25 Surplus Properties in 14 States Hit Auction Block After Building Supply Company Emerges From Bankruptcy

Newmark Knight Frank has announced that it will offer 25 surplus properties in 14 states at auction as part of a post bankruptcy liquidation plan for a major building supply company. Tranzon Integrated Property Group has been designated by Newmark Knight Frank as auctioneer to handle all of the auctions on a national basis. Properties to be offered (www.postbauction.com) include industrial, warehouse, commercial with retail, and land.

“On behalf of our client, we have chosen the auction process as the most efficient method to market and sell a large portfolio of properties in order to maximize proceeds in a timely manner,” says Ken Zakin, senior managing director of Newmark Knight Frank, the international real estate advisory firm that also advises the seller with respect to all of its global real estate needs, in addition to this transaction. “Tranzon is a leading auctioneer and we expect these auctions to allow our client an acceptable exit given a difficult climate. We also expect the auction pricing to represent significant values for the opportunistic buyer.”

“While our buyers typically look to acquire larger properties, we have a broad platform that enables us to reach out to local users, as well as larger investors and development groups that are particularly focused on the acquisition of sites that can be repositioned and/or redeveloped from industrial to other uses,” adds Randall Liberman, associate director of Newmark Knight Frank.

The first set of auctions will be held on December 15 and 16 in Maryland, North Carolina, South Carolina and Georgia. These include: a 9+-acre lot located in Westwood Commerce Park in Salisbury, Md.; a 210,000+/- SF warehouse/manufacturing facility with a retail component located just outside of Atlanta, in Acworth, Ga.; a 131,924+/- SF industrial facility on over 40 acres of land in Sanford, N.C.; a 50,000+/-SF manufacturing building on almost 4 acres in Durham, N.C.; a 34,400+/-SF warehouse/manufacturing facility on about 11 acres in Hendersonville, N.C.; and a 51,942+/-SF office/warehouse with covered storage on over 20 acres in Timmonsville, S.C.

“This is a buying opportunity and very indicative of a major trend in the market today,” said Joshua Olshin, president of Tranzon Integrated Property Group, the auction company handling the offerings/dispositions. “The Southeast auction is only the opening round,” said Oren Klein, vice president of Tranzon. “In mid-January, we will be auctioning similar properties in Florida, Texas, Minnesota, Wisconsin, Pennsylvania, Michigan, Utah, Idaho, California and Wyoming.”

More information can be found at the dedicated website set up for this auction at www.postbauction.com or by calling 888-243-3431.

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