X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Carlton Group chairman Howard Michaels announced Saturday that the company has been retained to conduct a sealed bid loan and REO sale of $350 million of assets in nine states, with the majority located in Florida. The sale is being conducted through Carlton’s auction platform launched in August, Carlton Exchange; the company did not disclose the sellers.

In a release, Carlton notes that the pool includes “a potpourri of top development, busted condo and residential lots and single-family home opportunities for developers and individual investors who are looking to acquire excellent assets at their current market value.” Seventy percent of the assets are located in Florida, with the remainder located in Texas, Hawaii, New Jersey, Oregon, Missouri, Washington, Kansas and New Mexico. They include residential land lots, luxury waterfront and residential development parcels and hospitality, office, industrial and retail assets.

The Florida assets include a 1.8-million-square-foot retail, residential and hospitality development site in Orlando; a 554-acre mixed-use residential site in Kissimmee, containing 1,650 housing units and more than 100,000 square feet of retail space; two partially completed medical office condominiums in Bonita Springs; and a 90,000-square-foot former K-Mart property in the central part of the state.

The Texas components of the pool include a six-building, 111,917-square-foot vacant neighborhood retail center located across from a Wal-Mart SuperCenter in San Antonio; a 10,382-square-foot office property in Dallas that is 97% occupied; and a 3.41-acre, waterfront residential high-rise development, also in Dallas. All of the assets in the pool are being offered on a competitive sealed-bid basis with staged bid dates from Dec. 11 through Dec. 17, according to Carlton.

In May, Carlton managing director Thomas McCarthy told GlobeSt.com that the company’s loan and REO sales have attracted a wide range of investors or investor groups, including “hedge and opportunity funds. They often have a great deal of capital and can make a compelling case that they can close. We’re seeing previous developers who see opportunities to come back to that space for the long-term planning; they can buy now at very cost effective rates to position themselves for the recovery.” National as well as local real estate players have also been interested, McCarthy said at the time.

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?

GlobeSt. APARTMENTS SPRING 2021Event

Join 1000+ of the industry's top owners, investors, developers, brokers & financiers at THE MULTIFAMILY EVENT OF THE YEAR!

Get More Information
 

GlobeSt

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.