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Thursday, July 1, 2010

NRC, NAI Team Up

Source: Real Estate Bisnow

When NRC Realty & Capital Advisors' Evan Gladstone started his sealed bid disposition business 20 years ago, auctions were often seen as just a way to move property quickly. Now, the company has formed a partnership with NAI Global, becoming the latest in a string of auction companies to partner with a national brokerage.

Teaming with NAI means NRC has brokers in 93% of the nation's markets. Evan tells us this means more due diligence on properties and a deeper knowledge of buyers in each market. NRC is currently working on a 60-80 asset portfolio to sell via online sealed bid sale through NAI's PowerSaleT platform. NRC has sold portfolios of up to 600 assets at a time and has experience selling all asset types, including retail, commercial, and land. (Perhaps they know how we can win a LeBron bidding war?)

While other auction houses have moved to online eBay-style bidding, Evan still prefers sealed bids because buyers appreciate the confidentiality and sellers protect disparities between bids. Auctions are still a great way to dispose of property on a deadline, but are now a go-to method for lenders' non-performing assets.