Marina Del Rey, CA (PRWEB) June 3, 2010
AuctionPoint today announced that Lee & Associates, Anaheim has sold the Brookhollow Office Building at 1570 E. Warner Avenue in Santa Ana, CA. The brokerage team of David Newton, Craig Demiranda, Erik Thompson and Jeff Stephens represented the seller. The brokers incorporated the AuctionPoint online auction platform in the disposition of the asset.
The property was auctioned online on December 3rd, with a minimum bid of $2,490,540 ($65 per square foot). The winning bidder backed out during the contingency period, but since the winning bid established a comp, the brokers were able to leverage that comp to negotiate a deal with a different buyer. The property closed on April 26, 2010 for $2,900,000.
“David Newton and his team at Lee & Associates understand the power of auctions, particularly in this market,” said Joe Tang, co-founder and CEO of AuctionPoint. “They leveraged the auction results to negotiate a deal at fair market value – a price point that was unknown prior to the auction.”
The AuctionPoint solution empowers brokers to customize and manage the entire online auction of a featured property, from marketing to live bidding to sale, in an efficient, seamless manner. Each broker can create a website for an individual auction for a one-time fee of $395. AuctionPoint charges a 1.75 percent Buyer’s Premium, which is added to the final purchase price and collected at the close of escrow, the same time as brokers receive their full commissions.
AuctionPoint, an innovative online auction platform, is changing the way the commercial real estate industry does business. At a time when the market is at a standstill, auctions create liquidity – motivating buyers to act and closing the gap between buyer and seller pricing expectations. Created by technology entrepreneur Joe Tang and real estate developer Keith Yang, AuctionPoint enables commercial real estate brokers to auction properties online under their name and brand, while keeping their full commission. LoopNet, the largest and most heavily trafficked commercial real estate listing service online, became a strategic investor in 2010 and now markets AuctionPoint as its exclusive online auction offering. AuctionPoint’s broker-centric platform, coupled with the national reach and database of LoopNet, form a unique set of tools that empower commercial real estate brokers to accelerate the disposition process. For more information, visit http://www.AuctionPoint.com.