RealtyBid Partners with Marcus & Millichap for New Commercial Auction Site
Marcus & Millichap, a national commercial real estate broker, has been busy looking for new ways to sell distressed commercial properties and loans. After partnering with an appraisal and consulting firm earlier in the week, its special assets group struck a new deal with RealtyBid.com to form a new bidding site for commercial real estate assets called CommercialBid.com. The new site launched July 1 with the unveiling of an event offering commercial property and loans valued at more than $60m. The online bidding will take place Aug. 3-5. Marcus & Millichap Real Estate Investment Services, based in Encino, Calif., tapped Property Sciences to value commercial real estate portfolios for its lender clients. Tony Isbell, president and CEO of Rainbow City, Ala.-based Realtybid.com, said potential buyers are beginning to eye opportunities in the commercial market. “RealtyBid has been watching the commercial market for the past two years and evaluating the timing of rolling out a commercial auction strategy,” Isbell said. “Our new relationship with (Marcus & Millichap) provided the perfect entrée into this market at a time when we can be most beneficial to buyers and sellers.” Isbell said the $60m opening event is just the beginning of investment opportunities. Jacob Steele, director of Marcus & Millichap’s special asset group said the partnership will generate an accelerated process for lenders and private sellers to move these properties and loans. And there should be plenty to sell. According to the analytics firm Realpoint, more commercial REOs are on the way as lenders foreclosed on $1bn worth of commercial real estate in May. Write to Jon Prior.