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Tranzon Integrated Property Group (”Tranzon”) has announced the closing of the Central Plaza Shopping Center, a 50,000 sq. ft. center on over 7 acres of land in North Branford, CT. During the short 5-week marketing period, Tranzon surfaced 230 interested bidders who self-qualified by filling out confidentiality agreements. From this group, 53 parties toured the property at various inspections times and 18 qualified bidders attended the auction with $150,000 cashier checks, bidding the real estate property up to $2,860,000.

“Although this property had great potential, it languished on the market for over 2 years teetering on foreclosure without sufficient interest to close a deal, but in a very short time our auction marketing process was able to create a competitive bidding environment that was acceptable to the Owner and to its bank,” says Joshua Olshin, President of Tranzon. Oren Klein, Auctioneer and Partner at Tranzon adds, “The auction brought all the tire kickers to one place at one time, and turned the ‘interested parties’ into real bidders, ready to close on the asset all cash on an as-is, where-is basis.”

Andrew Buzzi, Jr., an attorney specializing in workout and distressed properties from the Danbury law firm of Buzzi & Terbrusch, represented the sellers in the workout of this asset with their lender, Citizens Bank, and noted that “within weeks of bringing Tranzon into this situation, we were in a contract that allowed us to successfully structure a work-out solution that allowed my clients and Citizens Bank an acceptable exit in a difficult situation.”

“We were extremely happy with the results and look forward to offering our clients the Tranzon auction method of marketing for their real estate assets during these turbulent times,” says Tom Greene the agent at Ryer and Associates of Danbury who had previously been marketing the center and worked closely with Tranzon throughout the process after having brought them in to auction the property when the end game with the lenders became imminent.

SOURCE Tranzon Integrated Property Group