Columbus Ohio Commercial Real Estate Auction

Buyers Attracted to Online Auction of a Unique, Bank-Owned Land Parcel near Columbus CBD

Posted by rbennett on April 10, 2012
Ohio Commercial Real Estate Auctions, Ohio Land Auction / No Comments

This real estate auction, featuring a development site of approximately 43 acres, sits on the westerly side of Grove City, which is considered one of the faster growing suburbs of the City of Columbus. About 8 miles southwest of the Columbus Central Business District, this development site is located directly across from the Central Crossing School Complex (Central Crossing High School and Holt Crossing Intermediate School) and South-Western Career Academy near the intersection of Holt Road and Big Run South Road.

The zoning on this parcel is split; CPD (Commercial Planned Development) for the frontage and multi-family for the rear portion, affording itself to a unique development opportunity of retail shopping and apartments or condominiums.

Attracting much interest from local homebuilders, developers and real estate investors, the online auction on the Freedom Realty Exchange (FRE.com) delivers a fair and competitive online bidding process which will bring true market value to the property and the seller.

“The inventory levels of similar land is high, but when a seller such as this bank steps up and sets a minimum bid well below market value, it’s hard for buyers to ignore”, states Ryan Devin with the auction company.

As an alternative choice to a traditional real estate sale, online auctions can be particularly effective for financial institutions that want to, or need to, get the inventory off their books quickly and believe that the auction creates a trading platform bringing buyer and seller together in such a way that fair market value is realized. Evident by the minimum bid of $499,000, less than $12,000 per acre, the bank is very motivated to sell.

“We have had a good response from interested parties, mostly local builders and investors, but also some from out of state, who see the upside in purchasing at a discount, waiting until the market turns and then being in a great position to take advantage of it”, states Devin.

As with all of auctions on the Freedom Realty Exchange website, property research, due diligence and bidding are conducted completely online, removing the inconvenience and unwanted pressure that comes with a traditional outcry auction. Interested buyers can access property documents and auction details by visiting FRE.com. Bids must be submitted by April 26th.

About LFC Communications, Inc.
The Freedom Realty Exchange is owned and managed by LFC Internet Marketing, Inc., a member of the LFC Group of Companies. For more than 30 years, the LFC Group of Companies has successfully auction marketed thousands of commercial, industrial, land and residential properties, with sales in excess of $5 billion; and for the last seven years, we have conducted real estate auctions exclusively online. We have successfully served numerous Fortune 500 companies, real estate developers, investors, financial institutions, government agencies and real estate brokerages, providing a complete suite of real estate disposition strategies and auction marketing programs for commercial and residential property and mortgage notes.

Tags: , , ,

Land, Commercial & Residential Auction Newsflash

+/-5 Acre development site or residential ranch in Hemet, CA
CLICK HERE TO VIEW AUCTION

5 Parcels of development land and a potential gold mine in Lake Oroville, CA
CLICK HERE TO VIEW AUCTION

Bank-owned 2 bed/ 2 bath loft-style condominium in Akron, Ohio
CLICK HERE TO VIEW AUCTION

+/-43 Acres of vacant land with commercial and multifamily zoning in Columbus, OH
CLICK HERE TO VIEW AUCTION

+/-9.14 Acres of entitled land mapped for 31 single family lots in Moreno Valley, CA
CLICK HERE TO VIEW AUCTION

Portfolio of development land and commercial properties in North Carolina
CLICK HERE TO VIEW AUCTION

Bank-ordered auction of various properties in Hilton Head Island and Okatie, South Carolina
CLICK HERE TO VIEW AUCTION

Beautiful estate home in Duluth, MN
CLICK HERE TO VIEW AUCTION

Tags: , , , , , , , , ,

Online Auction for Commercial & Multifamily Land in Columbus, OH

Posted by rbennett on April 06, 2012
Ohio Commercial Real Estate Auctions, Ohio Land Auction / No Comments


Tags: , ,

Columbus, Ohio Bidding Frenzy

Our auction of a former auto dealership in Columbus, Ohio has come to an exciting end! The facility was comprised of three buildings in a high traffic industrial area. I don’t know if it was the property, the commercial land’s potential for redevelopment, the low minimum bid or the facility’s location that sparked such intense interest, but I can say that several bidders restlessly rose the stakes until one individual eventually won the property.

