Auction Sales Total More Than $142M

IRVINE, CA-Auction.com facilitated the closing of 37 commercial assets in 19 states from October 4-22. The sales had a combined total value of more than $142 million.

Among the highlights was the Savi Tech Center, on which GlobeSt.com previously reported. The 372,327-square-foot office asset in Yorba Linda was listed by Cushman & Wakefield and closed on October 18.

Other assets sold include office assets Offices at Pennington Point in Pennington, NJ, a 29,655-square-foot property listed by Rockwood Real Estate Advisors, and Centre Point, a 132,000-square-foot building in Harleysville, PA, listed by Newmark Grubb Knight Frank; Hampton Inn & Suites, a 74-key hotel listed by Colliers International Hotels; and two Detroit-based mixed-use assets listed by Luke Investments: Detroit Free Press Building, a 302,398-square-foot property, and David Scott Building, a 209,410-square-foot property.

In other Auction.com news, SVP and director of business development Joseph Cuomo was named one of Real Estate Forum magazine's “Top 40 Under 40” in the October 2013 issue. Cuomo was honored along with executives from Merrill Lynch, MetLife, Blackstone Group and Bank of America. Winners were judged on their talent, ambition and success at a young age, and identified as “tomorrow's leaders” of the commercial real estate industry.

In his role as SVP of the company's commercial real estate division, Cuomo has been instrumental in closing the sale of more than $5 billion in commercial notes and properties on the company's online platform since joining Auction.com in 2012. Under his leadership, the commercial sales unit has been successfully driving servicers, commercial owners and financial institutions to sell on the platform, with property sales averaging more than 10% above the reserve price.

“Auction.com prides itself on hiring the best and brightest professionals to lead us in our mission to revolutionize the way real estate is bought and sold in the commercial market,” says Eric Paulsen, EVP and general manager of Auction.com's commercial real estate division. “We congratulate Joe Cuomo on this honor and thank him for all his contributions to making Auction.com the nation's leading online real estate platform.”