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| 7/19/2010 |
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Title: Local Bank to Sell Several Commercial Properties in Online Auction
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Valley Bank of Iowa has selected the LFC Group of Companies, leaders in online real estate auction marketing, to auction five of their REO commercial properties in the Des Moines area. In choosing LFC’s online auction platform, Valley Bank becomes the latest financial institution to embrace an alternative marketing solution that has a proven track record of bridging the bid-ask gap that has hindered the commercial real estate market.
“Traditional marketing strategies just won’t cut it in today’s saturated market; you need to think outside the box to be successful,” said LFC’s Director of Operations Ryan Devin. “Our online auction program delivers what banks are looking for: broad property exposure, true market value and velocity of sale.”
Included in this auction:
• Fully vacant retail/office building with ten individual bays and more than 28,000 SF with a minimum bid of just $499,000
• ±1.13 acre pad site in Copper Creek, one of Des Moines’ east side popular shopping centers, with a minimum bid of $49,000
• A multi-tenant retail strip center in the Des Moines suburb of Bondurant – minimum bid is just $299,000
• Former convenience store and fuel station in Norwalk, which also includes two single family residences and outbuildings with a minimum bid of $299,000
• Retail pad site with high traffic counts in West Des Moines with a minimum bid of $149,000
“The low minimum bids represent significant discounts from previous listing prices,” said Dennis H. Hanson, Regional President of Valley Bank. “This is an opportunity for business owners and entrepreneurs to purchase prime office/retail space at bargain prices, setting the stage for economic growth and job creation. It’s the first step towards recovery, not just for the commercial real estate market, but for the region as a whole.”
According to a recent report from CoStar Group, the U.S. office markets have stabilized as vacancies decline, setting the stage for the long-awaited recovery.
“Now is the perfect time to purchase retail/office space in an area that continues to thrive despite a down economy,” said Devin.
As with all of LFC’s real estate auction campaigns, this auction will be held entirely online, removing the need for interested buyers to spend hours in a crowded ballroom with all the unwanted pressure that comes with an outcry auction. Buyers can view and download property documents and other due diligence materials from the comfort of their home or office by visiting www.LFC.com/905R2. The bid deadline for buyers to submit their bids is September 9, 2010. |
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