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IN + WI | Retail + NPL | Closed on RealINSIGHT Marketplace

  • Jul 28, 2020
  • Marketplace Closings

Non-Performing Note Secured by an Multi-Tenant Office Building and a Neighborhood Retail Center Close on RealINSIGHT Marketplace.

RealINSIGHT Marketplace and CBRE are pleased to announce the closings of Castleton Place in Indianapolis, Indiana, and the sale of the non-performing note secured by a multi-tenant office building in Milwaukee, Wisconsin. In spite of the current economic conditions both online CRE auctions surpassed seller expectations.

Castleton Place is occupied by nine tenants with the largest being Men’s Warehouse. At the time of sale, NOI had fallen from tenant closures due to the pandemic and based on bidder pricing feedback the reserve price and starting bid were reduced one week prior to the auction. Within three days of the reduction, Marketplace was able to secure 18 fully registered bidders. On the day of the auction, an additional three bidders registered and competition drove the pricing to 94% of the pre-COVID reserve.

The non-performing note was secured by a multi-tenant office building that was 77% occupied at the time of sale. The office is well located within a technology and innovation district and 1.5 miles from the massive 2.5 million SF Froedtert Hospital. On auction day, 11 fully approved bidders competed, pushing the sale price up to 97% of the pre-COVID reserve.

The ability of Marketplace to pivot and respond to external factors allowed it to reposition the assets and implement effective strategies to increase excitement and engagement on auction day. Its proactive and aggressive outreach led to a successful event gathering interest from 31 states with a total of 176 confidentiality agreements signed between both assets.

To learn more about these deals, please visit the Castleton Place asset pageNon-Performing Note Secured by Office Building page, or contact us at info@rimarketplace.com.