BATON ROUGE AUCTION RESULTS $5,335,000

BATON ROUGE, LA., February 24, 2004 –Sperry Van Ness/Gilmore Auction Company, one of the nation’s premier commercial real estate investment and accelerated marketing firms, has successfully auctioned 120 properties in Baton Rouge and Baker, Louisiana for approximately $5.335 million.

David Gilmore, national auctioneer for Sperry Van Ness/Gilmore Auction Company in Kenner, Louisiana, represented the seller, was responsible for the auction.

“This auction presented investors with the opportunity to buy a variety of properties at a price determined by the buyer, not pre-set by the seller,” said Gilmore. “This auction was successful in that all properties sold and we achieved over 100 percent of the target price.” Gilmore went on to say that auctions are a beneficial way to sell a property. Auction sales can often be closed instantly or within an acceptable time frame, depending on the sellers’ requirements and flexibility. They also transform surplus holdings into cash or earnings assets. An auction is a catalyst for motivating hesitant buyers into action. Auctions expand market reach by employing programs that expose properties to a regional, national and international audience.

Properties auctioned included a 99 unit mobile home park, an office building, a neighborhood strip center, developmental land, condominiums, 95 single family homes, fourplexes, and a six-plex. Over 1,000 people attended the two night auction and there were 545 registered bidders from nine different states including California and New York.

Sperry Van Ness, based in Irvine, California, is one of the nation’s leading commercial real estate firms providing auction services in addition to realty advisory, brokerage, consultation, asset management, property management, leasing and financial services to clients in more than 70 markets across the country. Sperry Van Ness has advised clients on billions of dollars in multifamily, retail, industrial, office, hospitality and land transactions.

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