Monday, November 23, 2009
NRC Realty & Capital Advisors, LLC Sells Rising Tide Auctions to Lender Processing Services, Inc.
NOVEMBER 23, 2009, CHICAGO – NRC Realty & Capital Advisors, LLC (NRC) announced that, along with its partners, it has sold Rising Tide National Auction & REO Solutions, LLC (d/b/a Rising Tide Auctions), to Jacksonville, Fla.-based Lender Processing Services, Inc. (NYSE: LPS), a leading provider of integrated technology and services to the mortgage and real estate industries.
Rising Tide Auctions was formed in 2008 as a partnership between Chicago-based NRC and mortgage default industry veteran Gerald Shapiro of LOGS Group to provide a comprehensive auction platform for REO servicing companies nationwide.
Evan Gladstone, executive managing director of NRC, who led Rising Tide Auctions, noted that this sale is the result of many years of work. "I have been auctioning real estate for more than 25 years and this new venture with LPS is an extremely exciting opportunity," Gladstone said. "We were able to leverage the deal due to NRC?s many years of experience in the real estate auction field, including work for the RTC and FDIC." As previously announced by LPS, Rising Tide Auctions will be part of the LPS Auction Solutions division under the leadership of Chad Neel, president of the LPS Asset Management and Field Services division. Servicers working with LPS Auction Solutions will benefit from the company?s ability to manage all aspects of the auction process from beginning to end.
Gladstone will now hold dual roles, maintaining his NRC position and serving as managing director of LPS Auction Solutions.
NRC Realty & Capital Advisors, LLC provides a full array of real estate and financial advisory services, specializing in the accelerated sale of North American commercial and residential real estate. Since its inception in 1989, NRC has sold more than 10,000 properties. Clients include globally-recognized companies in a variety of industries, including petroleum (BP, Shell and Sunoco), convenience stores (White Hen Pantry and Circle K), financial institutions (GE Capital, Bank One, Fifth Third Bank and Wachovia) and retail (Kmart). For more information visit www.nrc.com.