Carlton-Weichert plan major commercial auction

Real Estate Weekly, July 21, 1993

Carlton Property Auctions, Weichert Realtors and Corporate National Realty have joined forces to promote one of the region's largest commercial real estate sales events, The Greater Northeast Commercial Real Estate Auction."

Approximately 40 premiere commercial assets, valued at between $500,000 to $7 million will be offered at the auction, from highprofile office buildings to retail centers, multi-family and industrial properties, hotel/resort facilities and a limited amount of land.

According to Steven W. Birbach, president of Carlton, this auction presents a tremendous opportunity for sellers to gain maximum exposure for the sale of their commercial assets for a modest marketing investment.

In addition to the economies of scale' involved in a multi-seller program, auctions typically define true market value, create a temporary seller's market, obtain huge market exposure, assure a firm closing and allow buyers to bid with confidence.

There is no upper limit to the price of a given property sold at auction," said Dennis J. Cooper, senior vice president at Weichert's Auctions division.

Together, Carlton, Weichert and Corporate National Realty will reach out to their extensive list of active buyers, generating excitement, interest and activity for the properties included in the auction this fall. The auction is scheduled for Sept. 30. Properties must be committed by Aug. 2 and advertising for this exceptional event will commence on Aug. 15. The marketing investment for assets valued under $2 million is 1 percent and .75 percent for assets over $2 million.