74 Bank, Retail Properties Gain Buyer Interest

NEW YORK CITY-Locally based Carlton Advisory Services Inc. is conducting the sealed bid auction of Gramercy Capital Corp.’s 74 properties it acquired earlier this year from its $3.3-billion purchase of Jenkintown, PA-based American Financial Realty Trust, as GlobeSt.com earlier reported. Howard Michaels, chairman of the firm, tells GlobeSt.com that the properties are being marketed predominantly on an individual basis.

The sale of the outstanding bank branch and retail property assets have a set bid date of Oct. 13, 2008. Gramercy tells GlobeSt.com that they decline to comment at this time. The portfolio is geographically diverse; it includes assets in 19 states, although most of the assets are located on the east coast with particular concentrations in Florida, Alabama, Pennsylvania, Georgia and Virginia. Most of the portfolio’s properties are primarily vacant former bank branches, although 12 are cash flowing assets and are fully or partially leased to existing bank tenants.

Michaels tells GlobeSt.com that Carlton will consider selling the 12 cash flowing properties as a block to an investor. In addition, he says, “we would consider selling the portfolio to one or two buyers.” Carlton executives, Thomas McCarthy, managing director, John MacConnell, vice president, and Sandy Myer are handling the sale for Carlton.