Auctions are also the only buying alternative where you can set your own price. We continue to deliver buyers for our institutional clients while providing amazing deals for investors at our auctions.
Irvine, CA (Vocus) July 15, 2010
Jones Lang LaSalle and REDC will auction online the former Mervyn's corporate headquarters located at 22301 Foothill Blvd in Hayward, California, which consists of a 336,000 square foot office property and a four-story structured parking garage.
Bidding for the property begins July 26th and ends July 28th.
“This is a unique opportunity for an investor to acquire a senior, non-performing, whole mortgage loan carrying an interest rate of 5.87% and maturing in March 2017,” said REDC CEO Jeff Frieden.
The property currently has a Receiver in place and a notice of default has been issued to the borrower, who has signed a non-interference agreement giving investors a clear path to title after executing a foreclosure sale.
Mervyn's occupied the entire building until it filed for Chapter 11 bankruptcy protection in July 2008. Mervyn's vacated the entire building in January 2009 and the building is currently 100 percent vacant. 22301 Foothill Blvd was built in 1958 on nine acres of land as a three-story department store.
The fourth floor was added in 1984, at which time the property became Mervyn’s corporate headquarters. The garage was added in 1986, the office building was retrofitted to current seismic standards in 1997 and the restrooms and cafeteria were remodeled in 2003.
Access to the property is provided by I-238 and I-580 and the Hayward BART station is located less than one mile south of the property.
“The property offers exceptional access to the entire San Francisco Bay area as well as I-238 and I-580 and the right kind of business in this prime location could be wildly successful,” Frieden said. “We anticipate significant interest in this property from regional and local investors looking to take advantage of attractive auction pricing.”
Auction.com is “the quintessential platform” to sell commercial buildings, notes and note portfolios through an efficient and transparent auction process, Frieden said.
“The ability to set a pricing floor with an auction is a major turning point for commercial buildings and notes,” he added. “REDC’s Auction.com has the auction technology and buyer platform and Jones Lang LaSalle brings the commercial and note sales expertise.”
REDC and Jones Lang LaSalle have auctioned $350M+ in notes (performing and non-performing) and commercial real estate in just the last few months.
“Auctions are the only way to buy real estate where the pricing starts at the bottom and works its way up,” Frieden said. “Auctions are also the only buying alternative where you can set your own price. We continue to deliver buyers for our institutional clients while providing amazing deals for investors at our auctions.”
Financial institutions can auction notes and REO of all property types on the disposition platform. The online format allows sellers to obtain maximum pricing through program efficiency and a transparent bidding process that sets a realistic benchmark for pricing through broader market exposure. In addition, sellers incur no upfront costs, including marketing of the notes. Buyers are pre-qualified and given full and complete access to a data vault of market intelligence that supports due diligence surrounding the disposition of notes. The auction platform creates pricing discovery for buyers and sellers alike, streamlines sales in a timely manner and provides closing certainty through a transparent process that meets all federal regulations.
About Jones Lang LaSalle Capital Markets
Jones Lang LaSalle Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for its clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In the last three years, Jones Lang LaSalle Capital Markets completed more than $143 billion transactions globally. The firm’s Capital Markets team comprises approximately 1,500 specialists, operating in 180 major markets worldwide.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients
seeking increased value by owning, occupying or investing in real estate. With 2009 global revenue of $2.5 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.6 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with approximately $40 billion of assets under management. For further information, please visit our Web site, http://www.joneslanglasalle.com.
Established in 1990, REDC pioneered the model for modern real estate auctions and has transformed into a comprehensive real estate services company. In addition to being the leading real estate auction marketing firm in the country, the REDC group of companies also provides real estate brokerage services, asset management, short sale facilitation and title insurance. The company has established a dominant position in its industry by selling more than $6.5 billion in real estate assets at auction since 2007. REDC's primary clients are residential and commercial mortgage lenders and home builders. The success of the company is based on the aggregation of real estate assets (residential, commercial, notes) that are marketed and sold in large event-style auctions across the country and in online auctions at http://www.Auction.com. Information about REDC and a complete list of upcoming auctions are available at http://www.Auction.com. REDC is based in Irvine, California with additional offices in Dallas and New York.
Rick Weinberg | VP, Public Relations
Real Estate Disposition LLC | http://www.AUCTION.com
1 Mauchly, Irvine, CA 92618
Direct/Fax: (949) 639-3558