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597 UNIT APARTMENT PORTFOLIO COLUMBUS AND CINCINNATI, OHIO SOLD FOR $12.7 MILLION
Columbus, Ohio - Auction Services Group, Inc., conducted the sale of a portfolio of 597 apartments in 4 communities located in Columbus and Cincinnati, Ohio. The partnerships that owned these properties directed the year end auction in order to accelerate the sale of these established apartment communities. The auction drew bidders from as far away as California and the 4 properties sold for a total of $12.7 million.


Bankruptcy Court Ordered Sale of 1,100 Unit Apartment Complex sells for $12.6 Million.
Columbus, Ohio – Auction Services Group, Inc. conducted the Bankruptcy court ordered sale of a 1,100 unit apartment complex in Columbus, Ohio. The complex is situated on 52 acres and consists of 122 three story garden style buildings containing 9 to 11 unites each. Buyers throughout the country attended the auction. The purchaser was an individual investor from California.


BANK DIRECTED SALE OF FOUR CORNERS IRRIGATED FARMLAND - SOLD FOR $1.7 MILLION
Cortez, Colorado - The Auction Services Group, Inc., conducted the sale of 1,888 acres of farmland plus a 1,656 sq.ft. newer ranch home situated on 3 acres in Montezuma and Dolores Counties, northwest of Durango, Colorado. A local area bank used the auction as a means to accelerate the sale of these properties.

The 1,888 acres offered were in five tracts ranging in size from 80 acres to 969 acres. The farm ground is level to gently sloping, open and very scenic. Tracts adjoin canyons and BLM land with excellent hunting opportunities. The tracts were being farmed and were sold with the irrigation equipment consisting of 9 center pivots and 7 side roll sprinklers. The properties are located in southwest Colorado approximately 65 miles northwest of Durango in the Four Corners area where Colorado, Utah, New Mexico and Arizona meet. The elevation of the area ranges from 6,000 to 7,000 feet above sea level with scenic views of Sleeping Ute and Blue Mountain Ranges. The properties are in close proximity to Mesa Verde National Park, Hovenweep and Canyons of the Ancients National Monuments and the McPhee Reservoir.


LENDER AUCTIONS 308,000 SQ. FT. DOWNTOWN CHICAGO RIVERFRONT LOFT BUILDING FOR $5.7 MILLION
Chicago - Auction Services Group, Inc., conducted the sale of The Riverfront Work Lofts Building located at 500 West Cermak, Chicago, Illinois, which sold for $5.7 million. The auction allowed users/investors and developers a unique opportunity to purchase this architecturally significant building at a fraction of its replacement value, if it could be replaced at all. The building has such a historic look that two Oscar winning films have been filmed on location there (Road to Perdition - 2002 and The Untouchables - 1987).

The Riverfront Work Lofts Building was originally designed by Chatten & Hammond, a prominent Chicago architectural firm with construction completed in 1911. The eight-story, 308,694 square foot, multi-tenant, loft office building, was originally named the Thomson and Taylor Spice Building, the nation’s largest spice company that occupied the entire building. The property is located on the northeast corner of Cermak Road and Lumber Street next to the Cermak Bridge which is the City of Chicago’s last double-leaf rolling lift bridge designed by William Scherzer in 1906. The 1.275 acre site has approximately 360 feet of frontage on the South branch of the Chicago River.


2.99 ACRE NORTH SHORE ESTATE Sold for $3.3 Million
Glenview, IL - Auction Services Group, Inc., conducted the auction of 800 Appletree Lane, Glenview, Illinois. This sealed bid auction generated the highest sales price ever paid for a home in Glenview: $3.3 million.

The Edward F. Beucher Trust elected to sell the property at auction in order to streamline the sales process and to settle the Estate of Edward Beucher. The Beucher family had owned this prime East Glenview Estate for the last 50 years. The auction allowed homebuyers, builders and developers a unique opportunity to purchase one of the largest single family home parcels in Glenview. What made this property so interesting is that it appealed to a number of diverse prospects. Homebuyers and home remodelers appreciated the sheer size of the home and grounds as well as the amenities included. Builders and developers were attracted to the 2.99 acre site in a prime North Shore location and horse enthusiasts could enjoy immediate access to the riding trails throughout the adjacent Forest Preserve.


