Auction.com: MF, Retail Lead Rising Price Trend
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IRVINE, CA—The multifamily and class-A retail sectors are driving the trend of rising sale prices, according to Auction.com. The online marketplace facilitated the closing of 57 commercial assets during the month of March with a combined purchase price of $190 million, many of them apartment communities and shopping centers.
According to Eric Paulsen, EVP, general manager, commercial division, for Auction.com, “With sale prices continuing on an upward trajectory, performance across all sectors remains healthy, with multifamily and class-A retail leading the way. The Auction.com platform remains a major player in this sector, yielding above-market sales in these categories.”
Notable closings for the firm during March include:
- Dolphins Landing, a 196,016-square-foot multifamily complex in Corpus Christi, TX, listed by CBRE;
- The Erindale Center, a 187,880-square-foot retail center in Colorado Springs, CO, listed by Rockwood Real Estate Advisors;
- Pompano Merchandise Mart in Pompano Beach, FL, on which GlobeSt.com previously reported;
- The Shops at Simi Valley Target Center, a 22,812-square-foot retail center in Simi Valley, CA, listed by Cassidy Turley;
- The Sono Corporate Center, a 185,581-square-foot office complex in Norwalk, CT, listed by Rockwood Real Estate Advisors;
- Spanish Cove Townhomes, a 669,795-square-foot multifamily complex in St. Louis, MO, listed by Marcus & Millichap.
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.
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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