“It’s been on and off the market for a while,” says Kelly Lovegrove of Newport Beach, Calif.-based Freedom Realty Exchange.
“This is a tough property to sell,” she says of the approximately 39,000-square-foot building near Central and North 159th Street East. “There’s just a lot of office available out there.”
The Class A office space used to be known as the Terradyne Office Building, but the name was changed to avoid confusion with the Terradyne Country Club to the north.
Lovegrove says an online auction “expands exposure and accelerates the sale.”
“It usually pulls buyers off the fence.”
There’s a minimum bid of $1.9 million for the property.
There are 28 units for lease in the building, and almost 85 percent of them are occupied.
She says a loose approximation of its value is $4.2 million, based on its last appraisal.
Lovegrove says potential buyers will have “to step up” by early August for the Aug. 8 auction.
“We’ve already had quite a bit of interest.”