ATLANTA-In a mega deal that saw 187 assets and almost as many bank notes trade, Auction.com has cleared another $2 billion worth of commercial properties off the boards in the Southeast. This time around, local brokers got involved.
Auction.com saw $453 million in sales, with more than $600 million in unpaid principal balances sold. The assets attracted a purchase price to reserve rate of 111%. Mac McCall, head of Franklin Street’s Atlanta office, tells GlobeSt.com that several institutional sellers hired brokers to help make the most of the opportunity, a new trend in the auction process.
“At the end of the day a broker adds a lot of value,” says McCall. “Brokers sell the deal and the long-term upside of the deal. Whereas at an auction it’s buyer versus buyer, when you get a broker involved it’s buyer versus seller.”
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