PHOENIX-Next week, more than $350 million of Arizona retail centers, office buildings, multi-family apartment housing complexes, undeveloped land and non-performing loans are up for auction on Auction.com. The properties are concentrated in the Phoenix metro area and include 18 mostly foreclosed properties and land.
Starting bids for the Arizona auction range from $25,000 to $4.5 million. Bidding begins at 9 am PST on June 27 and ends June 29.
The auction is one of the largest ever for commercial properties in the state, according to Rick Weinberg, vice president of Auction.com, an Irvine, CA-based online auction platform. “In working with various financial institutions and private owners, we realized that we had an array of Arizona properties and loans and decided to auction them together,” Weinberg says. “The Arizona auction is a reflection of what is happening across the country – people are looking to take these assets off their books, and demand from investors is strong.”
Weinberg tells GlobeSt.com that most auctions conducted by the company are not geographic specific; however, last month the firm conducted an auction comprised on Nevada-only commercial property and loans, similar to the Arizona auction. “With the Nevada auction, we found that most of the interest was from local investors,” he says, adding that he expects the Arizona auction to attract investors from around the state.
Among the assets scheduled for auction is Tequa Festival Marketplace, a 54,068-square-foot retail center at 7000 State Rte 179 in Queen Creek, AZ. With a starting bid of $2 million, the specialty retail property is located along a tourist path toward Sedona and is adjacent to the Hilton Sedona Resort and Spa, as well as the Sedona Golf Resort, a four-star rated golf course by Golf Digest. The property is 45% leased.
Among the non-performing loans in the auction is a note on an 80,236-square-foot retail property at 845-885 North 54th St. in Chandler, AZ. The property is the second phase of a larger retail development anchored by Home Depot in the main retail corridor of Chandler. The loan transferred for imminent default due to the lease expiration of Ultimate Electronics (42% net rentable area) in December 2010. The property was 56.2% occupied by six tenants and has a starting bid of $2.5 million.
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