Auction.com Amasses $147M in Feb. Deals
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IRVINE, CA—Online marketplace Auction.com ended the month of February with a total of more than $147 million in commercial property sales, the Irvine, CA-based company said Monday. The firm facilitated the closing of 38 deals across the US during the month.
“As the national economy gains momentum, each real estate sector is experiencing recovery at a different rate,” says Eric Paulsen, EVP and general manager of Auction.com’s commercial division. “We pride ourselves on providing both buyers and sellers access to analysis of the properties and each market, allowing them to make informed investment decisions.”
Earlier this month, Paulsen observed that commercial real estate values have been creeping toward 2007 levels in major metropolitan areas. The company’s platform recently won plaudits from Housing Wire magazine, which named it among the leading tech innovators in the US housing economy.
Among February’s highlights was the closing of the sale of Fairfield Lakes Apartments, a 277,765-square-foot rental apartment complex in Pensacola, FL. Marcus & Millichap had the listing for the property, which was auctioned on Dec. 11, 2013.
Another multifamily complex listed by MMI, University Place in the Charlotte, NC suburb of Rock Hill, SC, also was auctioned this past Dec. 11. The sale of the 120,400-square-foot property closed on Feb. 11.
In the retail sector, among Auction.com’s February closings was Somersville Towne Center, a 283,284-square-foot center located in Antioch, CA. Listed by Palmer Capital Inc. and auctioned this past November, the property formally changed hands on Feb. 14.
The month also saw the closing of another Dec. 11 auction, that of Princeton Park Corporate Center, a 178,138-square-foot office complex in Monmouth Junction, NJ, listed by Cushman & Wakefield. Ponce Towers, a 38,842-square-foot retail and office building located in Coral Gables, FL, was listed by Auction.com and auctioned this past Nov. 20. The sale closed on Feb. 18.
Earlier this month, GlobeSt.com reported that Auction.com received a $50-million investment from Google Capital. “The investment really validates our vision for using the Internet to transact real estate,” Auction.com president Jake Seid told GlobeSt.com after Google’s investment was announced. “We focus on making the process more transparent for the buyer, seller and broker. For Google Capital, their mission is to invest in late-stage businesses that are fundamentally transforming large markets, and we were their bet in real estate.”
As a GlobeSt.com thought leader, Auction.com provides expert commentary and analysis around economic drivers impacting commercial real estate. For MORE insights and updates on upcoming online property auctions, click here.
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