Mark One outbid a dozen buyers for the Deerwood Park property and is considering various uses for the building. The opening bid began at $1.1 million. Inland Real Estate Auctions of Oak Brook, IL orchestrated the transaction.
Allstate Investments LLC portfolio manager John Carbone says the auction "helped us to receive a fair price for the property, while meeting our main goal of completing the sale in a specific time frame."
Frank Diliberto, senior vice president, Inland Real Estate Auctions Inc., says "it is becoming more widely known that auctions will attract greater interest from a larger audience than conventional marketing." He adds, "The auction process requires only eight to 10 weeks, which is a major consideration when cost-of-carry is an issue."
Paul Rogers, associate vice president, Inland Real Estate Auctions, and Anne Fraser, Inland's corporate counsel, represented Allstate. George Owen, a lawyer with Crawford, Owen & Hines in Jacksonville, negotiated for Mark One Realty.
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