The ability to set a pricing floor with an auction is a major turning point for commercial building and note sales in today’s market
Irvine, Calif. (Vocus) March 10, 2010
Two former Food World building non-performing notes in Gadsden and Gardendale, AL will be auctioned online tomorrow by Real Estate Disposition, LLC (REDC) and Jones Lang LaSalle as part of an eight-non-performing note auction.
The auction could potentially generate hundreds of jobs in the Gadsden and Gardendale, AL areas.
The one-day auction event is on REDC’s web site, http://www.Auction.com.
Bidding begins tomorrow March 10 at 1 p.m. CST. To register, log on here.
The starting bids are $50,000 on each commercial note.
“This is a unique opportunity for an investor to acquire a senior, non-performing, whole mortgage loan collateralized by sizeable buildings,” says REDC CEO Jeffrey Frieden.
The Gadsden building is a 45,988 square foot complex located in at 3100 East Meighan Blvd., a major thoroughfare in the area. The property was recently closed in conjunction with the bankruptcy filing of Bruno's.
The Gardendale building is 56,556 sq. ft. and located at 1309 Decatur Highway.
For additional information, contact:
JLL’s Christie Hawver at 404-995-2273 / christie(dot)hawver(at)am(dot)jll(dot)com
Established in 1990, REDC is the nation’s leading real estate auction firm and has auctioned more than $6 billion in property the last three years.
REDC’s http://www.Auction.com enables institutional investors to buy commercial buildings, notes, note portfolios, notes of all property types -- and a variety of debt instruments including first liens, second mortgages, whole notes, and sub-performing or non-performing notes -- through an efficient and transparent auction process.
“The ability to set a pricing floor with an auction is a major turning point for commercial building and note sales in today’s market,” Frieden says.
Information about REDC auctions is available on http://www.auction.com. REDC is a Stone Point Capital company. REDC's headquarters are in Irvine, California with offices in Dallas, New York and London.