Master Development Sets Auction for Condos

NEWPORT BEACH, CA-Master Development Corp. will conduct a three-day online auction of six of the units at its 48-unit Las Palmas Business Park in Santa Ana from Nov. 16 through Nov. 18. Bryan Bentrott, executive vice president of the Newport Beach-based development and investment firm, tells GlobeSt.com that the company will employ the new online auction platform developed by Marina Del Rey-based AuctionPoint , which is designed to put brokers in control of the auction.

The Las Palmas Business Park is an 11-building, 230,000-square-foot project of units ranging from 2,500 to 15,640 square feet at 1501-1609 E. McFadden Ave. in Santa Ana. Master Development has sold six of the 48 units and has two more in escrow at the project, leaving 40 more to be sold. It began marketing the industrial condos for sale in mid-2008 after it created the for-sale product by renovating an existing multi-tenant leased project that was built in the 1970s.

Minimum bids for the Las Palmas units will range from $95 to $125 per square foot, but Bentrott says those are minimum bids only and not strike prices. The company’s most recent sales have been in the range of $155 to $160 per square foot, and it hopes that the auction will generate the kind of interest that might even push prices higher.