“I don’t believe we will have any difficulty selling this trophy property, interest has come from local investor groups as well as from France, Canada, United Kingdom and Spain.” said Lamar Fisher, President and CEO of Fisher Auction Co. Inc.
Orlando , FL (PRWEB) March 11, 2010
The Auction is scheduled for March 15th at 11 AM - the entire portfolio of 165 units (there are 375 units within this upscale development) along with 7,972± square feet of retail space will be offered as one unit of sale. Property is located at 150 East Robinson Street, Downtown Orlando, Florida.
“The Vue at Lake Eola” was completed in 2007 and had sold over half its inventory when the real estate boom fell, according to Lamar Fisher, President and CEO of Fisher Auction Co., Inc. “It’s unfortunate because this complex has a lot to offer in amenities and location to those who have purchased units. At this point it would benefit all for a group to come in and complete the sale of the remaining units.”
The United States Bankruptcy Court engaged Fisher Auction Co., Inc. along with Cushman and Wakefield to market and auction this portfolio. “Fisher Auction Co., Inc. and Cushman & Wakefield of Florida, Inc. have collaborated on numerous successful accelerated marketing campaigns. Our combined efforts will provide the Court with the most comprehensive market exposure possible,” Fisher said.
To be a qualified bidder for this auction, one must of submitted, by March 10th, a signed, non-negotiable purchase and sale agreement for at least $20,000,000 and submit $1,000,000 in cleared funds among other requirements.
“This is an absolutely beautiful, upscale property in Downtown Orlando. It presents a remarkable opportunity for investors to own this magnificent portfolio,” Fisher continued. “We have had tremendous interest in the Vue, with over 3,000 visits to our website in the last month for this portfolio alone.”
“Over 225 groups have signed confidentiality agreements requesting a package on this property,” said Jay Ballard, Senior Director of Cushman and Wakefield. “We are dealing with solid investment groups who have keen interest in this acquisition,” continued Ballard.
“I don’t believe we will have any difficulty selling this trophy property, interest has come from local investor groups as well as from France, Canada, United Kingdom and Spain,” Fisher continued. “It is unfortunate that the developers of this property ended up in bankruptcy court but that then becomes an opportunity for others to step up to the plate. This benefits the creditors and also those who have already invested in condo units in the building, because now sales can move forward and complete the occupancy of the building."
For additional auction information or photographs visit http://www.fisherauction.com