Auction.com, LLC, closed 65 commercial assets during the month of May for a total combined sales price of $192 million.
In recent months, Auction.com has partnered with global organizations like Juwai.com and AREAA Global, a subsidiary of the Asian Real Estate Association of America (AREAA), to expand commercial real estate opportunities for Asian investors and connect them with native-speaking brokers and agents who are trained to execute transactions on the Auction.com platform.
Notable closings from May include the following:
- Visalia Pavilion, a 73 percent occupied, 33,000-square-foot retail property located in Visalia, California, was auctioned on April 16. The sale closed on May 5.
- Northeast Business Park, a 93 percent occupied, 116,000-square-foot industrial property located in North Richland Hills, Texas, was auctioned on April 16. The sale closed on May 19.
- DeLaCruz Professional Centre, a fully occupied, 31,000-square-foot retail center located in Lehigh Acres, Florida, was auctioned on March 25. The sale closed on May 1.
- Fox Hollow, a 77 percent occupied, 42,000-square-foot office flex building located in Branchburg, New Jersey, was auctioned on March 4. The sale closed on May 21.
- Alvarado Place Apartments, an 83 percent occupied, 100-unit apartment community located in Colorado Springs, Colorado, was auctioned on March 25. The sale closed on May 7.
Rick Sharga, executive vice president of Auction.com, said that with the commercial real estate market in full recovery, both sales prices and sales volume are steadily increasing across all industry sectors.
He said they continue to see a wide range of investors looking for commercial assets on the platform – individual investors, small investor groups and major institutional players. And because of the global reach of their marketing, he said they’re continuing to see strong interest from international buyers as well.