Adelphia Communications Corporation Real Estate Assets to be Sold via Online Auction
Over 70 properties available to bidders in online auction of land previously owned by Adelphia. Land parcels, varying in size and type, are located in 17 states and all have minimum bids of $1000.
Newport Beach, CA (PRWEB) May 31, 2007 -- The majority of remaining real estate assets of Adelphia Communications Corporation are being offered in what is believed to be the largest Internet property auction to date. LFC Online, in conjunction with the Grubb & Ellis Company, is actively marketing over 70 properties located across the United States.
The properties vary in acreage and type, ranging from development land with ocean views in north San Diego County to a 14,000 sq. ft. office building in Pennsylvania. Each property in the auction portfolio has a minimum bid of $1,000, regardless of property size, location or structures on the property.
"The interest in the auction has come from a wide spectrum of potential buyers. Many are adjacent land owners and local real estate investors, but LFC's comprehensive and specialized auction marketing has also reached large businesses such as cell tower companies and outdoor billboard companies," states Bill Lange, president of the LFC Group of Companies.
Property documentation is available on the website www.LFC.com/669R3 for buyers to conduct due diligence prior to placing their bid.
With a bid deadline of June 14, 2007, prospective buyers are encouraged to visit the website and review the available properties located in Pennsylvania, Maine, California, Washington, Florida, Georgia, Tennessee, North Carolina, Virginia, Kentucky, West Virginia, Ohio, New York, Massachusetts, Vermont, New Hampshire, and Alabama. The entire auction portfolio can be viewed on www.LFC.com/669R3.
LFC Group of Companies For over 30 years, the LFC Group of Companies has served numerous Fortune 500 companies, real estate developers, investors, financial institutions and government agencies by auction marketing thousands of commercial, industrial, land and residential properties with an aggregate value well in excess of $2 billion. www.LFC.com
Grubb & Ellis Company (NYSE: GBE) Grubb & Ellis Company is one of the world's leading full-service commercial real estate organizations, providing a complete range of transaction, management and consulting services. By leveraging local expertise with our global reach, Grubb & Ellis offers innovative, customized solutions and seamless service to owners, corporate occupants and investors throughout the globe. For more information, visit the Company's Web site at www.grubb-ellis.com
About Adelphia Communications Corporation. The Effective Date of the Adelphia Plan of Reorganization occurred on February 13, 2007. Prior to the sale of substantially all of the consolidated assets of Adelphia to Time Warner Cable Inc. (NYSE:TWC) and Comcast Corporation (Nasdaq: CMCSA, CMCSK) on July 31, 2006, Adelphia Communications Corporation was the fifth largest cable television company in the country. It served customers in 31 states and offered analog and digital video services, high-speed Internet access and other advanced services over its broadband networks.
Cautionary Statement Regarding Forward-Looking Statements. This press release contains forward-looking statements. All statements regarding the Internet real estate auction process for the sale of Adelphia's remaining real estate assets and the ultimate value that may be obtained in connection with such process, as well as statements that include words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will" and other similar expressions, are forward-looking statements. Such forward-looking statements are inherently uncertain, and readers must recognize that actual events or results may differ materially from those expressed in such forward-looking statements.
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