. Regional highlights of the properties, sorted by U.S. region, state, REO or Note sale, city, details, and starting bid, are also available at Auction.com
About Auction.com
Established in 1990, Auction.com, and its predecessor entities, pioneered the model for modern real estate auctions and has transformed into a comprehensive real estate services company. The company has established a dominant position in its industry by selling more than $9 billion in real estate assets at auction since 2007. Additional services include residential loss mitigation and title agency and escrow/closing services. Primary clients are residential and commercial mortgage lenders, servicers and home builders. Auction.com’s success as a company is based on the aggregation of real estate assets that are marketed and sold in large format auctions across the country and online. Auction.com is headquartered in Irvine, California, and has offices in Dallas and New York. Visit Auction.com for more information.
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