Bank-owned Las Vegas Building Looking for a New Owner in Online REO Auction

Online, May 18, 2011 (Newswire.com) - Another bank-owned building, another auction: a common story in the Las Vegas area. So what makes this auction different? It is conducted entirely online, as have many hundreds of other successful auctions on the Freedom Realty Exchange®, the global online real estate auction marketplace.

Despite reports of the continuing decline of the real estate market and prices, selling property in an online auction delivers the best opportunity to obtain the highest possible sale price in the fastest timeframe; key factors when a bank is the seller.

The Las Vegas commercial/retail real estate is an attractive investment for buyers, and not just those local to the property. An online auction expands the potential buyer pool, stimulates their interest and provides a convenient and secure way for them to bid in the auction regardless of where they are located on the day of the bid deadline.

"Once again, an online auction is the popular solution for property that has been resistant to traditional, localized marketing," said LFC's Director of Operations Ryan Devin. "To really be successful, it takes a different approach to not only attract market attention and motivate buyers, but also deliver a convenient sales method to bring the buyer and seller together."

Property highlights of the Sunshine Center located at 1405 E Sunset Rd., Las Vegas, NV:

• ±23,000SF mixed use building
• Adjacent to McCarran International Airport
• Recently built, 2009, with a current tenant
• Two floors and underground parking
• Numerous possibilities for divisibility/build-out; general offices, medical space, retail, etc.

"This auction presents an exceptional investment opportunity for serious real estate buyers," said Devin. "The seller has demonstrated that they are absolutely motivated to sell this REO property by setting a very low minimum bid and letting the market dictate value through bidding in the auction."

As with all of auctions conducted on the Freedom Realty Exchange, bidding will be done entirely online, removing the need to spend hours in a crowded ballroom with all the unwanted pressure and intimidation that comes with an outcry auction. Interested buyers can view due diligence materials online by visiting the auction website at FRE.com/105R2. Bids must be submitted by June 30, 2011.