Auction.com Facilitates The Closing Of $189M In Commercial Assets

Posted by Patrick Barnard on April 30, 2015 No Comments
Categories : Commercial Mortgage

Online real estate marketplace Auction.com LLC has reported closings on 47 commercial assets in March with a total combined value of almost $189 million.

A number of properties that were sold were investor-owned hotels, signifying the continuing recovery within the hospitality sector and the popularity of online auctions among owners of high-quality, non-distressed hotels.

‘As economic recovery has spurred an uptick in tourism and the hospitality sector continues to recover, we're seeing a significant decrease in distressed hotel inventory,’ says Rick Sharga, executive vice president of Auction.com. ‘This shift to more traditional, high-quality assets coming up for sale is directly reflected in the recent closings and current inventory available on our platform.’

The following are some of the noteworthy closings:

  • A 758,000-square-foot industrial property located in Gainesville, Ga.;
  • Hampton Inn North Myrtle Beach-Harbourgate, a 101-key hotel located in North Myrtle Beach, S.C.;
  • Quality Inn Winter Park Village, a 200-key hotel located in Orlando, Fla.;
  • Comfort Inn and Suites, an 86-key hotel in Surprise, Ariz.;
  • A 27,000-square-foot retail center located in South Plainfield, N.J.; and
  • A 27,000-square-foot office building located in Las Vegas.
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