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Grubb & Ellis completes sale of three auctioned properties.

The sales of three properties in New Jersey and Pennsylvania auctioned last December have been finalized for a total of $15.75 million, it was announced by Alfred W. Schwacke, executive vice president and head of the Philadelphia office of Grubb & Ellis, brokers for the transactions.

According to Schwacke, the properties were sold in a national auction of FDIC-owned properties conducted by Grubb & Ellis/Ross-Dove Company Real Estate Auction Partnership on Dec. 1&2, 1992. At what turned out to be the largest real estate auction in U.S. history, 221 properties in 30 states were sold for $420 million. The auction, according to Arthur F. Lorentzen, Jr., associate director of the FDIC's Division of Liquidation, "accomplished our objective of returning a large number of properties to the private sector. We are very pleased with the results."

According to Schwacke, the three local properties are --

* The Mount Laurel Corporate Center, Route 73 and New Jersey Turnpike, Mount Laurel, New Jersey. The four-story, 105,000-square-foot Class A office building, with an additional 71 acres approved for development of 670,000 square feet, was sold to a local developer for $9.65 million

* The Mallard Corporate Center, 75 and 95 James Way, Southampton, Pennsylvania. The two buildings -- a two-story, 33,193 office bulding and a one-story, 52,000-square-foot office/flex building -- were sold to a local real estate investor for $3 million

* The Whitter Inn, a 197-room limited-service hotel on the Black Horse Pike, Egg Harbor, New Jersey, was sold to a local hotel investor for $3.1 million
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Title Annotation:in New Jersey and Pennsylvania
Publication:Real Estate Weekly
Date:Mar 17, 1993
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