JACKSONVILLE, FL-For nearly two years, Allstate Life Insurance Co. had been trying to sell the former headquarters building of Italian sports auto manufacturer Lamborghini through conventional routes. When the company tried the auction approach last week, the 55,000-sf property sold quickly to locally based Mark One Realty for $2.3 million or $41.82 per sf.

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.

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

Once you are an ALM digital member, you’ll receive:

  • 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

*May exclude premium content
Already have an account?


© 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.

Dig Deeper



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.