Never-occupied Commercial Properties Lined-up at Auction Block

April 13, 2011 / Elizabeth Buckley, Commercial Property Analyst

Commercial properties within Columbia-area will be put into the auction block, another set of properties affected by the still-struggling economy and flooded commercial real estate market. The commercial properties, according to the report, are not yet occupied since its construction about four years earlier.

Never-occupied Commercial Properties Lined-up at Auction Block

In New York-area, another set of commercial properties were also previously lined up in the auction block. Tranzon Integrated Property Group auctioned-off the properties — including 8 office properties, 9 retail stores, and a former 2,500 seat theater turned nightclub.

The commercial properties within Columbia-area include 10 buildings located at the intersection of I-20 and Clemson Road, a partially-occupied office complex off St. Andrews Road, plus some undeveloped lots on Surrey Court.

Develop and owner of the commercial properties, Arizona-based Chrome Properties, built the medical and office buildings in 2007, which includes five buildings with 3,600 square feet office spaces and another five with 4,000 square feet offices.

According to the marketing vice president of National Commercial Auctioneers, the auction firm who handles the transaction — John Pellow, the developer and owner of the commercial properties want to transform them into cash because they’ve been sitting empty for some time.

Three of the 10 commercial properties are already leases, according to Adam Padgett, the project manager for National Commercial Auctioneers’ Southeastern offices in Rock Hill.

But, Padgett also said the remaining buildings within Delta Executive Plaza, which was developed by Chrome Properties, were never occupied or leased, and the continuous maintenance and tax costs added to the company’s reasons to sell.

Discounts on the properties will be expected, said Padgett. But, the commercial properties are not considered distressed, so it will not be an absolute auction next month.



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