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Auction.com Facilitates the Closing of Nearly $285 Million in Commercial Assets in July

IRVINE, Calif. – Sept. 16, 2015 – Auction.com, LLC, the nation’s leading online real estate marketplace, reported closings on 70 commercial assets during the month of July. The assets had a total combined sales price of $285 million.

The sale of the high-profile Fisher & Kahn Buildings, a 776,500-square-foot historic office high-rise complex in Detroit, closed in July. Auctioned in June, Fisher & Kahn Buildings’ $12.81 million sale is a prime example of the office sector’s recent recovery.

“Although office deal volume in the second-quarter experienced a slight decrease, the sector continues to recover nicely, with a 24-percent increase in volume over the previous year, according to the Auction.com Q2 CRE Market Monitor,” said Rick Sharga, executive vice president of Auction.com. “We saw an increase in the number of high quality office properties sold through the Auction.com platform, along with improvements in pricing, both of which are indicative of a healthy market sector.”

Other notable closings from July include:

  • The Senator Office Building, a 70-percent occupied, 159,600-square-foot office building located in Sacramento, Calif., was auctioned May 21 for $31,762,500. The sale closed July 15.
     
  • 7900 Harkins Road, a vacant, 325,000-square-foot, 12-story office located in Lanham, Md., was auctioned June 24 for $21,367,500. The sale closed July 30.
     
  • A 47-percent occupied, 322,300-square-foot office building located in Saint Paul, Minn., was auctioned June 24 for $21,105,001. The sale closed July 24.
     
  • Vine Center, a 95-percent occupied, 35,900-square-foot retail center located in Livermore, Calif., was auctioned June 3 for $7,645,000. The sale closed July 10.
     
  • A fully occupied, 2,000-square-foot property that includes a condo with street level retail and two floors below grade located in New York City was auctioned May 13 for $5,617,500. The sale closed July 22.

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.

Auction.com’s CRE Finance Portal offers new financing options, providing users with additional flexibility needed when looking for properties and opening the door for a larger audience to participate in commercial real estate auctions.

To learn more about buying and selling commercial assets on Auction.com, please contact Joseph Cuomo, senior vice president and director of business development, at jcuomo@auction.com or 305-503-2637.

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About Auction.com:  

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, Calif., as well as offices in Austin and Plano, Texas, Atlanta, Denver, New York and Miami. Visit www.auction.com for more information.

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