Auction Companies Trying to Sell Distressed Assets

As the summer home buying season winds down, auction companies are continuing to sell distressed properties in September.

National Commercial Auctioneers, Tulsa, Okla., will be holding two separate auctions for buyers looking to purchase REO assets.

On Sept. 8, a 15-unit bank-owned condominium development in Port Duncan, Okla., will be available for interested developers and builders. The 8.7-acre property features 31 boat slips on Grand Lake, but eight need to be repaired.

“This is an extremely rare residential development opportunity for an experienced builder, developer or investor to buy the Crown Pointe development on Monkey Island,” said Stephen Karbelk, CEO and founder of National Commercial Auctioneers. “With its amazing water views and hundreds of feet of shoreline, this property is one of the last remaining gems on Grand Lake.”

The residential units range in size from 1,600 square feet to 3,200 square feet in the existing building. There is also room for adding additional buildings, according to auction project manager Brent Wellings.

NCA is also currently holding a sealed bid auction for an industrial property adjacent to the San Antonio International Airport that filed for Chapter 7 bankruptcy. The property consists of two parcels totaling 7.7-acres. There is 144,560 square feet of office, industrial and warehouse space.

The United States Bankruptcy Court requires each bidder to have the financial ability to purchase and clean up the property as well as experience managing environmental issues that require immediate attention, which is the case of this site. 

 “This property will sell subject only to a $100,000 minimum bid and pursuant to the court-approved bidding procedures,” Karbelk said. “With a property classification of industrial light manufacturing, this brownfield site is the ideal commercial real estate investment for remediation and redevelopment.”

Sealed bids are due by Saturday, Sept. 10 for buyers interested in acquiring this asset.

Maas Companies, an auction company specializing in selling real estate and special assets, will have the Batcher Opera House and mixed-use building up for bid on Sept. 20.

The 30,500 square foot building in Staples, Minn., was constructed in the early 1900s and the National Register of Historic Places called it “one of the best preserved rural opera houses in the state.”

In addition to the arts, the building is designed for multi use with an antique mall on the main floor, a large basement for storage and multiple private rooms on the second and third floors for offices, sleeping quarters or rental space.

“The building can be sold with or without the historic designation, making it possible to work with or without special funding sources based on the use of the space,” said Colleen Donley, co-owner of the asset.