Brokerage firms Grubb & Ellis and Lee & Associates have signed on to use the AuctionPoint online auction platform to sell commercial real estate.
Lee & Associates is going live with an auction of a $2.49 million office building in Santa Ana, Calif., on Dec. 3.
‘Recent auctions using the platform have gotten buyers off of the sidelines, achieved full market value and, most importantly, generated a sale in weeks, rather than months,’ says David Newton, a principal with the broker's Anaheim, Calif., outfit.
Grubb & Ellis brokers are using the platform to sell office and land properties, says Bob Davis, a senior vice president at the company's Newport Beach office, adding that the process of setting up auctions has been simple. AuctionPoint markets its platform as a broker-friendly approach.
"And with complete visibility into registration and bidder qualification, I can very effectively market and manage the auction," Davis says.