INGLEWOOD, Calif., Jan. 20 /PRNewswire/ — Inglewood’s Fox Theatre, a historic art deco/moderne landmark that served as a main site for Hollywood premieres in the 1950s, will be sold via a sealed bid auction on February 5. The property will sell to the highest bidder above $200,000. Sperry Van Ness Accelerated Marketing Co. Inc. is conducting the auction of this well-known piece of Hollywood’s past.

“This is a fantastic opportunity to redevelop a grand theatre from days gone by and at a fraction of the value,” says David Gilmore, Managing Director of Sperry Van Ness Accelerated Marketing.

The 12,090 square foot Fox Theatre boasts Marilyn Monroe and the Three Stooges among other stars who graced its plush seating and grandiose interior.

Last operational in 1984, both the exterior facade and interior theater are in need of restoration. However, many of the original fixtures and theater equipment are still intact and remain in the building. 

Located at 115 N. Market St., the Fox Theatre is located in a prime area of Inglewood. Art deco buildings from the early 1920s, landscaped medians, fountains and access to public transportation make this a desirable location.

The Fox Theatre is currently owned by former NFL player Mark Fields. Fields played linebacker in the NFL for 10 seasons with the New Orleans Saints, St. Louis Rams and the Carolina Panthers.

Bids for Inglewood’s Fox Theatre are due on February 5. For property information and a complete Bid Package visit www.svnauctions.com.

About Sperry Van Ness Accelerated Marketing Co. Inc.

The Sperry Van Ness Accelerated Marketing Team has planned, orchestrated and conducted successful auctions, sealed bid initiatives and asset dispositions in 48 states, Mexico, Puerto Rico and the Virgin Islands.

Sperry Van Ness International has a network of nearly 1,000 commercial advisors located in 160 markets throughout the United States. Sperry is the only major commercial real estate company with an integrated, in-house accelerated marketing team.

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By David E. Gilmore, CCIM and John L. Johnson, CCIM, CPA

In today’s market, the difference between traditional and distressed sales is mostly in the buyer’s  mindset.  Traditional sales currently are driven by need – only investors who need to fulfill Section 1031 exchanges or other financial or market-driven concerns are acquiring non-distressed properties.  At the same time, investors with immense amounts of private captial are sitting on the sidelines waiting for distressed assets to be listed at deeply discounted prices.  At this point in the cycle, buyers won’t buy unless they perceive assets are priced well below market value.

Another major factor in today’s distressed asset market is lender requirements.  Currently, investors must put 35 percent to 50 percent down to close traditional deals.  However, financing parameters are changing faster than ever before.  For example, in July 2008, a company looking to raise cash for its business listed its office building with a national brokerage firm for $14.6 million.  The property went under contract for $12.2 million as a sale-leaseback, but there was a delay in due diligence as lender financing became more strigent and less acceptable to the buyer, who eventually pulled out of the deal. 

In February 2009, a different buyer placed the same property under contract, but for $10.1 million, or 69 percent of the original asking price.  That buyer currently is seeking additional equity as the lender now is requiring a larger down payment.

Looking Ahead

As the commercial real estate cycle proceeds, expect land, industrial, and retail properties to lead foreclosure reports.  To achieve long-term industry stability, these real-estate owned properties must be cycled through the system.  In addtion, new U.S. tax policies must come to fruition, and the meat of those policies must be realized by property owners and investors, specifically treatment of capital gains, 50 percent depreciation in the first year for investment in certain areas, and favorable rules to encourage investment in real estate.  The fuzzy picture surrounding securitization and conduit loans also must come into focus.

A foreclosure boom will only recede when distressed property values approach what buyers consider to be standard market values.  In the interim, those looking to throw their hat into the distressed property ring should not delay.

Commercial real estate professionals can arm themselves with stategies to compete in this unconventional environment.  Combined with smart financing tactics, these tips can help industry professionals close deals in the turbulent market.

Success with Distressed Assets

To succeed with distressed opportunities, industry professionals must know where to look and how to secure these non-traditional listings.

