Friday, June 26, 2009

$100 million in Commercial Assets Hit the Auction Block

First came the distress in the residential real estate market. Now comes the commercial property distress. But don't look for foreclosure notices taped to the fronts of office buildings -- these upside-down buildings are going to auction block.

On July 30, over $100 million in commercial assets will be be sold at auction at the Hyatt Regency Century Plaza, including REO properties, bank-ordered sales, developer close-outs and others.

This liquidation event should attract deep-pocketed investors, who can benefit from the deep discounts being offered: some properties will be sold at up to a 90% off the original loan balance [Globest.com]

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