Auction website announces $1B sale on nonperforming commercial REOs
An online auction website is selling $1 billion worth of nonperforming notes on 150 commercial REO properties. The assets up for bid are located in the Midwest. Starting bids will fall within the $50,000 to $5.4 million-range. Online bidding begins on Nov. 14 and lasts through Nov. 17. Bidders can go to Auction.com to participate. "Institutional, regional and local investors are looking for buying opportunities," said Auction.com CEO Jeff Frieden. "The intrinsic nature of auction bidding creates a market for these assets and maximizes results for the seller." The auction will attempt to offload 48 assets located in Michigan, 38 in Illinois, 30 in Indiana, 25 in Ohio, 10 in Minnesota, 9 in Wisconsin, 3 in Kentucky and two in Missouri. The non-performing notes and commercial REOs slated for auction include notes on a 115-room Holiday Inn Express located in Riverwood, Ill. Bidding on that note will start at $1.75 million. Two more notes that cover a Chicago office, with a starting bid of $3.2 million, and a Cincinnati retail property, with a beginning bidding price of $1.2 million, also are up for grabs. REO assets up for sale include an office building, a 204-acre plot of land and a multifamily building unit. Bidding on all three properties will begin above $1 million. Write to Kerri Panchuk.