Alabama's RealtyBid.com eyes commercial real estate
Published: Wednesday, July 07, 2010, 10:03 AM Updated: Wednesday, July 07, 2010, 10:07 AM
Jerry Underwood -- The Birmingham News (AL.com)
Alabama-based RealtyBid.com, which sells foreclosed homes on its online auction site, is branching into commercial real estate.
The Rainbow City firm said today it has teamed with the special assets group of Marcus & Millichap to develop CommercialBid.com, a bidding site for commercial real estate assets. The Web was launched on July 1 with listed properties valued at more than $60 million.
Online bidding will take place on the site on Aug. 3-5.
"RealtyBid has been watching the commercial market for the past two years and evaluating the timing of rolling out a commercial auction strategy," CEO Tony Isbell said in a statement. "Our new relationship with (Marcus & Millichap) provided the perfect entree into this market at a time when we can be most beneficial to buyers and sellers."
RealtyBid.com says it has sold more than 25,000 properties online since 2001.
Marcus & Millichap is a national commercial real estate brokerage firm.
www.CommercialPropertyDirectory.com