50 Million in Retail Centers Sold at Higgenbotham Auction
Sold, is a word not often heard in todays real estate market but Higgenbotham Auctioneers International (HAI) has found the recipe for success. You put together a portfolio of income producing retail centers and sell them in a matter of hours.
Online, May 14, 2012 (Newswire.com) - Sold, is a word not often heard in todays real estate market but Higgenbotham Auctioneers International (HAI) has found the recipe for success. It's simple really. You put together a portfolio of income producing retail centers, commercial buildings and warehouses then add cooperative banks and 400 plus qualified bidders and you sell 50 million dollars of real estate in a matter of hours.
That's the snap shot of Higgenbotham's most recent auction. The Lakeland Florida based company offered 25 Florida properties at auction last week and income conscious investors snapped them up.
"The last couple of years have been tough. Banks have been pretty tight fisted and investors have been worried about a second down turn holding their funds in reserve until now," commented Marty Higgenbotham, HAI's president and founder.
Higgenbotham believes there is light on the horizon in a market place where many economists are not so sure.
"This auction was an opportunity to present a high quality portfolio of income producing properties in Florida. More often than not, the properties are in New York, Texas or elsewhere. These properties averaged 10-14% NOI's and were 70-100% tenant occupied. The income streams are what made the difference," he concluded.
Using the latest advances in web streaming technology the auction was broadcast worldwide via the Internet with more than 60 bidders participating online through HAI's online bidding platform.
"It was amazing the interest these properties brought," commented HAI's General Manger John Haney. "We literally had thousands of inquiries and downloads from the website. The fact that there are no empty seats in the room is evidence that attitudes toward the commercial real estate markets are changing," he stated.
For further information on this auction, please contact Earl Williams at (800) 257-4161.
About Higgenbotham Auctioneers International Ltd., Inc.:
Founded in 1959, Higgenbotham Auctioneers International ("HAI") is headquartered in Lakeland, Florida and specializes in the sale of corporate real estate throughout the United States and the world by utilizing the auction method of marketing.
Higgenbotham is heavily involved in the sales of net-leased properties nationwide and will be a co-sponsor of the NAI Global booth at the International Council of Shopping Centers annual convention in Las Vegas, Nevada May 20th-23rd.
HAI is an alliance partner of NAI Global and enjoys continuing relationships with Fortune 500 clients such as Alcoa, International Paper, Wal-Mart Realty, and Sinclair Oil, as well as many publicly traded and closely held companies.
For complete information about Higgenbotham's auction process or its current auction calendar visit higgenbotham.com or call 800-257-4161.