Sells 187 Real Estate Assets For $453M

Law360, New York (October 24, 2011, 6:27 PM EDT) -- Real estate auctioneer LLC sold 187 nonperforming notes and foreclosed properties, including a 47-acre shopping mall in Chattanooga, Tenn., raising $453 million for several banks and other institutional clients who owned the tarnished assets, the company said Monday.

The Irvine, Calif.-based company said it sold 187 out of 305 assets, concentrated in the Southeastern U.S., that had been put on the virtual auction block, calling the ratio a success that illustrates strong interest in the market for distressed real estate.

The sale was the largest yet handled...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.