Printer Friendly

RTC'S RECOVERS $106 MILLION IN 'PREMIER COMMERCIAL AUCTION'

     RTC'S RECOVERS $106 MILLION IN  PREMIER COMMERCIAL AUCTION'
    PALM SPRINGS, Calif., Nov. 21 /PRNewswire/ -- The Resolution Trust Corp.'s "Premier Commercial Auction," conducted today produced $106 million in taxpayer recoveries through the sale of 13 of the RTC's 14 top commercial properties.
    "We are thrilled and delighted with the success of this auction particularly in that we were able to exceed our reserve price overall by 28 percent," said RTC president and chief executive officer Albert V. Casey.
    "This was a well conducted, widely publicized auction that resulted in good recoveries given today's commercial real estate market," Casey added.  "The competition was indisputable.  Anyone truly interested had an opportunity to bid.  The market has established the best prices for the taxpayers."
    Casey attributed the success of the "Premier Commercial Auction" to a tremendous effort by the RTC's marketing and operations teams. He also commended the contributions of Kennedy-Wilson, the nationwide auction-marketing firm and CB Commercial, a national commercial real estate brokerage firm, both of which assisted in the auction.
    The auction which drew more than 800 participants, featured a wide range of properties, such as the DoubleTree resort hotel in Palm Springs, which sold for $18.1 million (twice the published reserve price); a self-storage facility in Los Angeles, which sold for $15.1 million; a shopping center on Florida's east coast, which sold for $9.5 million, and a retirement home in a Cincinnati suburb which sold for $8.6 million.  Bids on one property did not meet the preset reserve price established by the RTC.  The $5.5 million bid for the Executive Hills North II office buildings in Kansas City, Mo. is under consideration by the agency.
    The "Premier Commercial Auction" was part of a major RTC effort to sell commercial residential properties through auctions.  So far this year, more than $200 million has been recovered for taxpayers through auctions of over 7,000 properties.
    A list of the properties sold at the "Premier Commercial Auction," including book values, reserve and sales prices is attached.
    The RTC was established by Congress in August 1989 to contain, manage and sell failed savings institutions and recover taxpayer funds through the management and sale of the institutions' assets. To date, the RTC has closed or sold 582 savings institutions and achieved asset sales and collections of more than $201.4 billion. Approximately 18.9 million depositors and approximately $183.9 billion in deposits have been protected by the RTC's closing of insolvent thrifts.  The estimated cost to taxpayers for these transactions is $77.6 billion.
                       PREMIER COMMERCIAL AUCTION
                           Thursday, Nov. 21
                 (At DoubleTree Resort in Palm Springs)
                            Property List
  Prop.    Prop.       Location      Book        Reserve     Sales
  No.      Name       City/State     Value       Price       Price
  1     Victoria    San Antonio    $9,115,415  $4,480,000 $6,850,000
         Tower        Texas
  2     Addison     Dallas         $12,144,077 $3,040,000 $3,100,000
         Natl' Bank   Texas
  3     Denton      Denton         $10,648,879 $3,670,000 $3,700,000
         Square       Texas
         Retail
         Center
  4    Doubletree   Cathedral      $34,913,167 $9,090,000 $18,100,000
        Resort Hotel/ City, Calif.
        Golf Course
  5    Los Feliz    Los Angeles   $13,329,039 $13,750,000 $15,100,000
        Storage &      Calif.
        Lock Mini
        Storage
  6    Western      Los Angeles   $5,156,613  $2,700,000  $3,700,000
        Plaza        Calif.
  7    Sun State    Phoenix       $9,307,334  $5,110,000  $6,400,000
        Bldg.        Ariz.
   8    Canyon       Phoenix       $9,482,000  $3,070,000  $3,850,000
        Place        Ariz.
        Multi-
        Family Apt.
  9    Desert Lake  Phoenix      $12,786,000  $5,300,000  $6,850,000
        Multi-
        Family Apt.
  10   Executive    Kansas City  $12,728,250  $9,930,000  $5,500,000a
        Hills North    Mo.
        (Pars) Office-
        2 Bldgs.
  11   Executive     Kansas City    Bldg. 7   $1,280,000  $1,550,000
        Hills North     Mo.         Bldg. 11  $1,380,000  $1,250,000
        Office-3                    Bldg. 12C $4,130,000  $4,800,000
        Bldgs.
  12   Cottingham    Sharonville  $10,700,000 $5,850,000  $8,600,000
        Retirement      Ohio
        Center
  13   Jupiter West   Jupiter     $13,010,537 $6,910,000  $9,500,000
        Plaza Retail    Fla.
        Center
  14   Amerifirst     Miami      $50,000,000 $12,780,000 $12,780,000
        Park           Fla.
        Corporate
        Campus
                           TOTAL:                        $106,000,000
    (a)  The RTC has 30 days to accept or reject this bid.
    -0-                      11/21/91
    /CONTACT:  Barbara Casey of Casey & Sayre Inc., 310-457-3676, for The Resolution Trust Corp. CO:  The Resolution Trust Corp. ST:  California IN: SU: SE-EH -- LA038 -- 6179 11/21/91 20:28 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 21, 1991
Words:750
Previous Article:DEPT. OF HEALTH & HUMAN SERVICES: AGREEMENT REACHED ON MEDICAID FINANCING
Next Article:DIALOGBANK USSR JOINS VISA


Related Articles
RECORD NUMBERS EXPECTED TO ATTEND RTC'S BIGGEST REAL ESTATE AUCTION EVER
RTC PREMIER COMMERCIAL AUCTION IN PALM SPRINGS ON NOV. 21
Sheldon Good & Co. readies for RTC commercial auction.
RTC auction features land, properties in NJ.
RTC RECEIVES OVERWHELMING RESPONSE TO AUCTIONS IN NEW YORK AND NEW JERSEY
$65 MILLION LOAN AUCTION SCHEDULED BY RTC FOR PHILADELPHIA ON SEPT. 23; EVENT EXPECTED TO OFFER EXCELLENT BUSINESS OPPORTUNITIES
RTC TO AUCTION PRIME COMMERCIAL PROPERTIES IN DALLAS, SAN ANTONIO, LUBBOCK, AUSTIN AND HOUSTON
SELECTION OF PRIME NORTHEAST REAL ESTATE WORTH $90 MILLION TO BE SOLD AT RTC AUCTIONS IN MAY

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters