Jones Lang LaSalle is joining with Real Estate Disposition Corp. to start an online auction service to sell commercial property and loans.
'In a stagnant sales market where interested investors are limited, using an auction opens up a property to a viable buyer marketplace,' Jay Koster, president of Chicago-based Jones Lang Lasalle’s capital markets practice, said today in a statement.
Real Estate Disposition runs www.auction.com, a Web site focusing on residential property sales. The site has sold more than $5bn in assets since 2007, Jeffrey Frieden, chief executive officer of the Irvine, California-based company, said in the statement. It will now also sell commercial property and related debt as well as bank-owned real estate, Guy Ponticiello, managing director at Jones Lang LaSalle, said in an interview.