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ETC... ETC... NEWS
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Auction.com to Handle $2 Bil Online Auction of Commercial Notes and Properties

9/13/11

National real estate auctioneer and loan sales advisor Auction.com has announced an upcoming online auctioning of over 325 non-performing notes and commercial REO properties located throughout the Southeastern U.S. This will be the largest online auction of commercial real estate to date for the company.
The online auction for properties and collateral spans over 18 days, beginning on September 19, 2011 and concluding on October 6, 2011. It includes multi-family, mobile home parks, retail, mixed-use, hotel, land, self-storage, office, industrial, and special-purpose assets. Starting bids range from $500 to $10.5 mil.

“After extremely successful auctions in Arizona, Nevada and Texas, our clients are requesting additional location-specific events,” says Auction.com CEO, Jeff Frieden. “Based on early call volume and web traffic, there is strong interest for real estate and non-performing loans from opportunistic investors, particularly in areas like the Southeast.

The online auctions are currently comprised of 151 assets in Florida, followed by 98 in Georgia, 38 in North Carolina, 16 in Tennessee, 13 in Alabama, 14 in South Carolina, seven in Virginia, five in Mississippi, and two in both Kentucky and Maryland.

Some of the non-performing notes and commercial REO properties being auctioned include:
167.6k sf, Class A, anchored shopping center in Doraville, GA; starting bid: $6.5 mil

• Perry’s Ocean Edge resort in Daytona Beach, FL, 215 rooms; starting bid: $ 3.5 mil

• Class A and B office, four-building, 373.4k sf portfolio in Raleigh, NC; starting bid: $10.5 mil

• 302k sf industrial building in Richmond, VA, former snack food production facility; starting bid: $1.5 mil

• 59-unit loft apartment with 26.2k sf of commercial space, Birmingham, AL; starting bid: $2.2 mil

• 35.2k sf, retail, Central, SC; starting bid: $1 mil

• 37k sf, office, retail and restaurant, Kingsport, TN; starting bid: $200k

• 132 total pads, two-mobile home housing community, Reidsville, NC; starting bid: $250k

• .33-acre, vacant land, Bladensburg, MD; starting bid: $10k

The official online auctioning of commercial REO properties in AL, FL, GA, KY, MD, MS, NC, SC, TN, and VA begins September 19, 2011 through until September 22.. The online auctioning of non-performing commercial notes from these states begins September 20, 2011, and concludes on September 22, 2011. Official online bidding for 153 Florida commercial REO properties begins on October 3, 2011, through until October 5, 2011, 2011. Non-performing notes from Florida are being auctioned online from October 4, 2011 and concluding on October 6, 2011. All properties and auction details can be reviewed at www.auction.com/CRE.





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