There are only two weeks remaining in the closely watched online auction of 80+ REO properties owned by KleinBank, Minnesota’s largest family-owned state bank. The auction, believed to be the first of its kind in the Twin Cities area, features properties from over a dozen towns and cities throughout the Minneapolis/St. Paul region, including everything from residential lots in Shakopee to large commercial buildings in Minneapolis, all offered at incredible prices.
“An online auction of this size is really unprecedented in the area,” said Dale Severson, vice president of special assets solutions at Coldwell Banker Commercial Griffin Companies. “As a broker, online auctions are a great tool to help stir up the market and get people off the fence and into the game.”
The novelty of the online auction, combined with low minimum bids on an incredibly diverse offering of properties, has drawn an immense amount of interest from an intrigued buying public, attracting nearly 10,000 hits to the website and more than 250 registered prospects.
“This auction has people excited for the first time in a long while,” said LFC’s Director of Operations Ryan Devin. “KleinBank has stepped up with this online auction, and the people of the Twin Cities area have responded. Everyone is doing their part to turn this market around.”
The auction offers a wide variety of properties across the Twin Cities area:
• Several urban commercial structures in the Twin Cities, including Washington Place, a large industrial/office warehouse located just north of the Warehouse District in Minneapolis with a minimum bid of $499,000, marked down from the previous listing price of $1.25MM. There is also a ± 2,200 SF retail/office building in the Union Park area of St. Paul with a minimum bid of $39,000
• Office condominiums (approximately ±1,536 SF each) in the North Meadows office complex in Chaska, once listed at $90,000 – $110,000, now with minimum bids starting as low as $39,000
• A historic office building in downtown Shakopee, valued at $1.2MM, is being sold with a minimum bid of $399,000
This online auction offers an unprecedented level of convenience for buyers. Instead of spending hours cramped up in a crowded ballroom, interested buyers can view property photos and other due diligence materials, as well as place bids, all from the comfort of their home or office by visiting LFC.com/914R3. The bid deadline of September 30th, 2010 is just two weeks away. Buyers are encouraged to review all due diligence materials and auction documents prior to submitting a bid. Property tours can be arranged on request.
