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Stock Building Supply will auction 25 surplus properties in 15 states over the next two months, according to a press release from real estate advisory firm Newmark Knight Frank. The move is part of the building supply distributor's post-bankruptcy liquidation plan.
Stock filed for Chapter 11 bankruptcy protection in May. The company now operates as a joint venture between private equity firm The Gores Group LLC, Los Angeles, CA, and U.K.-based Wolseley plc.
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"On behalf of our client, we have chosen the auction process as the most efficient method to market and sell a large portfolio of properties in order to maximize proceeds in a timely manner," says Ken Zakin, senior managing director of Newmark Knight Frank "We expect these auctions to allow our client an acceptable exit given a difficult climate. We also expect the auction pricing to represent significant values for the opportunistic buyer."
The first set of auctions will be held on Dec. 15 and 16 and include six locations in Maryland, North Carolina, South Carolina and Georgia. The remaining properties are slated for auction in mid-January.
More information about the auctions can be found at www.postbauction.com.