Buying and investing in distressed commercial real estate is becoming more popular as 2020 comes to a close. Our country and our businesses have learned many hard lessons this year on how to keep our careers running from a computer screen. Commercial real estate has seen no exception.

After the CRE database giant Costar acquired Ten-X, real estate auctions have become an excellent and fast way to obtain new properties. Ten-X enables investors and brokers to buy and sell commercial properties without having to do any dealings in person.

Kevin Valente, ARM® certified, Sr. Property Manager, gave the following insight into why using the auction sites has benefited Sutton’s clients looking to sell property:

• Ability to get properties in front of legitimate buyers. Bidders in the auction have to be preapproved for their funds before the auction. 
• All due diligence needs to be completed prior to the auction. Buyers have to put up 10% hard money within 24 hours of the winning bid. 
• Transactions close between 45-60 days. If the buyer fails to perform, the owner keeps the money deposit and moves on to other interested bidders from auction day.

One of Sutton’s real estate associate brokers, Stephen Saleski, provided the following comments:

• What is so impressive is that the average listing on Ten-X gets over 3,500 unique views, which has been Sutton’s experience as well. 
• 96% of the properties on the site go from list to close in 90 days, making it a very efficient way to market and sell properties. We as brokers get great marketing support and the platform works well.

In summary, the Ten -X end-to-end platform provides brokers with the ability to tap into full service transaction resources; provides sellers success by exposing their commercial property to the largest buying pool in the world.

A win-win for commercial brokers and commercial property sellers in a trying market during difficult times.

Collaboratively written by:

Joe Lewis

SIOR, Vice President,
Real Estate Broker

Kevin Valente

ARM® certified,
Sr. Property Manager,
Real Estate Salesperson

Stephen Saleski

Real Estate Associate Broker

Syracuse, NY – Congratulations to Matt Buroni for brokering the sale of 1001 N. State Street in Syracuse, New York. The former County Wide Appliance building was under contract one week after obtaining the listing and Matt was able to close in 30 days.

 

Featured on: NYREJ

Syracuse, NY – Sutton Real Estate Company is pleased to announce the sale of the former Midtown Plaza in Oswego New York to East Lake Commons LLC. The sale of the property paves the way for the redevelopment of the site in to a new mixed-use project in the heart of the City’s Eastside commercial district.

 

Midtown Plaza was an urban renewal project developed in the 1960’s and was home to a mix of national chain tenants and local business until the retail market shifted east of the downtown commercial corridor. Sutton developed the initial concept to redevelop the site to a mix of housing and retail uses and played a significant role in making the project “shovel ready.” Sutton was able to secure over 2 million dollars of grant money from New York State through the Downtown revitalization Initiative, was successful in getting the property in to the DEC Brownfield program which produced additional tax credits, worked with the city to obtain site plan approval and the county to secure a real estate pilot and IDA inducement.

 

Louis G. Fournier, III President of Sutton Real Estate negotiated the sale on behalf of SRE Midtown and SRE