NEW YORK CITY-Auction.com, headquartered in Irvine, CA here with offices here and in Dallas, on Wednesday launched a three-day auction of some $85 million worth of nonperforming notes and commercial properties in a variety of sectors. A spokesman tells GlobeSt.com that participants can follow the nationwide auction in real time from their computers.
Included in the auction are assets ranging from the 55,079-square-foot Cape Canaveral Port Authority building to nearly three dozen commercial development parcels in Ohio, Illinois and Indiana. The assets and notes span 20 states, according to Auction.com.
CEO Jeff Frieden says in a release that the success of his company’s online property and loan auctions “confirms buyers’ continued interest in these assets. He adds that the growing ranks of registrants represents “a response to the significant number of distressed commercial properties sales throughout the country.”
This past March, the company held five auction events for nonperforming notes and commercial properties, moving a total of 83 assets within 31 states. These were acquired by local and institutional investors and buyers for a total of $71.8 million, or 104% of the sellers’ reserve, the company says.
Last month, Auction.com slated a $1-billion online auction of Las Vegas properties and notes that's said to be the largest such sale in US history. It's scheduled for May 17-19.
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