‘Largest Note Auction in U.S. History’
Jotham Sederstrom May 18, 2011, 4:04 p.m.
Strategically designed to lure the world’s biggest real estate leaders-nearly all of whom, it turns out, are flying into Las Vegas later this week for the annual International Council of Shopping Centers RECon exposition-Auction.com has announced what the site describes as the “largest commercial real estate and note auction in U.S. history.”
Indeed, beginning tomorrow, the real estate auction site is putting $1 billion of commercial real estate properties and notes on the block.
The auction will be broadcast live and online and will feature retail, multi-family, land and industrial assets, most of which is located in Las Vegas, said the site’s co-founder and chairman Rob Friedman. These include a $56 million non-performing note for the 333,234-square-foot Sahara Pavilion North mall in Nevada.
“In our opinion, the unprecedented volume of distressed real estate we are seeing here represents the bottom of the market for Nevada and, in particular, Las Vegas,” said Jeff Frieden, Auction.com’s chief executive, in a statement. “The quality and condition of these assets will compel even the most sophisticated of investors to take notice. In any financial cycle, there is a best time to be active. For investors interested in Nevada, we believe that time is now.”