DALLAS -- The Federal Deposit Insurance Corp., in its largest disposal of assets seized from failed banks and thrifts, announced Wednesday that it will sell commercial real estate appraised at $500 million in an auction Dec. 12.
Hotels and More
"The auction represents the FDIC's largest attempt yet to liquidate real estate acquired from failed institutions," the agency said.
The properties will include about 220 imporved commercial properties throughout the country, including office buildings, shopping centers, apartment complexes, and hotels. The auction will be in Dallas.
Speedy Resolution Emphasized
The agency said it will offer market-rate financing on all properties.
"Our desire is to sell these properties and return them to the private sector in an expeditious manner," said Arthur F. Lorentzen Jr. of the agency's liquidation division in Washington.
Grubb & Ellis, a real estate firm in San Francisco with a network of brokerage offices, will help in showing the properties to potential buidders.
Ross-Dove Co. of Foster City, Calif., will coordinate the advertising and be the auctioneer.