Real estate auctions traditionally are reserved for properties under foreclosure through banks or governments.
However, relatively high-performing commercial properties can now be found on the auction block — and that’s exactly what’s happening in this Wayne County village.
A company called Newark Plaza LLC is auctioning off the Arcadia Shopping Center, which includes a Walmart Supercenter and a number of other national or regional franchises on a nearly 42-acre property along Route 31. An online auction is set for April 9-11. It’s being hosted by Ten-X Commercial.
The starting bid: $5 million, along with a $50,000 participation deposit.