ORION Closes Land Portfolio for FDIC

Oct. 21, 2013ORION Investment Real Estate’s Vice President, Nick Miner, CCIM, exclusively represented the FDIC in the disposition of 3 different land sites throughout the Phoenix Metropolitan area.  Totaling nearly 13 acres, the sites were part of a takeover of local community bank.

The Federal Deposit Insurance Corporation is an independent agency created by the Banking Act of 1933 and manages banks in receiverships.  “We were proud to have the opportunity to work with the FDIC in accomplishing their goal of achieving a market price in a reasonable amount of time – all 3 deals were in escrow within a 30 day marketing window”, stated Miner.

The properties were located in Surprise, Buckeye and Apache Junction.  “We knew we had to cast the widest marketing net possible.  With such disparate locations, the marketing challenge was to secure 3 separate Buyers in short order”, Miner continued.

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