Court Directed Sale, 10,000 Sq. Ft. Land Site in Downtown Chicago
Chicago - N.W. corner of LaSalle & Kinzie, adjacent to the Merchandise Mart is without a doubt, one of the finest parcels available in downtown Chicago. It was sold in a court directed auction conducted by Auction Services Group, Inc. for $3.5 million. One block north of the Chicago River, this land site is an ideal candidate for development and offers a truly unique investment opportunity.


87 Properties in Metro Detroit Sold for $7.93 Million
Troy, MI - Auction Services Group, Inc., conducted the builder closeout sale of 23 single family homes, 24 condominiums and 40 homesites throughout the metro Detroit marketplace. Over 250 active bidders attended the auction held in Troy, Michigan for Neumann Homes Inc., a Chicago-based national homebuilder. “We’ve made a business decision to utilize the accelerated sales method to complete a close-out of several of our communities,” said Neumann President and CEO Kenneth P. Neumann.

“We sold property in 12 residential communities in 9 cities including Rochester Hills, Novi, Clarkston, Milford, South Lyon, Pontiac, Lake Orion, Southfield and Highland Township,” noted Robert Roggeveen, President of Auction Services Group, Inc.


National Home Builder Auctions 15 properties in Suburban Denver for $4.13 Million
Denver, CO - Auction Services Group, Inc., conducted the sale of 15 new single family homes, condominiums and homesites throughout the suburban Denver marketplace.

Neumann Homes Inc., a Chicago-based national homebuilder elected to auction these properties in order to substantially reduce its standing inventory of homes, condos and homesites in 3 of its communities. “We have utilized the accelerated sales method several times in other markets throughout the country to complete timely inventory reductions with great success,” said Neumann Homes President and CEO Kenneth P. Neumann. The auction was a great opportunity for residential buyers to purchase a quality home, condominium or residential homesite in some of the most desirable neighborhoods in suburban Denver. The properties are located in well established residential communities in Westminster, Aurora and Firestone.


NORTHEAST OHIO & TENNESSEE NET-LEASED SHOPPING CENTERS SOLD FOR $9.7 MILLION
East Cleveland, OH - Auction Services Group, Inc., conducted the auction of 4 shopping centers and 5 – 100% Leased Retail Properties. Properties included in the sale were the Westwood Square Shopping Center, Alliance, Ohio and East Cleveland Town Center, East Cleveland, Ohio. Also sold were 100% leased retail buildings in Canton and Akron.

Canton, Ohio based DeVille Developments, the owner and original developer of the shopping centers, elected to use the auction sales method in order to streamline the sales process for these properties. The timeliness and guaranteed sales date allowed the seller the ability to complete a 1031-Exchange.


$22 MILLION SHOPPING CENTER AUCTION In Northeast Ohio & Pennsylvania
Ohio - Auction Services Group, Inc. is pleased to announce the sale of nine shopping centers and one office building with aggregate sales of $22,000,000. The auction featured prime Northeast Ohio and Western Pennsylvania single and multi-tenant net-leased properties. “The auction allowed investors a unique opportunity to purchase one or more properties in desirable locations at one sale,” notes Roggeveen. Successful bidders were from California, Las Vegas, New Jersey and Ohio. All properties were closed in less than 45 days.

The shopping centers ranged from 7,500 sq. ft. to 79,000 sq. ft. and the office building contained 10,000 sq. ft. The office building was sold prior to the auction. The well leased properties featured national/regional credit tenants including: Dollar General, Sears, Blockbuster, Family Dollar, Murray’s Discount Auto, Marc’s, Pet Supplies Plus, Jackson Hewitt Tax Service, Check N’ Go and Subway.


