Chicago-based auctioneer Sheldon Good & Co. International LLC, which will be handling the sale at the Renaissance Orlando Hotel-Airport, says the four buildings are individually valued in the $3 million to $6 million range ($13.70 to $27.41 per sf).

Roger Kellogg, president of Kellogg Development Co., "has notified us that he's willing to trade price for a time-certain date of sale," says James M. MacDonnell, managing director, Sheldon Good & Co. Auctions. Kellogg will use the sale proceeds to buy other real estate assets in an IRS-approved 1031 Exchange transaction.

"For us, this makes sense," Kellogg says. "We will know how much monies we will have to go buy something else. We will have all of it available at the same time, so we can affect a 1031 exchange." He says, "Our objective is to recycle our return in one auction venue."

For prospective buyers, Kellogg is putting together a bid packet that will contain all the information needed before placing a bid. "Everything will be there for the buyer to look at and to verify, with plenty of time to do it," the developer says.

The properties to be auctioned are Parke 33 Business Center, a three-building, 66,370-sf, 19-year-old property at 3301-3337 Bartlett Boulevard, Orlando; Chantilly Court Office Building, a 36,630-sf, 15-year-old professional/medical office structure at 1555 Howell Branch Road, Winter Park, FL; Island Lake Business Center, a 32,047-sf, 16-year-old building at 1060 West State Rd. 434, Longwood, FL; and the 900 Building, an 83,804-sf office property at 900 University Boulevard North, Jacksonville, FL.

Kellogg suggests opening bids for the properties could be $1.5 million for Parke 33 Business Center; $900,000 for Chantilly Court; $800,000 for Island Lake Business Center; and $1.4 million for the 900 Building.

Sheldon Good is scheduling on-site inspections April 1, April 15 and April 29.