An advertisement for the sale by auction was published last week in the Wall Street Journal. It said the aforementioned assets would be sold at a public auction Jan. 24, 2002, in U.S. District Court in Portland. As a party already has contracted to purchase the portfolio for $45.6 million, -- subject to the auction -- the minimum overbid at auction will be $46.5 million. Each succeeding bid must be at least $500,000 higher than the last.
The pre-requirement for the marketing package is confidentiality. The pre-requirement for bidding is demonstrating, at least five days prior to the sale, the necessary cash on hand or other means to close within 10 days. For more information, contact David Osias of Allen Matkins Leck Gamble and Mallory LLP at 619-233-1155. "At this point, multiple parties have signed the confidentiality agreement and made the request for materials," Osias tells GlobeSt.com.
In June, a Portland lawyer and his partners entered the winning bid for Capital Consultants' Capital Center, a three-story, 20,514-sf office building at 2300 SW First Ave. The winning bid was $2.95 million.
S2G LLC, which includes Portland lawyer John Stewart, made the winning bid in US District Court. Judge Garr King handled the auction, as he is also handling several civil lawsuits against Capital Consultants and Grayson, its founder. Stewart confirmed for GlobeSt.com in June that his law firm, Stewart, Sokol & Gray, will ultimately occupy the space, though he does not know when. The firm is currently located at 1 SW Columbia in Downtown Portland.
Prior to the auction, the court-appointed receiver had entered into a purchase and sale agreement with S2G LLC for $2.54 million--subject to the results of the auction. At the auction, S2G LLC had to outbid its own purchase and sale agreement by about $500,000 to ensure they ultimately secured the building.
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