LOCKPORT, Ill., Nov. 19, 2020 /PRNewswire/ — Williams & Williams, a worldwide real estate auction firm and leader in global live and interactive auctions, reports on the current climate of the industrial real estate market. In the midst of a global pandemic, volatile stock market, and falling oil prices—the company is showing a spike in industrial auctions and a 10% increase in square footage sale prices. Most recently, the organization completed the successful sale of 35 surplus properties from several major oil field service companies. In addition, in the recent line up were 21 properties for AT&T. Auctions are scheduled in Lockport, IL this coming Friday, November 20 and more auctions through mid December. Industrial properties are HOT on the auction scene right now with no end in sight.
Williams and Williams has auctioned 65 properties from July 2020 to present during the peak of the COVID-19 pandemic for three energy services corporations. Also, auctions are yielding strong sales results with the average sales price per square foot at $35 to $45 compared to a traditional marketplace sales price of $30 to $40 per square foot. In all, the auction sales delivered a 10% increase in overall sales results when compared to the traditional market sales over the past 5 years.
Fontana Fitzwilson, Executive Vice President of Williams & Williams, says, “These industrial sellers are making a strategic decision to have a time definite real estate transaction, reduce their cost of carry and liability with holding a property and to avoid further downward market pressure due to macroeconomic influences such as price of oil, pandemics and US/China Trade. Due to the flexibility in timing of an auction, corporations realize revenue in the month or quarter they desire. Another key benefit is that buyers conduct all due diligence prior to the auction as all sales are as-is-where-is with no contingencies.”
Williams and Williams has another industrial real estate auction on deck in Lockport, IL that features 181+/- acres of industrial property, just 40 minutes from Chicago. This unique property has the added benefit of CN and BNSF railroads and barge access located adjacent to the property.
Located in the Star Business Park, this property is ripe for development and has tax increment financing (TIF) established to help offset certain infrastructure costs. An additional benefit is an exclusive easement for offsite stormwater storage that enables the majority of stormwater detention to be handled offsite preserving primary land for development.
“We are seeing properties just like the one in Lockport, pop up all over the country for auction, so I would say the outlook for 2021 is good. We are honored to be selected by so many to assist with the auction process of many prime pieces of real estate. We look forward to seeing where the state of industrial real estate goes in 2021,” says Fitzwilson.
All of the Williams and Williams auctions are open to the public, with no bidder deposit required to participate. Online bidding is available simultaneously during the live auctions at AuctionNetwork.com. For complete details please visit the auction website https://www.williamsauction.com/lockport
About Williams & Williams
Williams & Williams (www.williamsauction.com) is a worldwide real estate auction firm and the leader in global live and interactive auctions. A full-service brokerage with an operating footprint in all 50 United States and U.S. Territories, the company is part of the Insight One Solutions family of companies. Williams & Williams also cooperatively partners with residential, commercial and land brokers to auction property throughout the United States and abroad.
SOURCE Williams & Williams