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Commercial Auction Group Formed
By: MultifamilyBiz Staff - 6/5/2009 7:56:08 AM

BEVERLY HILLS, CA - Kennedy Wilson Auction Group, a division of the international real estate services and investment company Kennedy Wilson, announces the formation of its Commercial Auction Division. Clifford Smith, senior vice president of Kennedy Wilson's Commercial Investment Group (KW Investments), has been appointed to lead the commercial auction division, according to Rhett Winchell, president of the Auction Group. "We're excited about this newly formed division, and confident that we'll be able to utilize our expertise to generate a significant volume of commercial real estate auction activity which will have a positive effect on the current real estate market," said Winchell.

Kennedy Wilson Auction Group was recently retained by Pfizer Inc. to dispose of 6901 Portage Road, a 364,000± square foot facility located in Portage, Michigan. Subject to the terms of the offering, the proposed auction format offers the property for sale to the most qualified bidder regardless of price. The transaction was structured to sell this Pfizer surplus office building without a reserve price to maximize the largest group of interested investors, said Smith. Sealed bids will be received by Kennedy Wilson Auction Group by noon PDT on June 16, 2009 with the conclusion of the best and final bid by 5:00 pm PDT on Friday, June 19, 2009. The Commercial Auction Division has acquired and sold over $5 billion in assets throughout the United States and Japan.

Commercial investments and brokerage have long been a part of Kennedy Wilson's business activity. KW Investments includes fund management and advisory services for value-added and core-portfolio investments, commercial and multifamily residential property acquisitions and note purchases. Kennedy Wilson specializes in developing and executing disposition strategies for real estate assets owned in portfolios or as single assets by institutions, corporations or individuals. Maximum asset value is achieved for clients by a thorough underwriting of the subject properties, utilization of proper marketing channels to ensure full exposure to prospective purchasers and, often, sealed-bid sales to promote competition among interested parties.

Founded in 1977, Kennedy Wilson is a real estate services and investment firm headquartered in Beverly Hills, CA, with 20 offices throughout the U.S. and Japan. It seeks opportunities in partnership with clients in pursuit of above-market investor returns and higher real estate values. Kennedy Wilson Auction Group has been a leading force in the auction industry since 1977. Since inception, the Kennedy Wilson Auction Group has conducted thousands of successful auctions of residential and commercial properties throughout the United States, Europe and Asia. It conducts ballroom style, site-to-site, and on-line auctions for all types of real estate
Source: Kennedy Wilson