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9/17/15
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Auction.com had closings on 70 commercial assets with a combined sales price of $285 mil during the month of July. The transactions included the sale of the high-profile Fisher & Kahn Buildings, a 776.5k sf historic office high-rise complex in Detroit, which closed in July. Auctioned in June, Fisher & Kahn Buildings’ $12.81 mil sale is a prime example of the office sector’s recent recovery.
“Although office deal volume in the second-quarter experienced a slight decrease, the sector continues to recover nicely, with a 24% increase in volume over the previous year, according to the Auction.com Q2 CRE Market Monitor,” said Rick Sharga, executive vice president of Auction.com. “We saw an increase in the number of high quality office properties sold through the Auction.com platform, along with improvements in pricing, both of which are indicative of a healthy market sector.”
Other notable closings from July include:
• The Senator Office Building, a 70% occupied, 159.6k sf office building located in Sacramento, CA, was auctioned May 21 for $31.76 mil. The sale closed July 15.
• 7900 Harkins Road, a vacant, 325k sf, 12-story office located in Lanham, MD, was auctioned June 24 for $21.37 mil. The sale closed July 30.
• A 47% occupied, 322.3k sf office building located in Saint Paul, MN, was auctioned June 24 for $21.1 mil. The sale closed July 24.
• Vine Center, a 95% occupied, 35.9k sf retail center located in Livermore, CA, was auctioned June 3 for $7.65 mil. The sale closed July 10.
• A fully occupied, 2k sf property that includes a condo with street level retail and two floors below grade located in New York City was auctioned May 13 for $5.6 mil. The sale closed July 22.
The Auction.com platform offers complete transparency to the large pool of bidders it attracts from around the world. In turn, the competition among qualified buyers ensures that sellers’ assets are transacted at fair market value. It enables buyers and sellers to conduct transactions in the most efficient manner possible by leveraging Internet technology to streamline a cumbersome, complicated and paperwork-intense process.
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