NEW YORK - Grubb & Ellis/Ross-Dove Real Estate Auction Partnership plans to auction some $500 million of U.S. commercial real estate on Oct. 7 in Dallas.
About 65% of the 73 properties in the portfolio are east of the Mississippi River. Most are owned by insurance companies, banks, and other corporations, said Charles McKinney, president of Grubb & Ellis Asset Services Co.
He said a majority of the properties are healthy and, with market interest growing, he expects more sales and higher prices than at previous auctions.
Interest from investors in Europe and Asia has been growing, he said, but Japanese interest has been "dissipating" and real estate investment trusts generally are not buying at auctions.
Mr. McKinney said commercial property values in general are nearing bottom, and most demand is for retail space, apartments, and hotels.