What Is the Future for Commercial Property Power Auctions?
That’s what industry observers are gauging as they watch NAI Global’s first round of its Commercial Property PowerSale, which is part of an ongoing series of national, multi-seller auction and sealed-bid sales.
NAI Global created this auction in cooperation with its alliance partner, Higgenbotham Auctioneers International, as part of an accelerated marketing program to help property owners optimize the value of their property in today’s difficult selling environment.
NAI Global expects to move over $1 billion in premier investment properties, financially distressed real estate, and real estate loans by the end of the year, through online auctions sealed bids. The first Commercial Property PowerSale will take place online on May 1. Interested buyers will have an opportunity to bid on properties in twenty states, including New York, Washington, California, Texas, Florida, and Maryland. The properties range from development-ready land tracts to investment-grade office, retail, and multifamily properties. The full list of properties and delegated bidder information is available to the public on www.naiglobal.com/powersale.
The Second Commercial Property PowerSale is set for June 11, with a property submission date of April 13.