FDIC’s Assets to Be Sold on a State Auction

November 12, 2010 / Elizabeth Buckley, Commercial Property Analyst

About $40 million worth of Federal Deposit Insurance Corporation’ commercial properties will be sold on a state auction—an auction that features different properties from various states next month. The properties for the state auction will include vacant lots and former banks.

FDIC’s Assets to Be Sold on a State Auction

The state auction will be on the 10th to 15th Of December 2010, and will include various commercial properties in Washington, Texas, North Carolina, Nevada, Missouri, Minnesota, Illinois, Georgia, Florida, and California states.

Numerous properties included in the state auction are former commercial properties (former bank-buildings) and former banks.

The Kennedy Wilson Auction Group—an auction company, was chosen by Prescient Asset Management to perform the Federal Deposit Insurance Corporation’s state auction.

The Federal Deposit Insurance Corporation is an independent agency founded by the United States federal government way back in 1933, in response to the 1920s and early 1930s thousands of bank breakdowns.

According to Kennedy Wilson Auction Group, the properties included in the auction can be acquired by bulk or individually. A 12,500-square-foot, two-level property will be included in the auction. The said property is a former bank in Lawrenceville, Georgia and has a minimum bid of $500,000.

Another 88,513 square feet, one level former bank with a minimum bid of $850,000 is also included in the auction. The property is located at Irondale, Ala.

There are also a few of industrial and retail locations that are to be included in the auction. It also features land parcels in Atlanta that are already zoned for agricultural or residential projects.

Brokers are said to be welcome in the state auction on December.

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