Grubb & Ellis associate LFC Group this morning launched what it said was a “record setting” online real estate auction.
The group has placed a suggested value of $80m (£45m) on an 200-acre mixed-use portfolio in South Florida.
LFC said the portfolio would “attract a wide range of buyers both in the US and internationally, in what is believed to be the highest value online real estate auction of all time”.
Grubb & Ellis vice-president Michael Nissley said: “In a traditional auction format you typically attract individuals or their representatives who must show up at a certain location and at a certain time to place their bid.
“The online auction format casts out the largest net possible, allowing prospective buyers across the world to have access to documents, place bids and monitor the entire process in real time from anywhere in the world.”
The auction is being conducted on the LFC website at www.lfc.com/625R1.
References: EGi News 10/01/06
