IRVINE, Calif. and SILICON VALLEY, Calif., June 25, 2015 /PRNewswire/ -- Auction.com, LLC, the nation's leading online real estate marketplace, announces the successful auction of an iconic Detroit landmark: the historic Fisher & Kahn Buildings. The online auction, which started on June 22 and closed on June 24, attracted nearly 50 registered bidders on the Auction.com platform and ended with a winner being declared after the final five bidders were left to compete. Details regarding the sale will be available once the transaction closes.
Built in 1928 and situated within the New Center District in rapidly-growing Greater Downtown Detroit, the property consists of 776,502 square feet of rentable area spread across two art-deco buildings featuring design details that rival New York's Rockefeller Center. Studded with tenant amenities including restaurants and retailers, the property is also home to The Fisher Theater, one of the only two Detroit venues to regularly host "Broadway in Detroit" traveling performances. The property's diverse tenant profile includes governmental entities, non-profits, health insurance providers and world-renowned architecture firms.
"We're obviously very pleased with the enormous attention this asset has garnered on our platform and of the results we were able to achieve for the seller in conjunction with Friedman Integrated Real Estate Solutions," said Gordon Smith, general manager of Auction.com's commercial real estate division. "The fact that the next phase in the future of these historic buildings has been determined via the Auction.com online platform is a clear indicator of how real estate sales are evolving."
The auction was conducted using Auction.com's industry leading online platform that allows buyers to compete in a completely transparent process. As a result, both sellers and potential buyers benefit from a timely sale that sets a fair market value for the property.
Auction.com, LLC, is the nation's leading online real estate marketplace. Founded in 2007, the company has sold over $30 billion in residential and commercial real estate assets. Auction.com has over 900 employees and headquarters in Irvine and Silicon Valley, California as well as offices in Austin and Plano, Texas, Atlanta, Denver, New York and Miami. Visit www.auction.com for more information.