July 31, 2008
On Thursday, July 31st at 11am, the historic Pawtucket Manufacturing Company plant, a 131,388+/- square foot manufacturing and distribution facility located at 327 Pine Street in Pawtucket, RI was sold at Absolute Auction. Having successfully marketed and sold a similar facility in Taunton, MA through JJManning Auctioneers in March of 2008, the seller was confident in JJManning's auction marketing and willing to offer the Pawtucket property at Absolute Auction where it would be sold to the highest bidder, regardless of price.
The strategy paid off, attracting 5 qualified buyers to the auction each with $50,000 certified deposit required to bid for this 100 year old complex located in the heart of Pawtucket's industrial district. The no-contingency auction sale allows the seller to relocate their business without the worry and anxiety of when and if the sale will close.
A JJManning auction stimulates the marketplace by calling prospective buyers to action. Bidders are drawn to the "free market" aspects of auction that ensure they are paying the lowest possible price when they bid one last increment higher than their competition. At absolute auction, bidders are further empowered by their ability to establish the true value of a property in competition with other bidders without the influence of seller's goals. The degree of comfort this reassurance provides is never more appealing than during times of market transition where prospective purchaser's conviction that they will be paying a "fair price" provides them with the necessary confidence to buy in the face of economic uncertainty.
Please visit www.JJManning.com or call 800-521-0111 for further information.
Contact: Justin J. Manning, CAI, AARE - President/CFO
Company Name: JJManning Auctioneers
Telephone Number: 800-521-0111 x-223
Email Address: Justin@JJManning.com
Web site address: www.JJManning.com