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Auction.com Sees Retail Sales Uptick at end of 2014

By Allison Halliday | February 18, 2015

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