CHICAGO—Jones Lang LaSalle announced today that they will hold the first of a series of live, combined online and on-site global commercial real estate auctions with the auction firm Williams & Williams from Monday, December 2 to Friday, December 6, 2013. The properties will come from JLL's global broker and client network, and Williams & Williams will conduct the on-site auctions with its sister company Auction Network.
Remote bidders will compete in real time with on-site bidders, which JLL officials say will competitively increase the high bids. “There is global network of investors who use live and online auctions as an expedient way to purchase attractive, well-performing commercial assets,” said Thomas Morande, chief operating officer of JLL's Capital Markets.
“Our alliance with Williams & Williams will facilitate that demand and fuel the prompt disposition of assets, generally under $20 million in value, through a transparent system that allows our brokers to maximize the value of each property we sell,” he added. “We now offer a differentiated worldwide disposition service not available through any other national or international real estate services provider.”
“Integrating real estate advisory with leading auction strategy creates a singular differentiator in the global marketplace,” said Frank Diliberto, Williams & Williams' Chicago-based executive managing director of advisory services and commercial real estate sales.
The companies' December auction will feature a broad range of commercial real estate from a variety of locations and valued between $2 million and $20 million.
In advance of the event, Williams & Williams will invite select investors and entities to register and then receive the list of properties to be auctioned prior to the launch of the marketing campaign. This group can start due diligence early and submit early offers. Interested parties can find out more and register here.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
