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NJ public auction to feature five commercial properties.

Sheldon Good & Company, together with the New Jersey Savings League, announced today that five prime commercial properties worth more than $15 million and located throughout the state will be offered for sale at a public auction on April 25.

The sale will be conducted by Sheldon Good & Company for the New Jersey Savings League, which sponsored the auction program on behalf of their members. The event will be the first in a series of industrial, commercial and residential portfolio property auctions spanning the entire state.

The properties are:

* Metropolitan Hotel, 301-315 Asbury Ave., Asbury Park, a 179-room property planned for site re-development; to be sold "absolute," regardless of price, to highest bidder

* Changed Look Shopping Center, 282304 Irvine Turner Blvd., Newark, a 103,000-square-foot retail center; tenants include Rite Aid

* Shore Plaza Retail Factory Outlet, Delilah Rd., Egg Harbor Township, a 98,000-square-foot factory outlet center

* Office/Retail complex, 1474 Prospect St., Ewing Township 83,000 square feet

* 11-plus-acre Industrial Development Site, 46 and Drakestown Rd., Mount Olive

Minimum bids at the auction for commercial properties will range from $300,000 to $925,000, depending upon the property being offered.

All New Jersey Savings League members were permitted to submit properties to offer for sale at auction. The program was modeled after a national pilot program of auctions conducted earlier throughout the U.S. on behalf of the Savings and Community Bankers of America.

The auction will take place at 12 noon, Sunday, April 25, at the Holiday Inn, Raritan Center, Edison, New Jersey. A certified check will be required in order to bid at the auction.

Good reported that the auction would be followed by a series of additional auctions on behalf of the New Jersey Savings League, to take place through the spring and summer. Subsequent auctions will offer luxury residential properties as well as commercial and industrial parcels.

The New Jersey Savings League is comprised of more than 90 member banks with combined assets in excess of $27.4 billion.
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Title Annotation:New Jersey
Publication:Real Estate Weekly
Date:Mar 24, 1993
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