Upwards of $2B in Assets About to Move Through Auction.com


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Rick Sharga, EVP at Auction.com
IRVINE, CA—Auction.com plans to bring more than $2 billion in real estate assets to sale at auctions over the next two months. In addition to its regularly-scheduled commercial and residential real estate auctions, the company will hold a $300 million custom auction eventon July 22nd and 23rd that includes a $100 million office complex located in Southern California and three multifamily assets located in Florida, Nevada and Arizona. Auction.com’s custom two-step process, typically conducted on higher-priced properties, allows interested bidders to first qualify for a “short list” by submitting a sealed indicative offer prior to the live auction. Indicative offers are due June 25.
“July’s custom auction is the latest example of how the market is accepting Auction.com as a reliable partner for moving high quality, traditional CRE properties,” said Auction.com’s executive vice president Rick Sharga. “Almost 50% of the properties we bring to auction today are non-distressed, desirable assets. It’s gratifying to see building owners and forward-thinking CRE brokers recognize that we can help them move their best properties more quickly, efficiently and profitably by leveraging internet technology.”…
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