Sunday, October 2, 2011

Seized lands to be placed on auction block

Several plots of commercially zoned land in the Phoenix area that were seized by the Federal Deposit Insurance Corp. during recent bank closures will be placed on the auction block in October.

Likely bidders would be businesses seeking property on which to develop retail, office or other commercial structures.

Properties to be auctioned include 29 office/retail pads in Southgate Commerce Park in Mesa; a retail site adjacent to Walmart on MacDonald Road in Mesa; and a retail pad in Queen Creek, said John Dixon, president of the John Dixon Associates auction company, based in Marietta, Ga.

The auction is scheduled to begin at 10 a.m. on Oct. 11 at the Hilton Suites, 10 E. Thomas Road, in Phoenix.

"These properties, like a lot of others, just got caught in the wrong place when the economic downturn hit, but this auction will place them back into the private sector where they can provide opportunities for businesses," Dixon said.

Other properties to be sold at the Phoenix auction include a bank branch in Flagstaff, a number of residential lots and several commercial tracts, Dixon said.

The Phoenix event is the first of two auctions on consecutive days, he added.

On Oct. 12, the auction company will move to Las Vegas for the sale of about 10 office buildings, along with several tracts of commercial land, retail properties and other commercial and residential properties in Nevada and California.

The Las Vegas event is scheduled to be held at the Spring Hill Suites Las Vegas

by J. Craig Anderson - Sept. 21, 2011 04:09 PM
The Arizona Republic

Seized lands to be placed on auction block

Real Estate News

HootSuite - Social Media Dashboard