SVN®/Interstate Auction Co. Closes Sale of 40 Properties in Chattanooga for More than $3MM
Absolute auction attracts large turnout; 900 bids within first two hours
Chattanooga, Tennessee (January 07, 2016)—SVN®/Interstate Auction Company—a member of SVN Auction Services, a national provider of date-specific sales and special asset solutions—coordinated the recent sale of 40 properties in Chattanooga, Tenn., for $3,047,550.
Combined into 21 groups, the properties included land, 11 townhomes, many residential homes, and three small retail buildings. All were part of the Cannon estate properties that sold in an absolute auction.
“By promoting and marketing this as an absolute auction, it provided maximum exposure, attracted high participation and spirited bidding,” said John Johnson, president of SVN/Interstate Auction Company in Atlanta, Ga.
In an absolute auction, the asset goes to the highest bidder without the requirement of a reserve price. Such an auction often involves highly motivated sellers. “We provide specific guidance on how to handle a date-specific sale based on the asset itself, the client’s requirements, the market and industry research,” said Johnson. “In this case, we determined that an absolute auction would best meet our client’s goals. It was the right strategy—as the result exceeded the client’s expectations.”
The Chattanooga estate liquidation attracted 70 bidders, and there were approximately 900 bids within the first two hours, Johnson said. “None of these properties or land was distressed,” he said. “There were rentals with solid revenue-generating histories. As a result there was huge interest.”
Most of the buyers were investors in the Chattanooga area. All the properties closed within 30 days of the sale.
About SVN Auction Services
SVN Auction Services is a provider of date-specific sales and special asset solutions. It encompasses an elite group of local and regional auction advisors throughout the United States who specialize in areas such as foreclosures, tax sales, multi-properties, receiverships and bankruptcies. SVN Auction Services offers the industry’s most comprehensive spectrum of auction solutions—from rapid asset resolution and 30-day countdown asset sales to wide area and high impact/high promotion events. As part of one of the most recognized and reputable commercial real estate firms in the industry, SVN Auction Services is supported by SVN International’s more than 800 commercial real estate advisors throughout the nation. This relationship provides outstanding opportunities for SVN Auction Services to serve clients needing to move assets in accelerated timeframes and creates significant value for buyers and sellers. For more information, visit SVN Auction Services.
John Johnson, CCIM, ALC, CPA, SVN/Interstate Auction Company, 404-303-1232 x16 [email protected]
Ken Zeszutko, Zeszutko Corp.-PR on behalf of SVN Auction Services, 321-213-1818 [email protected]