Auction.com handles $262 million in commercial sales in 2 weeks

Online real estate marketplace Auction.com said today it had facilitated the closing of 27 commercial properties valued at more than $262 million during the two weeks ending Nov. 6.

The properties included:

  • a 437-unit multifamily development in Alpharetta, Ga., Jasmine at Holcomb Bridge, brokered by HFF.
  • a 211-unit multifamily development in Greenville, S.C., Mallard Cove Apartments, brokered by Cushman & Wakefield.
  • a 179,959-square-foot retail space in Dallas, Preston Trail Village, brokered by Rockwood Real Estate Advisors.
  • a 115,760-square-foot industrial space in Yorba Linda, Calif., Yorba Linda Business Park, brokered by Cushman & Wakefield.
  • a 537-unit self-storage space in Englishtown, N.J., Marlboro Self Storage, brokered by Jones Lang LaSalle.
  • a 98,963-square-foot retail space in Virginia Beach, Va., Courthouse Marketplace Retail Center, brokered by Cushman & Wakefield Thalhimer.
  • a 55,820-square-foot retail space in Gainesville, Va., Gateway Commerce Center, brokered by Cushman & Wakefield Thalhimer.

Auction.com’s process requires prospective buyers to signal their interest by submitting “indicative offers” to help sellers gauge buyer interest before engaging in the formal auction and provide potential buyers with a familiar and flexible bidding process.

According to a company profile in the Orange County Register, Irvine, Calif.-based Auction.com employs 1,000. The site facilitated sales of 25,000 properties in 2012 and is on track to handle 30,000 sales this year.

Auction.com handles foreclosure sales in 30 California counties and in 25 other “nonjudicial” states; REO sales; short sales; luxury homes; commercial real estate; multifamily loans; and mortgage assets. Source: auction.com