Service Offers Expanded Buying Pool and Quicker Closings
Santa Rosa, Calif. (March 2015) — There are auctions for cars, houses and art. Now, vineyard and winery auctions are gaining favor.
Newmark Cornish & Carey Wine Services and Williams & Williams announce an exclusive joint initiative to sell wine-related properties via auction, offering clients access to a wider swath of potential buyers and a speedy closing.
This unique pairing joins the expertise and experience of two venerable industry powerhouses: Newmark Cornish & Carey Wine Services is part of Newmark Grubb Knight Frank, one of the world’s largest commercial real estate advisory firms. Auction giant Williams & Williams is a worldwide real estate auction leader and, through its sister company the Auction Network, is the only major auction company to conduct its live auctions simultaneously at the property and online.
The collaboration aims to capture the growing market for vineyards, wineries and related lifestyle properties, which are attracting everyone from professional businesses to hobby vintners.
“I couldn’t envision a more perfect marriage of services and capabilities,” said Kevin Foster, the Newmark Cornish & Carey senior associate heading the Wine Services group with Senior Vice President Preston Smith. “With each company offering a distinct sales process and method, clients now enjoy access to many more buyers, ensuring the highest selling price possible.”
With Bay Area roots extending back to 1935, Newmark Cornish & Carey is a leading advisory and brokerage firm with a strong presence in the desirable wine country market, and representatives in every wine-producing region worldwide. Newmark Cornish & Carey’s Wine Services specializes in marketing, buying, selling and leasing wineries and vineyards, as well as related production, warehousing and distribution facilities.
Williams & Williams, meanwhile, broadens Newmark Cornish & Carey’s reach into the auction market. The once obscure sales method has seen its popularity surge in recent years as sellers increasingly desire a quick and definitive sale. Sellers like that they can watch the auction in real time and instantly know the sales price. Potential buyers are vetted, assuring sellers of a quality buying pool able to make it to the closing table. From list to close, deals typically take 75-to-90 days, far faster than traditional sales transactions.
“The auction removes any speculation and mitigates the risk of a property languishing on the market,” said Fontana Fitzwilson, executive vice president of Williams & Williams. “The process creates urgency and competition, maximizing the sales price.”
In partnership with the Auction Network, Williams & Williams conducts live, on-location and online, auctions that combine the full transparency of live auction with the global reach of the Internet. Remote bidders can compete with those at the physical site, expanding the buyer base and competitively increasing bids. Auctions are led by a highly trained professional.
About Newmark Cornish & Carey
A dominant regional real estate force since 1935, Newmark Cornish & Carey has an expansive reach as part of Newmark Grubb Knight Frank, one of the world’s leading commercial real estate advisory firms. Regionally, Newmark Cornish & Carey has more than 280 agents in 13 strategically located offices throughout Northern California, creating a powerful platform from which to deliver superior services locally, while upholding its core values of integrity and knowledge. For further information, visit www.newmarkccarey.com.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,000 professionals operate from more than 330 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.
About Williams & Williams
Williams & Williams® is a worldwide real estate auction leader and collateral risk management company. The only auction company to combine the proven effectiveness of live, at-the-property auctions with the global reach and convenience of real time, interactive bidding, Williams & Williams auction teams sell throughout the United States and abroad and has a proven performance record for all types of real estate sales. The company provides a comprehensive solution to manage, preserve, market and auction real estate assets for clients seeking maximum return. Williams & Williams’ clients include many of the world’s foremost financial institutions, Corporations, Brokerages and government agencies, as well as, thousands of individual sellers. For further information, visit www.williamsauction.com.