New America Network readies 'Super Auction' - to auction $200 million worth of commercial real estate properties from Northeastern states

Real Estate Weekly, August 12, 1992

A "Super Auction" of up to $200 million worth of commercial real estate properties from throughout the Northeast United States -- one of the largest mass sales of real estate of all time -- has been announced by New America Network, real estate's largest network of brokers, and its auction partner, Michael Fox Auctioneers, Inc.

Scheduled for Oct. 27, the one-day auction will have for sale some of the most significant property available in the region. Eligible properties are office, retail, industrial, multi-family and hotel/motel property with a minimum appraised value of $500,000 and a maximum appraised value of $10 million.

The auction offers sellers the opportunity to pool their properties in a sales event that will attract the most prominent investors in real estate. Financial institutions, insurance companies, the government and corporations with unwanted property assets are among the sellers this auction is expected to attract.

New America Network is currently reviewing properties proposed for the auction and prequalifying them before acceptance; a maximum of 50 properties will be accepted.

The auctioneering will be done by Baltimore-based Michael Fox Auctioneers, and New America Network will gather and screen prospective properties and market the event.

Additionally, New America's member-broker firms in local markets will handle the evaluations, showings and targeted follow-up marketing for the properties in their respective markets. New America has more than 20 full service offices in the Northeast region available to assist in the auction.