Auction.com Hits Another $100M+ Day

IRVINE, CA-Auction.com has completed its fourth incidence of reaching $100 million in sales in one day. On May 30, the locally based online real estate marketplace successfully auctioned 49 commercial real estate properties across 24 states for more than $133 million.

The properties included multifamily, office, retail and mixed-use assets that were sold in online auction process to 16 sellers at 114.2% of the sellers' reserve prices. One of those sellers, Gramercy Property Trust, sold nearly all of the assets it brought to auction. “Auction.com's ability to deliver a critical mass of qualified bidders on a structured timeline makes it a very successful platform,” said Peter Tubesing, managing director for GPT, in a prepared statement. “We've developed a high level of trust in Auction.com and their ability to get deals done quickly and efficiently.”

The global pool of qualified buyers Auction.com delivers meet in a completely democratic and transparent online process that has benefits for both buyer and seller. In the case of the auction on May 30, the firm delivered 225 unique bidders.

The May 30 auction “demonstrates that buyers and sellers recognize the strength of our auction model,” said Eric Paulsen, president of Auction.com's commercial division, in the statement. “Selling three out of every four properties for winning bids at or above our clients' reserve price is a testament to the broad appeal of our platform.”

As GlobeSt.com reported in May, Auction.com Research, the market-research division of Auction.com, reported that fundamentals in the hospitality industry are strong, with the volume of hotel deals on a healthy post-recession pace following a solid first quarter. The division recently released its Quarterly Hotel Monitor, which reviewed hotel occupancies, rates and property transactions to assess the overall health of the hospitality real estate industry and forecast its future.