CHICAGO-CB Richard Ellis Group Inc., based in Los Angeles, hashired two local professionals to start a new auction service forthe company. Doug Johnson and Paul Galanis, who both previouslyworked for the auction firm Sheldon Good & Co., have joinedCBRE as managing directors.

|

The two will offer a full spectrum of auction services, rangingfrom the traditional “open-outcry” method, to sealed bids, toonline auctions, said CBRE officials. Auctions are an increasinglypopular means of disposing of commercial property, and even moreuseful in a soft market such as today, said Jeff Barrett, SVP inthe CBRE Recovery and Restructuring Service Group. Sources say morethan $236 billion in multifamily and commercial real estate assetsthroughout major metropolitan areas have fallen into distressduring the current cycle.

|

“With the amount of distressed real estate that’s out there,executing disposition strategy using auction techniques isappropriate,” Barrett tells GlobeSt.com. “Demand is probably higherfor this service than in years past. Also, this is a good servicewe can market to our corporate clients, those who may have gonethrough downsizing and who find themselves with extra space.”

|

Johnson and Galanis will be based out of Chicago. Between thetwo of them, they have been involved with nearly $1 billion ofcommercial property sales via auction.

|

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.