The online real estate bidding site ""RealtyBid.com"":http://www.realtybid.com/ has partnered with the special assets group of national[IMAGE]
commercial real estate broker, ""Marcus & Millichap"":http://www.marcusmillichap.com/, to develop CommercialBid.com--an online bidding site specifically for commercial real estate assets.
The new Web site officially launched July 1, 2010 with the unveiling of a special bidding event offering commercial property and commercial loans valued at more than $60 million from the Marucs & Millichap Special Assets Group (MMSAG). Online bidding for these assets will take place August 3-5.
Tony Isbell, CEO and president of Rainbow City, Alabama-based RealtyBid.com, said now is the ideal time for potential buyers to turn their eyes to 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,"" he said. ""Our new relationship with MMSAG provided the perfect entree into this market at a time when we can be most beneficial to buyers and sellers.""
According to Isbell, the special $60 million bidding event is just the beginning of the investment opportunities that will be offered through CommercialBid.com. He said the new site will provide an exceptional opportunity for buyers to find properties of value, conduct their due diligence online, and place their bids in a fair and transparent process.
Jacob Steele, director of Encino, California-based MMSAG, said the creation of CommercialBid.com will generate an ""extremely powerful"" accelerated marketing process for lenders and private sellers to maximize commercial property loan values. He said the online platform has gained immediate traction in the marketplace, as investors are now able to immediately access commercial property and loan opportunities that were previously unavailable to them.