Auction.com Sees Retail Sales Uptick at end of 2014



Auction.com LLC has just reported closings on 127 commercial assets last December. The total combined value of these assets was more than $327 million, and the sale of retail properties accounted for more than $129 million of the month’s closings.

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Image credit: GarthM via Pixabay.com

Rick Sharga, executive vice president of Auction.com said “We saw robust activity in the brick-and-mortar retail segment as 2014 came to a close. Deal volume is up, but prices are cooling in the sector due to trends like the growth of e-tailing, and excess inventory coming to market as big box stores shutter thousands of locations.”

Notable closings included:

  • A 30,102 square-foot retail center in East Hanover, New Jersey, auctioned in October and which closed on December 22 2014.
  • Indian Wells apartments, a 176,000 square-foot property in Apache Junction, Arizona. The building had 87% occupancy. The property was auctioned in October with the sale closing on December 30 2014.
    Park West, a 133,000 square-foot retail strip center in Pinellas Park, Florida, actioned in October and closed on December 23 2014.
  • Panasonic Office Building, a 78% occupied, 128,000 square-foot, three-storey office building in Farmington Hills Michigan, auctioned in October and closed on December 1, 2014.

Auction.com attracts a large pool of bidders from around the world and offers complete transparency to qualified buyers. In turn, competition from buyers enables seller’s assets to be transacted at a fair market value. The Auction.com platform allows transactions to be completed in a more efficient manner than previously possible through using the most up-to-date internet technology to streamline a process that has traditionally been paperwork-heavy and cumbersome.

Anyone interested in buying or selling commercial assets should contact Joseph Cuomo, senior vice president and director of business development on 305-503-2637.

Allison Halliday About Allison Halliday

Allison Halliday is a Realty Biz News contributing writer. She handles International Real Estate and is a seasoned blogger.

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