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Non-Performing Note Secured By Canyon Park | Orem, UT | Closed in CRE Auction

  • Jul 12, 2018
  • Marketplace Closings

Non-performing note secured by an office park in Utah closed through online CRE auction.

RealINSIGHT Marketplace’s sale of this non-performing commercial loan secured by a 14-building office park in Orem, UT proves that our online CRE auctions are advantageous for loan sales too.

This offering faced multiple challenges–significant near term tenant rollover in the park that presented cash flow risk, local development increasing competitive office supply, and a sizable ‘destination’ business park with limited freeway access. RealINSIGHT Marketplace and a national investment sales team targeted both institutional investment groups, as well as, regional and local investor/operators early in the marketing process and supplemented these efforts with input from experienced, on the ground, market participants.

As the marketing and due diligence process unfolded and the value-add opportunity through lease-up and development of excess land in the offering became fully apparent, investor interest increased through the indicative offer round and peaked in the final bid round, resulting in maximum pricing for the seller and efficient and successful closing.

To learn more about the non-performing note sale secured by an office park, please visit our asset page or reach out to the RealINSIGHT Marketplace team at info@rimarketplace.com.