IRVINE AND SILICON VALLEY, Calif. – Nov. 16, 2015 – Auction.com, LLC, the nation’s leading online real estate marketplace, today announces the sale of the Eugene Technology Center, a vacant, 1.2 million square-foot, 200-acre technology center in Eugene, Oregon. The property sold for $21 million and closed escrow 30 days after the Oct. 13-15 online auction ended.
The three-day auction event was highly competitive with three active bidders aggressively bidding the property well past the reserve set by the seller, SK Hynix, a South Korean semiconductor company. The winning bidder — fresh off its acquisition of Orange County, California’s Broadcom — was Avago Technologies Ltd., a Singapore-based semiconductor company with a U.S. headquarters in San Jose, California.
Charles Pawlak of Binswanger Technology Group represented the buyer. Sofi Choi and Steven Chon of JLL’s Silicon Valley office and Eric Haskins of JLL’s Portland office represented the seller. Auction.com’s team effort was led by Business Development Executives Mark Carbone and Jimmie Russell in Irvine.
“The closing of the former SK Hynix property reflects some of the best attributes Auction.com has to offer: a high-quality, prominent property; the speed and transparency in bidding and closing; and a global marketing reach that resulted in a qualified, motivated buyer,” said Auction.com Regional Vice Present of Sales Randy Wallen.
As with 90-percent of commercial real estate deals that are sold on Auction.com, the former SK Hynix plant closed within 30 days. The closing represents the latest in a string of high-dollar transactions on Auction.com, such as the $96 million Manhattan Towers office property near Los Angeles that set a record this summer for largest online transaction ever.
“An engaged seller, a great working relationship with strong local brokers and thorough due diligence helped source the type of buyer who can use this long-vacant property to potentially bring jobs to Eugene,” Wallen said.
The plant closed its doors six years ago, taking with it approximately 1,300 local jobs. At 1.2 million square-feet, the former SK Hynix complex represents the largest advanced manufacturing availability in the West. The 1998-built property includes three buildings, 118,000 square feet of Class-A office space, 122,000-square-foot ClearSpan, Class 1,000 clean room and 120 acres of land for additional onsite expansion.
Auction.com, LLC, is the nation’s leading online real estate marketplace. Founded in 2007, the company has sold more than $34 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 key markets nationwide. Visit www.auction.com for more information.