Alfa sells approximately 954.2 acres in land auction

 

MONTGOMERY, ALA. -- Alfa sold approximately 954.2 acres of land for $2.88 million Thursday, Sept. 27, in a three-hour auction that attracted 23 registered bidders, with J.P. King Auction Company managing the sale.

The land, located between the Montgomery Regional Airport and the Hyundai Plant, had been owned by Alfa for decades.

Bidders gathered in a ballroom at the Embassy Suites Hotel in Montgomery for the event, which featured live music, hors d’ oeuvres, and numerous rounds of bidding, according to Craig King, president of J.P. King.
“We sold 24 different parcels to seven different buyers, and there was a lot of bidding on different combinations of parcels as bidders sought to obtain the best combinations for their needs,” said King.

Mark Fein, vice president of Alfa Properties Inc., said he was pleased with the turnout. “As always, J.P. King did a good job with the auction, and the market sets the price. With a good field of bidders and three hours of bidding, you have to feel that you achieved a fair market price, even if you wish it were a more dynamic market,” said Fein.