We have chosen the auction process as the most efficient method to market and sell this segment of the portfolio of properties in order to maximize proceeds in a timely manner
New York City (PRWEB) February 4, 2010
Newmark Knight Frank has announced that it will offer 15 surplus properties in 10 states at auction as part of a post bankruptcy liquidation plan for a major building supply company. Tranzon Integrated Property Group has been designated by Newmark Knight Frank as auctioneer to handle all of the auctions on a national basis. Properties to be offered include industrial, warehouse, commercial with retail, and land. Full due diligence materials can be found on the designated website: http://www.postbauction.com.
“We have chosen the auction process as the most efficient method to market and sell this segment of the portfolio of properties in order to maximize proceeds in a timely manner,” says Kenneth Zakin, senior managing director of Newmark Knight Frank, the international real estate advisory firm that also advises the seller with respect to all of its global real estate needs, in addition to this transaction. “Since the process began, 15 properties have successfully been sold—individually, in mini-portfolios and by auction.”
“We have been able to create a lot of buzz about these vacant industrial properties from local users and investors. Some of these properties are quite unique and strategically located which makes them interesting to opportunistic buyers,” adds Randall Liberman, associate director of Newmark Knight Frank.
The next set of auctions will be held February 10, 11 & 12th in Idaho and Utah, with other additional auctions taking place later in the month in California, Ohio, Michigan, North Carolina, Pennsylvania, Texas, Wisconsin and Wyoming. Immediate properties on the block include:
145 North Curtis Road, Boise, Idaho. This 34,080 +/- square-foot office/showroom/retail/warehouse and storage facility on over 3.6 acres will be auctioned Wed., Feb. 10th at 1:00 p.m. Excellent retail area with easy access to I-84 and less than five miles to Boise Airport.
64 North State Street, Preston, Idaho. This 10,227 +/- square-foot corner retail/warehouse/storage facility, and associated paved parking and loading areas on close to 1 acre, will be auctioned Fri., Feb. 12th at 10:00 a.m. Frontage on North State Street (Hwy. 91), the main north-south street through Preston. Brief drive to I-15.
955 West Alameda Drive, Pocatello, Idaho. This 34,600+/- square-foot retail/warehouse and storage building with two lumber sheds, associated paved parking and loading areas on 3.86+/- acres, will be auctioned Fri., Feb. 12th at 3:00 p.m. Bordered to the east by railroad tracks. Minutes to I-15. Four miles to Idaho State University and 10 miles to Pocatello Regional Airport.
1640 North State Street, Orem, Utah. This 32, 822+/- square-foot retail/warehouse and storage building with four lumber sheds on over 7+/- acres will be sold via a structured sale, with first round sealed bids due on Thurs. Feb. 11th. This property is situated at a signalized intersection in a busy retail corridor. 34,660 cars per day. 45 miles to Salt Lake City.
“This is a buying opportunity and very indicative of a major trend in the market today,” said Joshua Olshin, president of Tranzon Integrated Property Group, the auction company handling the offerings/dispositions. He adds that “banks are not the only ones selling properties in what might be referred to as the current buyer’s market. There is an increasing number of people out there with cash looking to buy such properties and the expediency of the auction process results in a win-win for everyone.”
More information can be found at the dedicated website set up for this auction at http://www.postbauction.com or by calling 888-243-3431.
About Tranzon Integrated Property Group
Tranzon Integrated Property Group, a member Company of Tranzon, L.L.C, is based in the New York metropolitan area and is a full-service auction and real estate disposition company. With over 34 offices from coast to coast, the member companies of Tranzon auctioned more than 1,000 properties last year and over the past five years, have conducted auctions in 45 states and the District of Columbia. The professionals working at Tranzon member companies specialize in providing real estate, business asset and liquidation auction and accelerated marketing services to corporations, financial institutions, trustees, individuals and estates throughout the U.S.
About Newmark Knight Frank
Newmark Knight Frank is one of the largest independent real estate service firms in the world. Headquartered in New York, Newmark Knight Frank and London-based partner Knight Frank operate from over 200 offices in established and emerging property markets on six continents. Last year, transactions were valued at more than $32 billion with annual revenues of over $811 million. With a combined staff of more than 6,300, this major force in real estate is meeting the local and global needs of owners, tenants, investors and developers worldwide. For further information, visit http://www.newmarkkf.com.