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PUERTO RICO-Intel has auctioned off a surplus property in Puerto Rico. The 60-acre property includes a 428,000-sf office, manufacturing and distribution complex and a 17-acre development site. It is the first time the Santa Clara, CA-based chip maker has auctioned off a property. The amount of the winning bid was not disclosed.

“We were seeking to control time in the sales process as opposed to dictate the value.” says Wallace Jacobs, Intel’s real estate manager. “The auction produced results in a matter of weeks as compared to months or years.”

The buyer, Lightstone Real Estate Partners, LLC, plans to reconfigure the six connected buildings that comprise the complex and re-position the property for manufacturing/distribution use by mid-size or larger companies. The new configuration may provide for a further separation of the property providing private entrances, parking and other individualizing elements, according to Lightstone.

The auction was handled by Oak Brook, Illinois based Inland Real Estate Auctions Inc., part of The Inland Real Estate Group of Companies.

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