Category: John Dixon Associates News
Posted: 11/15/2019
Retail Space, bank branches make strong showing in auctions

Retail space, bank branches make strong showing in auctions

ATLANTA, Georgia (November 15, 2019) -- Two successful auctions within a five-day period point to strengthening markets for commercial and residential real estate, according to John Dixon, president of John Dixon & Associates

Nine closed bank branches in five states sold for more than $1.8 million, and a few days later, dozens of residential and commercial properties in Georgia, South Carolina, North Carolina, Florida and Costa Rica sold for approximately $3.3 million, for a total of approximately $5.1 million. 

“There are several takeaways from these two auctions, and they’re all good for real estate owners and investors,” said John Dixon, president of the Atlanta-based auction company. “One is that there is a good market for bank branches, which is important in a period during which many banks are consolidating locations. It’s important to remember that good bank branches are suitable for a wide range of businesses, including offices and retail. In fact, of the nine that we sold, only two were purchased by financial institutions.” 

Another high point came in the multi-seller auction on November 12, when a Columbia, S.C. retail center -- with 11 non-condo retail units, four of which were leased -- sold for approximately $1.1 million. 

“Bidders were enthusiastic across the board, even for land and home sites, reflecting the continued strength in the economy and the availability of financing at historically low interest rates,” said Dixon. 

Dixon notes that the company has been able to offer properties throughout the United States and beyond because of its auction method that combines live bidding with simulcast Internet bidding. 

“On that shopping center, we had bidders from California, Florida and Virginia actively bidding. This opens the process to a much wider range of bidders and enables us to sell without the usual geographic limitations,” said Dixon.

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