Sealed Bid Auction for Commercial REO Properties
International real estate investment company Kennedy Wilson has been retained to conduct a sealed bid auction for bank-owned properties in six states including Nevada, California, Oregon, Florida, Arkansas and Colorado.
The company, with headquarters in Beverly Hills, Calif., is accepting bids on 12 properties up until 5:00 p.m. Pacific Time on Sept. 21. All properties may be bid on individually or collectively in any combination.
Investment opportunities offer a diversity of locations and property types including Class A office buildings, a retail shopping center, commercial/residential development parcels and an ocean-front parcel.
With ultra-low reserves, this sealed bid auction represents unique opportunities to acquire one or more REO properties at significantly reduced prices substantially below previously appraised values, according to Rhett Winchell, president of Kennedy Wilson Auction Group.
"The seller and Kennedy Wilson have established excellent reserves making this portfolio highly attractive to a diversity of buyers ranging from individual investors to public companies," he said.
Prices range from $300,000 to $11 million on properties currently appraised up to $15.6 million.
The auction is being conducted on an “all cash” basis. Prior to placing their bid, potential buyers may review detailed information available on each property. Due diligence packages may be obtained by a prospective bidder by completing and delivering to Kennedy Wilson the sealed bid registration form and confidentiality agreement contained in the auction brochure. KW says broker representation is welcome.
To learn more about the properties, how to acquire a due diligence package, and how to place a bid in this auction, visit Kennedy Wilson's website at www.KWCommercialAuction.com