West Palm Beach, Fla.
- NAI/ Merin Hunter Codman is offering the Commercial Property
PowerSale™, accelerated marketing program created by NAI
Global to help property owners and financial institutions
dispose of troubled real estate. NAI/ Merin Hunter Codman is
the largest commercial real estate brokerage firm in Palm
Beach County and the exclusive NAI Global member in the
county. Under the new program, commercial real estate assets
may be submitted for sale under the PowerSale program until
February 27th, after which time a 60-day marketing cycle will
begin in preparation for an online auction/sealed-bid forum on
May 1st. The sales date is expected to be the first in a
series of monthly forums aimed at accelerating commercial
property sales
"Motivated sellers
understand that traditional channels for property sales are
not working," said Jay M. Grossman, President of NAI/
Merin Hunter Codman. "We're helping to create a new
marketplace by pooling assets and marketing resources together
to create a larger forum where property sales can be expedited
at realistic market values. This will be a boon for clients
who need to sell an asset or portfolio but are having
difficulty in today's economy."
Added Jeffrey M. Finn,
President & CEO of NAI Global, "Delinquencies are on
the rise, and with an estimated $400 billion dollars of
commercial real estate loans coming due in 2009, we believe
there is an urgent need for nontraditional marketing
approaches. With limited access to new capital, more and more
property owners are faced with a difficult situation - what to
do with their troubled asset as loans come due in a depressed
economy and with a distressed debt market. Our Accelerated
Marketing Program gives clients the opportunity to sell their
asset quickly, reducing their holding costs and securing true
market value for the property."
The Commercial Property
PowerSale™ employs a variety of marketing techniques proven
effective in previous economic cycles when traditional sales
channels were gridlocked. Property owners will have the option
of offering their property for sale via live online auctions,
sealed bids or a unique combination of the two formats (sealed
bids followed by live bidding among finalists).
Properties will benefit from
an aggressive marketing campaign that includes focused print,
broadcast and electronic advertising, and a direct-to-buyer
outreach to more than 175,000 active buyers. The estimated
marketing budget for the first sale date is near $1 million, a
budget that few property owners, if any, have the wherewithal
to pursue.
Sellers are assured a
shortened sales process and a date certain sale schedule. The
three program options - Auction Marketing, Sealed-Bid and
Sealed-Bid Plus™ - set up a competitive bidding environment
that creates urgency, forcing buyers to act immediately. NAI
Global will partner with Higgenbotham Auctioneers
International for the process.
The program is open to both
private and institutional owners and will include the sale of
both commercial real estate equity and loans. Sellers may
submit an individual asset or an entire portfolio, and
property types will include everything from office,
industrial, retail, hospitality and multifamily properties, to
residential subdivisions and land for development. Both
performing and non-performing commercial real estate loans may
also be offered for sale. The NAI team will evaluate each
property and guide the seller through the program process,
helping them to choose the sales vehicle that best suits their
needs.
Property owners and
financial institutions interested in learning more about the
Commercial Property PowerSale™ should contact Bob
Schneiderman at 561/394-5200.
NAI/Merin Hunter Codman, www.mhcreal.com,
is the largest commercial real estate brokerage firm in Palm
Beach County, Florida with over two decades' experience
advising on strategic acquisitions, dispositions, tenant
representation, leasing and comprehensive property management.
The firm advises on all commercial property sectors from
office and industrial to retail, multifamily and land.
NAI/Merin Hunter Codman has among its client base some of the
nation's most prestigious institutional and private investors
and through the NAI global network, can facilitate property
transactions around the nation and the world, serving as a
single point of contact for counsel and execution. NAI/Merin
Hunter Codman is headquartered in West Palm Beach with
regional offices in Boca Raton, Palm Beach and Palm Beach
Gardens.
