Major tri-state real estate auction set

Real Estate Weekly, April 5, 1995

A real estate portfolio of residential and commercial properties located in New Jersey, New York and Pennsylvania, valued at $50 million-plus, will be sold at an auction conducted by Sheldon Good & Company at the Radisson Hotel in Newark, NJ on Monday, April 24 beginning at noon.

According to Steven Good, president of the Chicago and New York-based auction and real estate marketing organization, the properties, ranging from new home communities and approved land for residential and commercial use to office buildings and warehouse facilities, will offer buyers a unique opportunity to obtain real estate at very favorable prices. Many properties will be sold absolute or with low minimum bids.

Comprised of 50 properties, the portfolio will be offered for sale predominantly on behalf of Starbare Associates, a subsidiary of Roseland Property Company. With its control of more than 350 real estate assets valued at more than $600 million, Starbare/Roseland is a major source of land and commercial and residential properties for developers, investors and end-users in the tri-state region.

"The properties that will be presented for sale at auction are first rate, quality investments that will provide a variety of opportunities for purchasers, depending upon their individual requirements," said Good. He pointed out that a number of office and industrial buildings, multi-use flex and warehouse facilities, retail stores and strip centers, and an auto dealership will be auctioned by Sheldon Good & Company.

Complementing this mix of commercial properties will be an offering of residential real estate that includes single-family new homes, multi-family dwellings, condominium apartment complexes and single units, mixed-use apartment-office buildings, and even a number of boat slips. Additionally, Good noted that the auction portfolio will include vacant land parcels zoned for commercial and residential development throughout the tri-state market area.

Cad Goldberg, a Starbare principal, points out that buyers will be interested in the prospect of being able to conduct "one stop" shopping for a variety of investment real estate assets and, concurrently, to have the opportunity to make deals well below market values.

"Auctioning real estate assets suits our needs as well as those of the marketplace," says Goldberg." Effective asset resolution is advantageous to all concerned, and the auction approach effectuates such a resolution in the most efficient manner. For example, the availability of real estate to builders and consumers at reasonable prices positively affects the economy, thanks to an adaptive re-use of the properties involved; further, it rejuvenates dormant projects, generates jobs in the construction and other real estate related fields, and even revitalizes community tax bases."

Sheldon Good & Company has prepared an auction catalog and due diligence reports for each of the offerings. The auction company's field representatives will be at the various sites at scheduled dates and times to show the properties and answer questions. Additional information can be obtained by calling (908) 231-0110.