AuctionPoint 2013 GlobeSt.com article

LOS ANGELES-GlobeSt.com has learned exclusively that commercial brokers across the country will be
joining together to auction hundreds of properties and notes at a single online auction event
titled AuctionPoint2013. Members of the event committee have been chosen and the asset-submission
period has been opened, set to run until February 28th.

National event participants in AuctionPoint2013 include LoopNet Partner AuctionPoint, First Ame
rican Title , Bank of Ame rica M e rrill Lynch and JPM organ Chase & Co. The list of assets to be
auctioned—which include multifamily, re tail, office , hospitality, mixe d-use and industrial
properties, as well as notes—will be made available to the public in March, and online bidding will take place in May.

According to Je rry Ande rson, chairman of the event committee and past president of Spe rry Van Ne
ss Inte rnational, “AuctionPoint 2013 creates a huge liquidity event for the entire industry. It’s
the ideal platform for the most motivated sellers and the most qualified buyers of commercial
assets around the world to transact deals in a compressed timeframe.”

Other committee members include Joe Fre nch, M arcus & M illichap; Rose ndo Cav e iro, Cushman &
Wake fie ld; Laure nce Be rgman, NAI Be rgman; Gloria Ne ri, First Ame rican Title ; Pe te r Cife
lli, Bank of Ame rica M e rrill Lynch; Frank Dilibe rto, Dilibe rto Re al Estate ; and Dr. Sam
Chandan, Chandan Economics.

According to Diliberto, who also sits on the event’s asset approval committee, “I’m thrilled to be
part of AuctionPoint2013 because it benefits all parties in a transaction: brokers, sellers and
buyers. First of all, there are no costs to brokers or sellers. Secondly, we carefully underwrite
every asset submitted to ensure we’re offering buyers quality assets that are priced to sell.
Finally, AuctionPoint2013 offers one of the lowest—if not the lowest—buyer’s premiums in the
industry: just 2.5%, compared to the typical 5% or more.”

Anderson tells GlobeSt.com that the fact that the event is created by brokers for brokers makes it
unique and valuable. “The entire brokerage community is involved here. We have people from some of
the larger firms and agents from other offices, and with the 2.5% buyer’s premium, I think you’re
going to see buyers pay a lot of attention to the assets in this event.”

Anderson says he was asked to chair the event after participating in Sperry Van Ness’s large
national event with AuctionPoint in October 2012, on which GlobeSt.com pre v iously re porte d.
“They were very impressed with the way we collaborated and asked me to chair the event for an
entire industry. Everyone on the event committee has auction experience, and that’s what they were
looking for. We have all used auctions for date certain disposition.”

As GlobeSt.com pre v iously re porte d, the auction process is being lauded as the future wave for
real estate sales. We stwood Financial Corp. recently fore close d on a de faulte d loan the firm
purchased that had been in receivership on Woodcre e k Plaza, a 23,112-square-foot re tail center
here. The center had been on the market for 39 days, marketed by Auction.com.

According to Taylor Grant, a judicial receiver with Newport Beach, CA-based Re al Estate Re ce iv e
rships, the court-appointed receiver for the property prior to Westwood’s purchase of the loan, the
success of the note sale was in part due to Auction.com’s innovative platform and comprehensive
marketing reach that resulted in 873 hits on its website and 29 offers for the note, with escrow
taking only 20 days to close.

Anderson says the total transparency that online auctions offer helps streamline the process. “All
the due diligence reports are posted on the Web well in advance of the auction, and sellers have to
have their property approved to enter it in the event. In the past, a buyer would do a lot of due
diligence and spend a lot of money on e nv ironme ntal impact re ports and then found out the
seller wasn’t able to sell the asset. By using this format, buyers know that if an asset is in the
event it’s going to be sold. There are no wild goose chases.”

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