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Auction.com Announces Results of Commercial REO and Note Sale

""Auction.com"":http://www.auction.com announced this week that it achieved $453 million in sales - with over $600 million in unpaid principal balances sold - in its recent online auction of nonperforming notes and commercial REO properties located throughout the Southeastern United States.


On behalf of its 10 institutional clients participating, California-based Auction.com sold 187 assets, and garnered a purchase price-to-reserve rate of 111 percent.

""Our commercial auctions continue to attract the country's largest institutional clients, and local retail buyers who return the properties to the community,"" said Jeff Frieden, CEO of Auction.com. ""Our recovery rates for loans and REO assets are setting the bar for value.""

The non-performing notes and commercial REO properties were located in Alabama, Florida, Georgia, Kentucky, Maryland, Mississippi, North Carolina, Tennessee and Virginia.

Starting bids ranged from $500 to $10.5 million, and included multi-family, mobile home parks, retail, mixed-use, hotel, land, self-storage, office, industrial, and special-purpose assets.

The largest asset offered in the auction was the Chattanooga-based, 823,014-square-foot Northgate Mall situated on 47 acres. The asset drew sizable interest on Auction.com with approximately 2,000 web hits.