IRVINE, CA – In the latest example of its new custom auction process, Auction.com (www.auction.com), the nation’s leading online real estate marketplace, is selling a premier grocery-anchored shopping center in the affluent North area.
Located on more than 15 acres on Preston Road, the 179,959-square-foot Preston Trail Village is anchored by a 63,576-square-foot Kroger grocery store, with approximately eight years remaining on its lease. The center represents an excellent add-value opportunity for investors.
“This is an institutional-quality investment opportunity with significant earning potential,” said Eric Paulsen, Executive Vice President of Auction.com’s commercial division. “Our recently developed and implemented custom auction process was designed for properties like Preston Trail Village as it allows buyers and sellers to better understand the market for complex transactions before engaging in the formal auction.”
The process requires potential buyers to submit indicative offers no later than August 1, which will be used to select a final group of bidders. The approach provides benefits to both bidders and the seller. The seller is provided with insight into the number of bidders whose preliminary valuation is in line with its own and the potential buyers who are selected for the final round enter the online auction process not only knowing that their indicative bid is within striking distance of the anticipated market value, but will have an additional two weeks to perform final due diligence on the property in order to make well-informed bids during the online auction on August 15.
“This is a once-in-an-economic-cycle opportunity for investors to enter one of the top markets in the country. This property offers the potential for double-digit growth in the new owner’s first few years,” said broker Jordan Cortez of Rockwood Real Estate Advisors.
To sell an asset through Auction.com’s custom process, please contact Joe Cuomo, Senior Vice President, at firstname.lastname@example.org 305-503-2637 or Michael DeGiorgio, Vice President, at email@example.com 949-699-4205.
Auction.com is the nation’s leading online real estate marketplace and has sold more than $25 billion in assets since 2007. The company serves customers from the largest financial institutions and investors in real estate to the individual consumer and agent. Auction.com is headquartered in Irvine,and has offices in Dallas, Miami, New York, Newport Beach, Silicon Valley, London, Frankfurt and Berlin. Visit Auction.com for more information.