IRVINE, CA—Auction.com reported closings on 76 commercial assets during the month of August. The assets had a total combined sales price of $382 million, making it Auction.com's highest one-month total of 2015 and well above the company's August 2014 mark of $242 million.
The year-over-year increase underscores Auction.com's successful transition to a platform for high-quality, non-distressed assets.
“The commercial real estate market has begun to take advantage of the efficiency, speed and transparency our online platform delivers,” said Rick Sharga, executive vice president of Auction.com. “What was especially interesting about these August sales is that there were successful transactions of high quality, higher-priced assets in every sector of the CRE space – multifamily, retail, office, industrial and hospitality.”
Notable closings from August include:
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Victoria Place Apartments, a 93% occupied, 408,000-square-foot multifamily property located in Orlando, Fla., was auctioned July 22 for $50.13 million. The sale closed Aug. 13.
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Shoppes at Jupiter, a 94% occupied, 196,000-square-foot, retail property located in Jupiter, Fla., was auctioned June 24 for $27.72 million. The sale closed Aug. 19.
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St. Louis Bulk Industrial Portfolio, a fully occupied, 341,000-square-foot portfolio of two industrial buildings located in St. Louis was auctioned July 15 for $15.33 million. The sale closed Aug. 19.
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New York Life Building, a 46% occupied, 126,000-square-foot, four-story office building located in Corpus Christi, Texas, was auctioned June 24 for $8.19 million. The sale closed Aug. 20.
The Auction.com platform offers complete transparency to the large pool of bidders it attracts from around the world. In turn, the competition among qualified buyers ensures that sellers' assets are transacted at fair market value. It enables buyers and sellers to conduct transactions in the most efficient manner possible by leveraging Internet technology to streamline a cumbersome, complicated and paperwork-intense process.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
