IRVINE, CA-Auction.com is bringing its commercial real estate auctions back to Nevada. The move comes after a successful regional event of the state's assets last year that resulted in $545 million in transactions and 1,122 bidder deposits for 70 assets.
So far this year there are 48 properties listed for the auction, which is scheduled from Feb. 21 to 23. Twenty two of the assets are offices, 13 are multifamily and another 13 are retail centers. This is also the first Auction.com event open to brokers and property owners.
"We basically mirror the trends in the distressed market," Ken Rivkin, a co-president at Auction.com told GlobeSt.com. "We're beginning to see more office and retail."
The firm decided to do another auction in Nevada because of a demand from clients which are mainly made up of institutions and banks looking to get assets off of their books, Rivkin said, pointing out that the firm has about 100 of these clients. Other locales that have regional auctions with the company include Arizona, the Midwest, the Southeast and Texas.
More investors are willing to buy properties online than before, Rivkin said, as opposed to a traditional in-person auction, and his firm has more events on tap this year than in 2011. The firm has undertaken a $30-million media campaign to promote its events.
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