Developers Net $15M-Plus in Four-Property Private Auction

ORLANDO-Locally based Kellogg Development Co. principal Roger Kellogg and Orlando lawyer John C. Mitchell, in a hurry to invest in commercial properties in Texas and Colorado, sold four prime area office buildings in one afternoon for a total $15.12 million at an absolute auction.

Chicago-based Sheldon Good & Co. Auctions executive managing director James M. MacDonnell called the event “one of the most dramatic absolute auctions since the days of the Resolution Trust Corp.” in the 1980s. Suggested opening bids totaled $4.6 million. At an absolute auction, the top offer wins, regardless of the suggested bid amount.

Three buyers out of 180 registered bidders from 33 states and two undisclosed foreign countries purchased the properties, whose sizes and ages were not disclosed in a prepared statement from the auctioneer. The buyers’ names were also not disclosed.