Sperry Van Ness/Accelerated Marketing Division to Auction 414-Acre Government-Owned Re-Development Site in Detroit

Business Wire, July 27, 2005

DETROIT -- Sperry Van Ness/Accelerated Auction Division, one of the nation's premier commercial real estate investment and accelerated marketing firms, has been retained to sell by auction a 414-acre major re-development site in Metro Detroit. Led by Louis Fisher, the auction will be conducted on Aug. 30 at 1 p.m. EDT. The auction is being conducted for the State of Michigan Department of Management and Budget.

Each bid offer must be accompanied by a bid deposit in the amount of $4 million and be submitted by 5 p.m. EDT on Aug. 29. Up to five of the initial top bidders will be eligible to participate in the open outcry auction on Aug. 30. A 1 percent commission is offered to any licensed real estate broker who registers the high bidder and closes on the property.

"This auction presents developers with the opportunity to buy a high-quality property at a price determined by competitive bid," said Fisher, national auctioneer for Sperry Van Ness/Accelerated Auction Division. "The auction marketing program is a unique and valuable marketing tool that we are using to expedite the sale."

Formerly the Northville Psychiatric Hospital, the property is zoned for planned-unit development and has over one mile of frontage on 7 Mile Road. Located at the intersection of Haggerty and 7 Mile Road, the property is directly across from Home Depot, near shopping centers and restaurants.

Fisher went on to say that auctions are a beneficial way to sell a property. Auction sales can often be closed instantly or within an acceptable time frame, depending on the sellers' requirements and flexibility. They also transform surplus holdings into cash or earnings assets. An auction is a catalyst for motivating hesitant buyers into action. Auctions expand market reach by employing programs that expose properties to a regional, national and international audience.

Founded in 1987, Sperry Van Ness has rapidly expanded in the past three years from a small firm in nine local markets to one of the nation's leading commercial real estate brokerage firms serving clients in more than 100 markets nationwide. Sperry Van Ness provides advisory, brokerage, consultation, asset management, property management, leasing, financial, accelerated marketing and auction services. To provide the highest value to its clients, Sperry Van Ness is the only national firm that implements a broker marketing plan in addition to its investor marketing plan for all listings. Guided by this principal of cooperation, Sperry Van Ness, based in Irvine, Calif., has advised clients on billions of dollars in multifamily, retail, industrial, office, hospitality and land transactions. For more information, please visit www.svn.com or www.fisherauction.com.