Finding Real-Estated Owned Properties.  Bank Web sites can be a prime place to find REO opportunities since many lending institutions list their properties online.  Searching for “commercial REO properties” online reveals a multitude of bank sites listing REO properties.  Foreclosure sites such as www.realtytrac.com and www.foreclosuredataonline.com primarily aggregate residential foreclosure listings, but both also have commercial real estate listing sections.  Banking industry websites, including www.bankimplode.com/list/troubledbanks.htm and www.fdic.gov (click on Asset Sales) also may be good sources for REO listings.  Subscription sites that track commercial default and foreclosure notices include Real Captial Analytics Troubled Asset Radar (www.rcanalytics.com) and First American (www.corelogic.com)  Finally, local newspapers list foreclosures on a daily, weekly or monthly basis.

Securing Listings from Lenders.  Up to 80 percent of today’s brokers have never experienced a severe market down-turn.  Without that past experience, the thought of securing listings from lenders can seem challenging.

One of the most important steps to securing lender listings is to partner.   Brokers who don’t have relationships with lenders must partner with colleagues who have been through past recessions – ideally experts who worked with lenders during the last REO crisis.

In addition, brokers must expand their businesses to offer as many services as possible.  If you don’t have the experiece to be considered full service, partner with one or more brokers to create a one-stop shop for lenders, including resources for obtaining brokers’ opinions of value, property management services, leasing, and value preservation.

Finally, do some homework before calling or scheduling a meeting with a lender and be prepared to discuss a specific property in your area of expertise, along with your plans and solutions.  Bring a broker price opinion as well as an analysis of the property.  Most importantly, understand that banks want to sell properties “as is, where is,” and they probably have them priced to sell.

Marketing Makes a Difference.  When it comes to marketing distressed properties, here are a few stategies that will help distinguish your listings.  First, every marketing tool must convey that the property is distressed.  Today’s investors are only interested in distressed assets at perceived distressed prices.  Additionally, distressed assests are the only listings that brokers can finance today without putting a significant amount down using seller financing.

Conduct a comprehensive marketing campaign using a variety of tools, including Web and e-mail campaigns.  For example, Sperry Van Ness Real Estate Services recently completed the sale of the bank-owned Trilogy on 5th, a 25-unit luxury multifamily commuinty in San Diego.  Several local, regional, and national brokerage firms had been following this property, waiting for it to go into foreclosure.

SVN’s San Diego office made about 25 calls to Bank of America to inquire about the note and secure a listing proposal meeting.  The bank selected SVN to sell the property because of its proactive marketing approach as well as its understanding of the distressed asset business.  The marketing campaign for this asset included a property Web site, e-mail marketing to 65,000 brokers and investors, direct marketing to specialized industry segments, four broker open house tours, and an extensive advertising campaign.  San Diego-based Conrad Prebys Trust purchased the property from the Bank of America for $10.5 million, or $410,000 per unit.

Finally, make sure marketing efforts are tailored to brokers and investors.  Brokers are the conduits to investors.  They have relationships with investors who may be interested in the listings.  They also are the ones who frequently receive calls from the investors asking if they know of any distressed properties for sale.

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A young physician and her father arrived at Saturday’s auction at the Joseph H. Yenni Building in Elmwood hoping to buy a lot near East Jefferson General Hospital.

Numerous residents of Maple Ridge Park showed up in case lots in their subdivision turned out to sell for bargain prices.

A soon-to-be-married couple eyed properties in central Metairie, close to their families.

Many left empty-handed.

Dr. Ka-Tan Tong, who just finished her family-practice residency, made early bids on three lots in the Pontchartrain Gardens and Pontchartrain Shores subdivisions. But she left quickly as the bidding on the last of the properties she had hoped to buy topped $90,000. “It’s just a lot. You still have to build a house,” she said, shaking her head.

There were some steals to be had at Saturday’s auction, the first open-market sale of Road Home properties in Louisiana. But many bids were higher than predicted.

All told, the auction’s revenue total of more than $4 million was about 10 percent to 20 percent higher than expected, said Mike Taylor, director of the Louisiana Land Trust, the nonprofit corporation created by the state to hold the storm-ravaged Road Home properties purchased from homeowners after Hurricane Katrina.

