Carlton Holding Sealed Bid Auction for $350M Properties

ORLANDO-The New York-based Carlton Group is holding a sealed bid auction online at the Carleton Exchange website today for $350 million worth of commercial real estate properties, most of which are in Florida. Bids are due by 2:00 p.m.

Out of 60 properties, 44 of them are in Florida, says Scott Stay, a Carlton senior vice president. The seller of the properties is Orlando-based Westgate Resorts, a time-share developer, which is selling all of its non-core assets, he says. These assets will trade far below replacement costs, says Stay, perhaps as much as 50% below prior value, even though they are not in default or foreclosure.