TRANZON, Integrated Property Group (“TRANZON, IPG”) has announced that it has received mandates from Small Business Administration (“SBA”) lenders to hold auctions for commercial REO properties throughout the country. The auction campaign will commence on June 29th, 2010 with a former daycare facility in Catonsville, Maryland and a former retail grocery store in New London, Minnesota and continue throughout the summer. TRANZON has been providing auction services to SBA Lenders for over 10 years but has just recently noticed a surge of available properties in this sector due to the current economy’s effect on small businesses.
“These auctions are an opportunity for investors to get into the commercial real estate market and take advantage of the low reserve prices being offered by lenders who are anxious to get these properties off of their books,” said TRANZON Auctioneer and Partner Oren Klein. He adds, “for businesses that can actually make immediate use of the facilities being offered these can be home runs, as some of the properties are being sold at a small fraction of what was invested in acquiring the properties and building them out for various business uses.”
“This portfolio has a cross section of property types and potential business uses, from former assisted living facilities to grocery stores with most sitting on busy streets and easily repurposed. There will be some great opportunities this summer,” said Joshua Olshin, President of TRANZON. Upcoming auctions include a former assisted living facility in Hartselle, AL, a former refrigerated storage warehouse in West Palm Beach, FL, a former spa in Beaumont, TX, a former retail showroom in West Haverstraw, NY and a former mixed-use office and apartment building in Milford, PA. In addition, auctions are scheduled for a development site in Long Island City, NY, a former USDA Food processing plant in West Haven, CT and a single family residential property in Middletown, NY.
To access and register for these auctions simply visit www.tranzonipg.com/reo, www.tranzon.com, or contact Tranzon IPG at 212.375.1222.
