NEW YORK, Jun 04, 2013 (BUSINESS WIRE) -- GA Keen Realty Advisors, a division of Great American Group, Inc. (OTCBB: GAMR), sold the 48,250-square-foot office building in Cedar Falls, Iowa, that once served as the corporate headquarters to Peregrine Financial Group.
The buyer, Spiegel Family Realty Company Iowa, LLC, emerged as the successful bidder at an auction conducted by GA Keen Realty Advisors with a winning bid of $3,255,000. The successful bid was $505,000 over the accepted stalking-horse bid. The closing is expected to occur in June.
"We are pleased with this sale and the process GA Keen Realty Advisors ran. We had outstanding interest in the property with numerous groups requesting additional information and inspecting the property. The auction came down to two buyers and Spiegel Family Realty Company was ultimately the successful bidder," said Michael M. Eidelman, the Court appointed receiver and co-chair of the bankruptcy group at Vedder Price P.C.
"We're hoping to find a tenant or tenants to bring some jobs back to the community and to the building," said A.J. Spiegel, owner and president of Spiegel.
Mr. Eidelman expressed great satisfaction with the speed and efficiency of GA Keen Realty Advisors' marketing efforts.
"I retained GA Keen Realty Advisors on February 22, 2013, and they successfully brought me a $2,750,000 stalking horse contract within eight weeks," said Eidelman. "The stalking horse, California-based Karlin Real Estate, LLC, agreed to buy the property subject to overbids."
GA Keen Realty Advisors thereafter solicited overbids, and according to Eidelman: "successfully maximized the value of this property."
The building is the former headquarters of Peregrine Financial Group (PFG), owned by Russell Wasendorf, Sr., which filed for bankruptcy in July 2012.
About GA Keen Realty Advisors, LLC
GA Keen Realty Advisors, located in New York, provides real estate analysis, valuation and strategic planning services, brokerage, M&A, auction services, lease restructuring services and real estate capital market services. For more information about GA Keen Realty Advisors, call (646) 381-9222 or visit http://www.greatamerican.com/keen.
About Great American Group, Inc. (OTCBB: GAMR)
Great American Group is a leading provider of asset disposition and auction solutions, advisory and valuation services, capital investment, and real estate advisory services for an extensive array of companies. A trusted strategic partner at every stage of the business lifecycle, Great American Group efficiently deploys resources with sector expertise to assist companies, lenders, capital providers, private equity investors and professional service firms in maximizing the value of their assets. The company has in-depth experience within the retail, industrial, real estate, healthcare, energy and technology industries. The corporate headquarters is located in Woodland Hills, Calif. with additional offices in Atlanta, Boston, Charlotte, N.C., Chicago, Dallas, Melville, N.Y., New York, Norwalk, Conn., San Francisco, London, Milan and Munich. For more information, call (818) 884-3737 or visit www.greatamerican.com.
CONTACT: Great American Group Michelle Kahan, Director of Marketing 818-884-3737 mkahan@greatamerican.com or Mulberry Marketing Communications Christina Bereta, Account Executive 312-664-1532 cbereta@mulberrymc.com
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