BANKING : Home Federal S&L;’s Commercial Properties to Be Auctioned Dec. 8
To the highest bidder: Town Square in Los Alamitos, Village Walk Shopping Center in Orange and South Grove Plaza in Garden Grove.
Those strip shopping centers, along with five other retail centers and office buildings, are the first of many Home Federal Savings & Loan assets up for auction by the Resolution Trust Corp. The properties, last priced at $14 million, will be sold Dec. 8 at the Anaheim Marriott.
While the auctioneer, Dunning’s Auction Service of Elgin, Ill., says that this collection of commercial space is not all that unusual, many calls have come from investment groups keenly interested in the properties of Home Savings, the state’s largest failed thrift. Also on the block will be 19 commercial properties from other failed S&Ls; last priced at a total of $19 million.
Even so, bidders are setting the prices here, even on the properties where the paint has barely dried. And the RTC is offering a 7% discount for buyers who pay cash and close by Jan. 22.
“If people do their homework, there’s money to be made,” said Scott Bowers, an auction company spokesman.
So that potential bidders can learn more, the RTC and Dunning’s will hold a seminar Dec. 1. For more information, call (714) 999-1212, or visit the auction office at 910 S. Brookhurst St. in Anaheim.
If you miss this sale, two other auctions of commercial properties are planned in the near future, and an auction of residential units will be held each month from January to June.
