Auction.com Solidifies Non-Distressed Position
Meet the SoCal CRE leadership at RealShare LOS ANGELES on March 19.
IRVINE, CA—Further establishing itself as a vehicle for selling non-distressed assets, Auction.com has sold yet another one. The Pompano Merchandise Mart in Pompano Beach, FL, was sold on behalf of Pompano Lincoln Industrial to what GlobeSt.com has learned is a Boca Raton-based private investor. The property sold for $9 million during a three-day auction that concluded on Feb. 26; the deal closed March 28.
The asset, located at 2099 and 2101 W. Atlantic Blvd., is the latest in a growing volume of non-distressed commercial assets being sold by properties’ natural holders on the Auction.com platform. According to Michael Jimenez, VP of Auction.com, “This deal marks Auction.com’s growth n the South Florida marketplace for stabilized, non-special servicer deals. We expect our sales in the region to increase as demand, occupancy and rents continue to recover.”
As the economy and the marketplace improve, Auction.com is seeing a marked increase in the sale of non-distressed assets, particularly in Florida and California. The firm is setting fair market value for retail properties in these regions.
The Pompano Merchandise Mart is a 118,242-square-foot, four-building retail and flex center that sits on roughly 7.5 acres along Atlantic Blvd./SR 814. The vacancy rate in Broward County was at 8% in the fourth quarter of 2013, down from 8.9% at the beginning of 2013, according to Auction.com. Brokers on the sale were Jimenez and Auction.com VP Andre Cuadrado, both of whom are based in the firm’s Miami office.
As GlobeSt.com reported in March, Auction.com ended the month of February with a total of more than $147 million in commercial property sales. The firm facilitated the closing of 38 deals across the US during the month.
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