Winning bids ranged widely. Tiny lots or ones with less desirable locations went for several thousand dollars. But prices for empty lots in Maple Ridge soared to $90,000 or more, higher than many had expected, including neighborhood resident Christine Vinson and her husband, Darrin Piotrowski, who had predicted prices closer to $60,000.

Vinson waved at dozens of neighbors including Adam and Kat Kraus, who walked past them, grimacing good-naturedly at being outbid for the lot next to their home on Maple Ridge Drive.

“I figured we’d get squeezed out by a contractor,” said Adam Kraus, who explained that the couple had opted not to participate in the Lot Next Door program because of prices that didn’t seem to differentiate between corner and midblock properties and “too many restrictions,” including a requirement that the lot can’t be sold without penalty for at least five years.

In all, the auction sold 87 of the 147 parcels in Jefferson Parish that were purchased by the state after Katrina.

Of the remaining 60, some can’t change hands until a required environmental review is complete, Taylor said. Also, about 10 parcels were already sold through the Lot Next Door program, and about 40 will be redeveloped by the parish or municipalities and sold as low-cost housing to qualifying households, Taylor said.

Proceeds from Saturday’s auction will be funneled back to Jefferson Parish for projects eligible for Community Development Block Grant money, he said.

For the auction’s more than 500 registered bidders, the Maple Ridge properties were clearly a leading draw. The bidding began with auctioneer Dave Gilmore announcing, “And here’s what you’ve been waiting for.” And within minutes after Gilmore hollered “Sold!” for the last Maple Ridge address, hundreds left the crammed Jefferson Parish Council chamber, creating open seats for the first time all day.

But Huey and Kathy Cheramie left happy after investing in a Maple Ridge lot that backs onto their adjoining subdivision.

Julia Harris also walked out beaming. She and fiance Scott Werner had just made a winning $92,000 bid for a lot on Lemon Street in the Pontchartrain Shores subdivision. Harris, a real estate agent, and Werner, a contractor, had teamed up to determine land values and construction costs at several sites, including the sought-after Maple Ridge properties, all of which had been bid past their $90,000 limit.

Their winning bid was $2,000 higher than they budgeted, and the two were nervous as they made it, Harris said.

Still, she was pleased. The lot is just off West Esplanade Avenue, “where all of our family lives,” she said. Also, it’s a corner lot, with a school across the street.

Harris mentally estimated closing and construction time. Within six months, she said, the couple could be living in a newly built home on Lemon Street.

“We did our homework, and it worked out for us,” she said.

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Next week Jefferson Parish will become the first place in Louisiana to begin selling Road Home properties on the open market.

The parish is holding an auction Aug. 15 in the council chamber at the Joseph S. Yenni Building in Elmwood, where 86 properties, most of them empty lots but a few with houses, will go up for bid. The list roughly reflects the pockets of Jefferson Parish that suffered the worst flooding after Hurricane Katrina, with the densest cluster in the Maple Ridge section of Old Metairie.

Some lots in other parishes have been transferred to neighbors or community groups, but Jefferson is the first to hold an auction opening the government-owned parcels to the public, said Mike Taylor, director of the Louisiana Land Trust, the agency holding the storm-scarred properties that the state bought from homeowners after Katrina.

“Finally, we’ve got some real positive traction” in a process that was long delayed by regulatory hurdles, Taylor said. “Jefferson’s done a good job. They’ve been very proactive.”

It helps that Jefferson has a relatively small number of properties to manage, he said. Parish officials say they have processed 147 bought-out lots. Taylor said almost 10,000 such properties are spread throughout the state, creating an unprecedented government effort at returning residential lots to commerce.

“A lot of this is things that nobody’s ever done before, the scope and the scale,” Taylor said.

Taylor said the next parish likely to start selling Road Home land is Plaquemines, where officials will take sealed bids instead of holding an open auction.

Of the 147 Jefferson properties, 36 were set aside for development as low-cost housing that will be sold to qualifying families. That stipulation came with the federal money used to buy out previous residents.

Another 25 properties include some that are still in the Road Home buy-out process and a few sold to their immediate neighbors through the Lot Next Door Program, said Tony DiGerolamo, a parish executive overseeing the dispensation of the properties….

