Investor nabs non-distressed property on Auction.com
A commercial property in Pompano Beach was picked up on Auction.com by a private investor recently — a move that the real estate website’s management says highlights the site’s expanding share of non-distressed property sales.
The Pompano Merchandise Mart at 2099 and 2101 West Atlantic Boulevard sold for $9 million after three days on the site. The 7.5-acre property consists of a four-building, 118,242-square-foot commercial center.
Sales of non-distressed assets on Auction.com are becoming more common in the Florida market as the economy and the marketplace improve, Globe St. reported.
“This deal marks Auction.com’s growth in the South Florida marketplace for stabilized, non-special servicer deals,” Michael Jimenez, a vice president of Auction.com, told Globe St. “We expect our sales in the region to increase as demand, occupancy and rents continue to recover.” Jimenez and another vice president based in Miami, Andre Cuadrado, facilitated the sale. [Globe St.] — Angela Hunt