CB Richard Ellis Group, the Fortune 500 real estate services firm based in Los Angeles, has launched a real estate auction service to help lenders, investors and owners dispose of commercial real estate assets. Doug Johnson and Paul Galanis, veterans of the real estate auction business, joined CBRE to head the program.
They will collaborate with CBRE’s capital markets, brokerage, and global corporate services staff to offer services from traditional auctions to sealed bids and online auctions.
"Auctions are an increasingly popular means of disposing of commercial property," said Gregory Vorwaller, president of CBRE's Investment Properties Group. "They can often help an owner to sell property efficiently and at maximum value. While this is especially true in a soft market, auctions are a proven sales method across market cycles."
Johnson, a 16-year veteran of the auction industry, will be managing director of the auction initiative. He was previously senior vice president at Sheldon Good & Co. Galanis, also a former senior vice president at Sheldon Good, has joined as managing director, as well, according to CBRE. Johnson and Galanis are based in Chicago.