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Newark office building was sold via online auction … but there was no distress, just glimpse of possible future

  • Jun 11, 2019
  • Marketplace In The News - ROI NJ

The office building at 550 Broad St. in Newark was sold earlier this month… by auction. But it’s not what you think. This was not a distressed sale. In fact, it may have been a preview of future sales in the sector.

Newark office building was sold via online auction … but there was no distress, just glimpse of possible future
 

The office building at 550 Broad St. in Newark was sold earlier this month … by auction.

But it’s not what you think.

This was not a distressed sale. In fact, it may have been a preview of future sales in the sector.

The building was sold on an online platform, RealINSIGHT Marketplace, which is owned by CWCapital.

The auction, which had 11 registered bidders, lasted two days.

The deal is expected to close this month, so final numbers are not official, but bids started at $12 million — with the final bid on the platform coming in at $19 million.

James Shevlin, president and chief operating officer of CWCapital, said the company has done more than $2 billion in sales nationwide since 2017 — and is growing each quarter. 

Shevlin said this was the first auction sale his company has done in Newark, but the 10th in New Jersey, and he is expecting to do many more.

“It is a trend and it should be a trend,” he told ROI-NJ.


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