An initial bid deadline was set for December 17th, 2009, but the energized bidders continually extended the Bid Deadline for an additional 3 weeks! In each of LFC’s auctions, the seller has the right to invoke our patent-pending bid extension process called LAST CALL®, which extends the bid deadline by an additional 24 hours. Each time a new bid is placed, the deadline is extended once more.

LAST CALL® protects bidders from auction sniping. If you are familiar with other online auctions sites such as eBay, you know that everyone interested in the auction waits until the very last second to place their bid. There is even software that will automatically enter a bid in the last millisecond of the auction, what we call “auction sniping.” LAST CALL® protects bidders by eliminating the possibility of “sniping.” Real estate is a rather large investment to make online and we strive to give all bidders a fair chance at winning.

Understanding that real estate is a rather large investment to make online, we made the LAST CALL® extension increment 24 hours to give bidders plenty of time to deliberate. Similar to the live auctions held in a hotel ballroom or on the steps of a courthouse where auctioneers cry out, “Going once! Going twice! LAST CALL! SOLD!”, we give bidders extra time to calculate how much they are willing to pay for a property. However, unlike live auctions, which only give bidders mere seconds to analyze a property’s worth, we want bidders to take their time and make decisions rationally rather than in the heat of the moment.

In this recent Columbus campaign, LAST CALL® lasted for several weeks, driven by several bidders who competed throughout the holiday season, bidding on both Christmas and New Year’s Eve. Finally, the auction ended on January 8th, 2010 and the sale is now currently pending.

Thank you to all who followed our real time updates for this auction on Twitter (@LFC_Auction). If you didn’t stay up to date with our tweets you can view the Bid History on our commercial real estate auction website LFC.com.

Tags:

1 Week Left in Columbus, OH Auction

Though the weather outside is frightful, this hot deal is delightful for any CRE investor looking for a new opportunity. With the Bid Deadline for a former auto dealership in Columbus, Ohio just 1 week away, we want to fill you in on all the details.

This +/-35,471 SF facility on approximately 8.96 acres is comprised of three buildings:

  • a showroom built in 1971
  • a used car building built in 1984
  • a body shop built in 1994

Like all of our commercial auctions, we post all available documents provided by the seller on our website. This way, you can perform your due diligence from anywhere you get an internet connection.

The Bid Deadline is 8:00 PMEST on December 17th. You can view all of the property details and documents at LFC.com

*****

About this author: Casey Flynn is the Communications Manager for the LFC Group of Companies. He also coauthors on ResidentialRealEstateAuctions.com and RealEstateNoteAuctions.com

Tags: , , , , , , ,

Columbus Ohio Commercial Buildings For Sale

Posted by rbennett on June 02, 2009
Ohio Commercial Buildings For Sale / No Comments

Columbus Ohio Commercial Buildings For Sale

LFC Auction #751-1 | 4000 W. Broad Street, Columbus, OH

Property Details:

Ohio Commercial Buildings For SaleSize: 70,942 / 8.96 acres
Location: Columbus, Ohio
Minimum Bid: $599,000

This 35,471 square foot facility is comprised of 3 buildings, a 19,622 SF showroom built in 1971, a 1,449 SF used car building built in 1984 and a 14,400 SF body shop built in 1994. The site consists of approximately 8.96 acres. The entire site is paved with asphalt and the property is zoned “Community Service” (CS) with a variety of uses.

View Full Property Details: Columbus Ohio Commercial Buildings For Sale

>> View All Property Auctions

Tags: , , , , , ,