Sullivan & Sullivan Auctioneers, LLC will be putting the hammer down at 1000-1012 Main St. (Rte. 27) at a foreclosure auction for Sovereign Bank on February 8th at noon. The 38,000 s/f commercial building is partially occupied and offers warehouse, office & retail facilities and could be set up for single- or multiple-tenant use.
Sullivan & Sullivan has a history of selling commercial properties in the area. In January 2012, they sold 68 Industrial Blvd. at public auction. That auction drew a decent crowd and generated quite a bidding war, which started at $100,000 and finally sold for $800,000.
"With the outlook for commercial real estate continuing to improve in 2013, investors are expected to allocate substantial sums of capital to the commercial real estate market," said Marianne Sullivan, president. "Scouring the market for foreclosures & buying them at a bargain, improving the property and leasing and/or selling within a 1-year timeframe is what we are currently seeing in the marketplace."
Sovereign Bank is the holder of the mortgage for 1000-1012 Main St. and is highly motivated to sell it at the auction. As an added incentive, Sullivan is offering a broker participation fee to any broker or salesperson that pre-registers their buyer according to the guidelines, provided their buyer is the successful high bidder at the auction and the sale closes. Please call their office for additional information and to request the broker participation guidelines and forms.
Sullivan & Sullivan Auctioneers, LLC currently schedules approximately 250 sales each month in Mass., New Hampshire and Rhode Island.
For a description and listing of their upcoming auctions, visit their website, www.sullivan-auctioneers.com.