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Also known as Mahogany Manor, the house was built for Henry Raziano, a wealthy local businessman, and his wife Amelia.  The Raziano House is a large three-story brick residence in the Colonial Revival style and is on the National Register of Historic Places.  It is locally significant in the area of architecture because it is a landmark within the Jefferson Parish community of Kenner.  It achieves this distinction because of its size and its status as one of the town’s most pretentious buildings.

Mr. Raziano was a prominent Kenner resident and made his fortune in sawmills throughout Louisiana.  Mr. Raziano owned Raziano Contractors, the Kenner Cinema, Raziano’s Restaurant  and raised thoroughbred horses.  The Raziano’s entertained many influential people in Mahogany Manor.

 Click picture below to view video of the auction.

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Total under contract is $1,916,500 with the sales scheduled to close between September 24 and November 19.  Titles have been abstracted and each property will be sold with an insured title.

Francis J. Braud, Vice President of Gilmore Auction, stated “We are very pleased to be able to place these properties back into commerce and on the tax rolls again.  Our process is a win-win for the Parish, City and buyer.&rdquo

Gilmore Auction & Realty has sold over 1,000 Adjudicated Properties for Jefferson Parish, St. Charles Parish and the City of Kenner  Another Jefferson Parish Adjudicated Property Auction is scheduled for the first quarter of next year.

For more information contact David E. Gilmore – 504-468-6800.

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SPERRY VAN NESS ACCELERATED MARKETING SELLS VIA AUCTION WELL LOCATED RETAIL CENTER IN JACKSON, MISSISSIPPI

JACKSON, MS, June 21, 2007 – Sperry Van Ness/Gilmore Auction , one of the nation’s premier accelerated marketing firms, has sold by auction Meadowbrook Mart Shopping Center, 112,145-squarefoot neighborhood center in Jackson, MS to Franklin, TN-based Reddlands, Inc. for $3,097,500. The property is located at 311-353 Meadowbrook Road at the corner of Meadowbrook Road and North State Street.

David E. Gilmore, a national auctioneer for Sperry Van Ness Accelerated Marketing Co. represented the seller, Meadowbrook Mart Associates from Miami. John Dinkins of Madison Properties represented the buyer, Reddlands, Inc. According to Gilmore, the auction was a success and the property sold for $847,500 over the minimum bid price.

Built in 1953, Meadowbrook Mart Shopping Center was 27 percent occupied at the close of escrow by Payless Shoes, Advance America, Simply Fashions, Jackson Hewitt and others. The center’s corner site is situated on approximately 6.61 acres with 612 paved parking spaces and includes a 160′ x 160′ parking lot on Choctaw.

“The buyer has acquired a “value added” center or possible redevelopment site in a great area with good demographics,” said Gilmore.

Gilmore added that auctions are a beneficial way to sell a property. Auction sales can often be closed instantly or within an acceptable time frame, depending on the sellers’ requirements and flexibility. They also transform surplus holdings into cash or earnings assets. An auction is a catalyst for motivating hesitant buyers into action. Auctions expand market reach by employing programs that expose properties to a regional, national and international audience.

Founded in 1987, Sperry Van Ness is one of the largest commercial real estate brokerage firms in the United States with nearly 900 advisors in 150 cities. Sperry Van Ness provides advisory, brokerage, consultation, asset management, property management, leasing, financial, accelerated marketing and auction services. To provide the highest value to its clients, Sperry Van Ness is the only national firm that in addition to marketing to investors and existing clients, implements an immediate proactive strategy to market all listings to the brokerage community sharing its fees 50/50. Guided by this principal of proactive compensated cooperation, Sperry Van Ness, based in Irvine, Calif., has advised clients on billions of dollars in office, multifamily, retail, industrial, hospitality and land transactions. For more information, please visit www.svn.com.

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Contact:
David Ebeling
Sperry Van Ness
(949) 225-1883
mailto:ebelingd@svn.com             

SPERRY VAN NESS/GILMORE AUCTION & REALTY CO., COMPLETES THE SALE OF LOUISIANA COWBOY TOWN MULTI-EVENT EXHIBITION COMPLEX in ALEXANDRIA, LOUISIANA, FOR $2.9 MILLION

ALEXANDRIA, La., November XX, 2004 – Sperry Van Ness/Gilmore Auction & Realty Co., one of the nation’s largest commercial real estate investment and accelerated marketing firms has completed the sale of Louisiana Cowboy Town Multi-Event Exhibition Complex, a 200,000-square-foot complex on 27.75 acres, to an Alexandria, Louisiana-based private investor for $2.9 million via auction. The property was ordered to be sold by the U.S. Bankruptcy Court and a major creditor.  The facility is located at 7225 Highway 1 North in Alexandria, La. near Interstate 49. 

