Tranzon Engaged By Wells Fargo To Auction Two Light Industrial Buildings at Foreclosure on Long Island

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Mar 08, 2010, 10:41 ET

NEW YORK, March 8 /PRNewswire/ -- Tranzon Integrated Property Group and Tranzon Fox ("Tranzon") announced today that it has been engaged by Wells Fargo to market and auction off two light industrial buildings at a foreclosure auction to be held on March 25th at 1pm at the Babylon Town Hall on Long Island. The properties are located at 100 Brook Avenue in Deer Park and 725-735 Mount Avenue in West Babylon. 100 Brook Avenue consists of 10,000 SF on .61 acres and 725-735 Mount Avenue consists of 15,600 SF on 1.3 acres.

These properties are being sold together and are part of Tranzon's Lender Solutions Program which offers banks the comfort of knowing that a third party will purchase the assets. "The lender in this case will not be bidding at the auction, therefore the high bidder at the foreclosure will be able to own these properties at a tremendous discount to the bank debt," said Oren Klein, Auctioneer and Partner at Tranzon. Typically lenders bid at foreclosure auctions up to the amount they are owed and due to the marketplace, usually end up taking the property into their own portfolio.

"These properties are potential money makers in an area with low vacancy for small tenant commercial space," says Joshua Olshin, President of Tranzon. He adds "The properties are being sold as a package, are just 4 miles apart from each other and can be an excellent opportunity for buyers looking to take advantage of the downturn in the market."

In order to facilitate bidding and for the purposes of disclosure, Tranzon has made available to all potential bidders a Property Information Package that includes pre-ordered title reports, tax and lien searches, appraisals and other information relating to the properties and the foreclosure. To download this information go to: www.tranzon.com and look for Property ID: FX1589 or call 888-243-3431.

About Tranzon Integrated Property Group

Tranzon Integrated Property Group, a member Company of Tranzon L.L.C. is based in the New York metropolitan area and is a full service auction and real estate disposition company. With over 34 offices from coast to coast, the member companies of Tranzon auctioned more than 1,000 properties last year.