$1 billion in commercial real estate assets up for grabs in Las Vegas
A large auction of commercial real estate properties will go down Tuesday in Las Vegas. About $1 billion worth of retail, multifamily, land and industrial spaces will be up for grabs online on Tuesday and Wednesday, according to the auction house hosting the event. Thursday, the third and final day of the auction, will be in person at the Cashman Center near North Las Vegas Blvd. "In our opinion, the unprecedented volume of distressed real estate we are seeing here represents the bottom of the market for Nevada and in particular, Las Vegas," commented Jeff Frieden, chief executive officer of host Auction.com. "The quality and condition of these assets will compel even the most sophisticated of investors to take notice." Investors can bid on 55 different assets, all of which are nonperforming and will be sold individually, Auction.com said. Some of the featured assets include a $56 million note secured by a 333,000-plus square foot retail center on nine acres and a $50 million note secured by The Fountains at Flamingo apartment complex on the strip. Nine of the properties are real estate owned. Most of the assets up for auction are located in Las Vegas, however, a few are in Henderson, Carson City, Sparks, and Reno, Nev. Details on the commercial properties and notes, including due diligence documents, photos and maps, are available on the auction house's website. Write to Christine Ricciardi. Follow her on Twitter @HWnewbieCR.