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REAL ESTATE INDUSTRY NEWS
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Auction.com launches $200 million commercial real estate sale

The Irvine based-company expects an aggressive online auction.

By Karly BarkerPublished: August 15, 2011 09:06 AM

Irvine-based Auction.com is auctioning $200 million in commercial real estate this week. The company says despite the recent market mayhem they are gearing up for vigorous trading.

“Despite market volatility, investors are interested in acquiring notes secured by commercial real estate and REO properties,” said Auction.com CEO Jeff Frieden.  “We are gearing up for an aggressive and lively online auction.”

Online bidding for $154 in notes secured by commercial real estate begins at 10:00 a.m. on August 15 and runs through August 17. A second auction for the remaining $50 million in commercial real estate will begin on August 16. The properties are located in 15 different states.

The two online auctions feature over 100 commercial properties including hotel, multi-family, retail, mixed use, and mobile home parks, among others.

“Investors can perform due diligence on our website, and we are seeing enormous nationwide pre-auction interest in the myriad of properties available,” said Frieden.

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