|JLL will use REDC's online auction platform to sell notes and commercial real estate properties that may not sell in larger portfolios. REDC Group's Greg Cazel and JLL?s David Hendrickson and Michael Mounts gave us their theory: the only thing better than one investor buying a package of 50 one million dollar notes is twenty investors each buying a few one million dollar notes.|
While you do the math on that aphorism, we'll tell you that the first commercial property note listed this week, a 15-story mixed use residential and retail property in Indianapolis. They hope the platform will help local investors who know their home market. Combining REDC's auction prowess (4 million registered bidders) with JLL's experience (if we have to tell you what JLL does, you're reading the wrong publication) the hope is to have hundreds of properties and notes posted for auction by year's end. Each auction will have a pre-auction period for potential investors to perform due diligence.
Celebrating the JV at Rockit Bar after the ABA conference yesterday, JLL's Paige Steers and Ben Herrig flank REDC's Rich Kent. Rich thinks he may have interested some banks at the conference. And congrats to Ben, a new dad! (That's also a JV of sorts.)
We try to stay behind the camera, but when CHiPs star and REDC spokesperson Erik Estrada showed up, we made an exception. He's with Bisnow's own Michael Farber and Maureen Wilkey. Ponch loves Bisnow, too!