Sheldon Good auctions $15M U.S. portfolio - Sheldon Good and Co. markets $15 million in commercial and industrial real estate assets

Real Estate Weekly, Dec 16, 1992

In a real estate marketing effort to convert quickly more than $15 million worth of portfolio assets into cash, eight major commercial and industrial properties located throughout the U.S. will be offered for sale at public auctions in five states within the next three weeks, it was announced by Sheldon Good & Company.

Sheldon Good & Company will conduct the auctions on behalf of the sellers, John Alden Life Insurance Company of Miami and Johnstown Savings Bank, Johnstown, Pennsylvania, who ordered that the sales take place before the end of the year.

The properties include an historic, 100-year-old, four-story building in Philadelphia's "Olde City,"a shopping center in Jackson, Mississippi, a four-building office complex in Flowood, Mississippi, just outside Jackson; a former bank headquarters in Columbia, South Carolina; industrial buildings in the Denver area, and a high-security, former telephone company building in downtown Jacksonville, Florida.

All the properties will be sold without reserve, subject to minimum bids as described below. The eight properties and their auction dates are:

* 325 West Adams St., Jacksonville, Florida. Originally the headquarters of the Southern Telephone & Telegraph Co., this 58,560-square-foot, six-story building was completely renovated in 1982 to its current status as an investmentgrade office facility. To be sold without reserve subject to a minimum bid of $495,000. Auction to be held Wednesday, Dec. 16, 1992, at 1 p.m. Holiday Inn - Airport, 1-95 and Airport Rd., Jacksonville, Florida

* 128-30 Chestnut St., Philadelphia, Pennsylvania. Originally built over 100 years ago, this 22,693-square-foot, four-story commercial building was completely restored in 1987. It is located in Philadelphia's "Olde City," near Independence Mall and the Center City business district. To be sold without reserve subject to a minimum bid of $495,000. Auction to be held Friday, Dec. 4, 1992 at 11 a.m. Radisson Airport Hotel, 500 Stevens Dr., Philadelphia

* 1233 Washington St., Columbia, South Carolina. Built in 1954, this 46,200-square-foot, 10-story office building last served as corporate offices for Security Federal Savings & Loan. To be sold without reserve subject to a minimum bid of $240,000. Auction to be held Thursday, Dec. 10, 1992 at 2 p.m. Holiday Inn - Columbia Airport, 500 Chris Dr., West Columbia, South Carolina

* West Park Shopping Center, 214 W. Capitol St., Jackson, Mississippi. This 42,400-square-foot shopping center, located on a primary thoroughfare offers high visibility and consumer traffic. Currently, three regional chains are tenants. The property has approximately 100,000 square feet of parking space. To be sold without reserve subject to a minimum bid of $415,000 and

* Four-building office complex, 631 Lakeland East Dr. and 1084 Flynt Dr., Flowood, Mississippi. Located across the Pearl River from Jackson, this 15, 12 8-square-foot complex consists of two two-story and two single-story structures. To be sold without reserve subject to a minimum bid of $365,000. Auction to be held Friday, Dec. 11, 1992 at 11 a.m. The Edison Waithail Hotel, 225 E. Capitol, Jackson, Mississippi

* 10455 E. 25th Ave., Aurora, Colorado. This 58,509-square-foot, two-story industrial/office building was built in 1972 and is located near Stapleton Airport. To be sold without reserve subject to a minimum bid of $300,000 and

* 1850 29th St., Denver, Colorado. This 2,086-square-foot garage building is located approximately one mile from downtown Denver, and just eight blocks from the planned Major League Baseball stadium. It has 5,460 square feet of paved parking area and offers an excellent opportunity for re-development and

* 1901 29th St., Denver, Colorado. This 56,430 square-foot, single-story warehouse building is fully-sprinklered and features 28 overhead, garage door loading docks. It also is located within eight blocks of Denver's planned Major League Baseball stadium. Auction to be held on Thursday, December 17, 1992 at 1:30 p.m. Sheraton - Denver Tech Center, 49000 DTC Parkway,Denver, Colorado.

For more information about any of these properties, contact the Sheldon Good & Company Auction Information Center at (800) 777-2296.