LFC Online and Grubb & Ellis Company Selected to Sell Adelphia's Remaining Real Estate Assets
Online land auction of Adelphia Communications Corporation's remaining real estate assets of over 70 properties in 17 states.
Newport Beach, CA (PRWEB) March 13, 2007 -- Adelphia Communications Corporation has selected Internet real estate auction specialists, LFC Online, to sell most of its remaining real estate assets. In what is believed to be the largest Internet property auction to date, LFC Online, in conjunction with the Grubb & Ellis Company, will embark on an aggressive auction marketing campaign to sell the remaining real estate in Adelphia's asset portfolio.
Michael Finley, Director, Corporate Services at Grubb & Ellis Newport Beach, states, "There are close to one hundred properties located all over the country, including both raw land and developed sites. Using LFC Online's Internet capabilities, we are able to the market to the widest possible audience and have greater control over the sale process."
"I see these properties as ideal Internet auction candidates because of their diverse locations and potential broad market appeal to investors and individuals," notes Bill Lange, president of the LFC Group of Companies. "Our specialized Internet auction marketing program will bring qualified buyers to the table, literally from around the world and, in doing so, will create a win-win for both the buyers and our client, the seller."
Paul Hemann, Assistant Treasurer, Adelphia Communications Corporation states, "Due to the diverse nature of the property portfolio, we required wide market exposure and a transparent sales process that would ultimately result in the highest possible value for our constituents. LFC Online and Grubb & Ellis Company met those requirements."
To view properties in the auction, go to www.lfc.com/669R1
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:TWX) 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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