David Gilmore & Francis Braud, national auctioneers for Sperry Van Ness/Gilmore Auction & Realty Co., in Kenner, La., and Beau Box of NAI/Latter & Blum Realtors represented the seller, Alexandria, La.-based, Louisiana Cowboy Town LLC.  They were also responsible for the auction.  Maurice Hebert of Noles-Frye Realty represented the buyer, an Alexandria, La.-based private investor.

Originally built in 1999, Cowboy Town Multi-Event Exhibition Complex encompasses a 60,000-square-foot arena, 90,000-square-foot show barn, 20,000 square feet of retail and restaurant space, fully equipped concession areas, banquet/VIP suites and an advanced ticketing system.

The sale was closed after a live auction offer for $1.1 million, two post-auction offers for $1.375 million and $1.7 million and finally another live auction at the bankruptcy court hearing for a $2.9 million final bid.

According to Gilmore, auctions are a great way to accelerate the sale of uncommon, trophy properties like Cowboy town and buyers typically are able to purchase at a discounted price below replacement cost.  Auctions are also an ideal way to motivate hesitant buyers into action and expand market reach by employing programs that expose properties to a geographically unlimited audience.

Founded in 1987, Sperry Van Ness has rapidly expanded in the past two years from a small firm in nine Southwestern United States markets to one of the nation’s leading commercial real estate brokerage firms serving clients in more than 100 markets nationwide. Sperry Van Ness provides advisory, brokerage, consultation, asset management, property management, leasing, financial, accelerated marketing and auction services. To provide the highest value to its clients, Sperry Van Ness is the only national firm that implements a broker marketing plan in addition to its investor marketing plan for all listings. Guided by this principal of cooperation, Sperry Van Ness, based in Irvine, Calif., has advised clients on billions of dollars in multifamily, retail, industrial, office, hospitality and land transactions. For more information, please visit http://www.svn.com/.

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SPERRY VAN NESS/GILMORE AUCTION COMPANY AUCTIONS 120 PROPERTIES IN BATON ROUGE & BAKER, LOUISIANA FOR APPROXIMATELY $5.335 MILLION

BATON ROUGE, LA., February 24, 2004 –Sperry Van Ness/Gilmore Auction Company, one of the nation’s premier commercial real estate investment and accelerated marketing firms, has successfully auctioned 120 properties in Baton Rouge and Baker, Louisiana for approximately $5.335 million.

David Gilmore, national auctioneer for Sperry Van Ness/Gilmore Auction Company in Kenner, Louisiana, represented the seller, was responsible for the auction.

“This auction presented investors with the opportunity to buy a variety of properties at a price determined by the buyer, not pre-set by the seller,” said Gilmore. “This auction was successful in that all properties sold and we achieved over 100 percent of the target price.” Gilmore went on to say that auctions are a beneficial way to sell a property. Auction sales can often be closed instantly or within an acceptable time frame, depending on the sellers’ requirements and flexibility. They also transform surplus holdings into cash or earnings assets. An auction is a catalyst for motivating hesitant buyers into action. Auctions expand market reach by employing programs that expose properties to a regional, national and international audience.

Properties auctioned included a 99 unit mobile home park, an office building, a neighborhood strip center, developmental land, condominiums, 95 single family homes, fourplexes, and a six-plex. Over 1,000 people attended the two night auction and there were 545 registered bidders from nine different states including California and New York.

Sperry Van Ness, based in Irvine, California, is one of the nation’s leading commercial real estate firms providing auction services in addition to realty advisory, brokerage, consultation, asset management, property management, leasing and financial services to clients in more than 70 markets across the country. Sperry Van Ness has advised clients on billions of dollars in multifamily, retail, industrial, office, hospitality and land transactions.

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