Auction, Auction

Another sign of the economy has found its way into the east bay commercial real estate arena. Mervyn’s the once popular department store’s debt is hitting the auction block later this month in Hayward via the internet. The 336,000 square foot department store that was turned into office space will hit the online auction opening July 26th-28th. Jones Lang LaSalle and REDC will represent the deal for the 100 percent vacant property that has been appointed to a receiver who will manage it. Mervyn’s moved out of the building in January 2009 after filing for chapter 11 bankruptcy protection in July 2008. The property sits on 9 acres of land and was originally built in 1958. Later a 4th story was added in 1984. Jones Lang and REDC has auctioned more than $350 million worth of notes and commercial real estate in the past few months. Auctions are an interesting way to purchase real estate as the prices start at pretty much the bottom and work its way up.