Auction Property Sold

(Chico) A portfolio of properties just a block away from California State University, Chico has been successfully auctioned off. Led by Commercial Brokers of California, three buildings and a parking lot were sold using the Ten-X on LoopNet auction process.

The properties at 310-350 Salem Street have been occupied for many years by Pacific Gas & Electric Company (PG&E), and consists of more than 20,000 sq. ft. of offices plus a 52 space parking lot. At the time of the sale, PG&E was in the process of relocating to a newly built facility at the Hegan Lane Industrial Park and the Salem Street offices were being vacated.

TenX uses high tech tools to position and market properties, including high resolution professional photography, drone video and Matterport technology, which takes viewers on virtual reality tours of the premises. The auction platform then performs a massive online marketing blitz to draw maximum interest and attention to the property.

“It’s like advertising and social media on steroids”, said Mike Donnelly, broker for Commercial Brokers of California representing the seller. “It was one of the most professional marketing packages of commercial real estate that I have ever seen”, he said.

“The seller wanted to move the property fast and efficiently”, said Brian Littrell, co-broker for Commercial Brokers of California. “This was mission accomplished, and we are happy to have helped our client get the best outcome”, Littrell said.

The auction took place November 10 -12 and generated dozens of registered interested buyers. Ultimately the property had several bidders and sold to an investor for an undisclosed price. The buyer was represented by Arwen Funk of Tracy Realty Company.