OAK BROOK, Ill – Inland Real Estate Auctions, Inc. announced today that it will be auctioning a 118,000-square-foot industrial facility in Phenix City, Ala., that has previously housed a carpet manufacturing company and a candle and bath lotion manufacturer. Originally priced at $2.8 million, it will be sold to the highest bidder that meets or exceeds the reserve price of $1.64 million, or $13.90 per square foot. The auction will take place April 30th.
“This is one of the most versatile industrial facilities we have been involved with,” said Paul Rogers, senior vice president of Inland Real Estate Auctions. “The auction process is an excellent way to make this kind of quality property stand out in a crowded field. The industrial market is softening somewhat and sellers are utilizing the auction as a way to focus all the attention in the marketplace on their property.”
The property, located on 30 acres in the Phenix Industrial Park, has great capacity for expansion or redevelopment. Just five minutes from the Georgia state line and less than one hour from a brand-new Kia automobile manufacturing plant, the facility features 40-foot ceilings, 7,400 square feet of modern office space, a fully-equipped sprinkler system and parking for 145 cars.
“In the current market, the turnaround time for a sale of this type of facility could easily stretch to months or even years, but the auction process produces a buyer in a single day,” Rogers said.
Representatives of Inland Real Estate Auctions will be available at bidders’ seminars, which will be held in Columbus, Ga. The facility will be open for inspection beginning the third week in March. Call (866) 825-4321 to obtain full auction information and terms of sale.
One of the nation’s top auctions firms, conducting transactions from coast to coast, Inland Real Estate Auctions is part of The Inland Real Estate Group of Companies, Inc. (www.inlandgroup.com), a group of separate companies which collectively have been ranked as the 5th largest shopping center owner in North America and the 5th largest property manager in the United States. Inland is one of the nation’s largest commercial real estate companies, headquartered in Oak Brook, Ill.
