Auction.com Completes Fourth $100 Million+ CRE Auction Day of 2013
Torrance, CA – June 13, 2013 – (RealEstateRama) — Auction.com (www.auction.com), the nation’s leading online real estate marketplace, successfully auctioned 49 commercial properties across 24 states for more than $133 million on May 30th, the company’s fourth $100 million single-day total of the year.
The properties, which included multi-family, office, retail and mixed-use, were sold for 16 sellers at 114.2 percent of the sellers’ reserve prices.
“Our recent auction on May 30th demonstrates that buyers and sellers recognize the strength of our auction model,” said Eric Paulsen, president of Auction.com’s Commercial Division. “Selling three out of every four properties for winning bids at or above our clients’ reserve price is a testament to the broad appeal of our platform.”
One of those sellers, Gramercy Property Trust (NYSE: GPT), sold nearly all of the assets it brought to auction.
“Auction.com’s ability to deliver a critical mass of qualified bidders on a structured timeline makes it a very successful platform,” said Peter Tubesing, Managing Director at Gramercy Property Trust. “We’ve developed a high level of trust in Auction.com and their ability to get deals done quickly and efficiently.”
Auction.com uses its extensive marketing budget and expertise to deliver a global pool of qualified buyers, which in this case totaled 225 unique bidders. Bidders meet in a completely democratic and transparent online process that benefits both buyer and seller.
Auction.com is the nation’s leading online real estate marketplace and has sold more than $20 billion in assets since 2007. The company serves customers from the largest financial institutions and investors in real estate to the individual consumer and agent. Auction.com is headquartered in Irvine, California and has offices in Dallas, Miami, New York, Newport Beach, Silicon Valley, London, and Frankfurt. Visit Auction.com for more information.
