Industrial building to be sold in traditional auction

An industrial building in Reno will be sold in an open-outcry auction this month, marking the first foray by a new division of CB Richard Ellis into the northern Nevada market.

CBRE Auction Services has begun national marketing efforts to generate interest in its auction of a 45,600-square-foot building at 405 Edison Way. The auction is set for noon on Nov. 30.

Minimum bid on the property will be $500,000, about $11 a square foot. The building, which includes finished office space is on 2.17 acres zoned industrial commercial.

Bidders, who will need to pre-register, will be required to have a certified check or cashier's check for $30,000 in hand.

While some commercial properties have been sold through online auctions in recent years, traditional open-outcry events have been rare.

CBRE Auction Services, which is headquartered in Chicago, was launched by the international commercial real estate company in May.