posted on October 28, 2010 21:02
The Carlton Exchange is auctioning off $140 million worth of lender-owned properties and loans secured by commercial and residential real estate in the Southwest, with a heavy concentration of properties in North Texas.
Most of the loans to be auctioned are backed by cash-flowing office, retail, hospitality and residential properties, said Robert Hall, project manager for the loan sale for the Carlton Exchange.
The loans are selling at substantial discounts, Hall said. Performing loans — those on which the borrower continues to make regular payments — are typically selling for 55 percent to 85 percent of the unpaid principal balance, he said. Nonperforming loans are typically selling for 45 percent to 75 percent of the unpaid principal balance, he said.
“There are also loans and (bank-owned) assets secured by well-located and highly desirable land assets which are situated in excellent locations for commercial and residential developers,” Hall said.
Carlton Exchange is auctioning the loans and properties through real-time bidding through its CEX Loan and REO MLS Exchange. Prequalified bidders can bid on a first-come, first-serve basis and can bid on individual assets or bidder-defined pools of assets.
In North Texas, the portfolio includes a two-story, 50,000-square-foot office building on 4 acres in Allen; a new 92-room hotel in Plano; a new 90-room hotel in Allen; a 35,000-square-foot shopping center with a 7-Eleven and a service station on 14 acres in Plano; and a 14,900-square-foot neighborhood retail center in Flower Mound.
North Texas office properties seem to be attracting more attention than office properties in other areas because leasing remains comparatively strong here, Hall said.
"We're seeing some positive trends in the office market (in the Dallas-Fort Worth area) compared to places like Florida," Hall said.
More information is available at www.carltonexchange.com.
Dallas Business Journal, 10/26/10, Bill Hethcock