TIMBER TRAILS COUNTRY CLUB SOLD AT AUCTION
Western Springs, Illinois - Auction Services Group, Inc., is pleased to announce the sale of the Timber Trails Country Club and Swim Club. Timber Trails Country Club is a 75 year old, heavily wooded, 104 acre, 18-hole golf-course in Western Springs, Illinois. The County Club was offered With Reserve with an Opening Bid of $15,000,000. The final high bid price was just over $46,000,000. The Auction lasted several minutes with spirited bidding from a number of National and Regional Home builders. The high bidder for the Country Club was Dartmoor Homes, a dominant Chicagoland luxury home builder. The auction was held at The Wyndham Drake-Oak Brook and all bidders were required to provide a $1.25 million certified check to participate in the auction. The Timber Trails Country Club is located just east of the Tri-State Tollway off Plainfield Road.


RADISSON HOTEL WEST PALM BEACH SUCCESSFULLY AUCTIONED FOR $6.9 MILLION
West Palm Beach, Florida - Auction Services Group, Inc., is pleased to announce the sale of the 175 all-suite Radisson Suite Inn, Palm Beach Airport. The hotel was offered Without Reserve subject to a Minimum Bid of $3,875,000 which was $22,142 per suite. The final high bid price was $6,882,750 or $39,330 per suite. The auction lasted several minutes with spirited bidding from a number of bidders representing 18 different states. The high bidder for the hotel was West Palm Beach Lodging Realty, LLC, based on the East Coast.

The auction was held at The Palm Beach County Convention Center located at 650 Okeechobee Boulevard, West Palm Beach, Florida. The new ownership will retain the Radisson flag and will immediately commence with extensive renovations of the hotel. The six-story 175 all-suite hotel has a full-service restaurant and lounge along with meeting rooms, a business center, pool and fitness center. The Radisson Suite Inn is prominently located on I-95 between the recently expanded Palm Beach International Airport and the brand new $80 million Palm Beach County Convention Center and the $600 million mixed-use lifestyle center in downtown West Palm Beach. “This hotel is one of the closest and only all-suite hotels located within one mile from both the Airport and the Convention Center,” added Robert Roggeveen.


235 PAD MANUFACTURED HOME COMMUNITY in BRISTOL, WISCONISN SOLD FOR $11.8 Million
Wisconsin - Auction Services Group,Inc., is pleased to announce the sale of the Rainbow Lake Manor Manufactured Home Community located in Bristol, Kenosha County, Wisconsin. Rainbow Lake Manor was offered “Without Reserve” subject to a Minimum Bid of $7,500,000. The final Purchase Price of the property was $11,845,000. “The Buyers are a Chicago area private Equity Fund” said Robert Roggeveen, President of Auction Services Group. Rainbow Lake Manor Manufactured Home Community is strategically located 55 miles to downtown Chicago and 40 miles to Milwaukee at a prime location on the Illinois State Line. Situated on an approximate 100-acre site, this extremely well maintained 55 and over community has an adjacent 106 acres of additional future development ground available. The community has historically enjoyed 100% occupancy and had a gross income that exceeded $1,000,000.


250 LUXURY APARTMENTS IN NORTHEAST OHIO FOR $9.6 MILLION
Ohio - Auction Services Group, Inc., conducted the sale of the 106 unit Glen Eagles Apartments in Green, Ohio and the 144 unit Pheasant Run Apartments in Akron, Ohio. The two properties sold for $9.6 million. The partnerships that sold the properties owned and professionally managed them for over 25 years and as a result they had been extremely well-maintained.

Glen Eagles Apartments are located in the City of Green, Summit County, Ohio. The meticulously maintained 3-story elevator building is nestled on 5.62 acres in a resort-like setting overlooking and adjoining the prestigious Ohio Prestwick Country Club and golf course. Pheasant Run Apartments, located in Akron, Ohio, is situated on a heavily wooded 10.2 acre hillside site, provide a tranquil, scenic view of the Cuyahoga Valley National Park with immediate access to parks that contain bike and hiking trails.


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