Inland Real Estate Auctions to Open Offices in Florida, Michigan

Press Release

Illinois-based Inland Real Estate Auctions, Inc. announced today that it will continue its expansion as a national auction-industry leader by establishing permanent offices in Florida and Michigan. These offices represent the first two permanent presences for Inland Real Estate Auctions, Inc. outside of the company’s longtime home base in Oak Brook, Ill. as the company contributes to the explosive growth of real estate auctions. Inland Real Estate Auctions, Inc., which already has made a national name for itself, having sold properties from coast to coast as well as internationally, has hired two veteran leaders of the real estate auction industry to lead the new satellite offices. Michael Whiteman, PhD, will spearhead the Florida presence, while John A. McTevia will launch the Michigan office. Whiteman is a 15-year veteran of the real estate auction industry in Chicago. He has more than 25 years of broad-based experience as a commercial real estate broker and real estate company executive, and as a consultant to a wide range of companies and partnerships. In addition to his real estate experience he has been chief operating officer and corporate vice president of two publicly traded consumer products companies and a Professor of Management in the MBA programs of both Chicago- and Florida-based universities. Whiteman resides in Largo, Fla. McTevia has 20-plus years of experience in advising clients involved with auctions for real estate and other assets. From 1983 to 1996 he was senior associate and director of auctions for James V. McTevia & Associates. In this role, McTevia monitored estates through court-ordered liquidation processes. His responsibilities included marshalling assets, working with appraisers and auctioneers to establish values and prepare for auctions, and making recommendations to courts as to the selection of auction companies. His most recent position for the eight years following that was with Anton, Zorn & Associates, Inc., a Detroit industrial and commercial firm. McTevia lives in St. Clair, Michigan. The Michigan office for Inland Real Estate Auctions, Inc. will be located at 30300 Telegraph Road in Mingham Farms, Mich. Inland Real Estate Auctions, Inc. already has built a reputation in Michigan and Florida, having sold and marketed properties in both states. McTevia and Whiteman will lend their expertise in their local markets to an Inland team that is already among the nation’s foremost experts in the auctions industry. Both will also assist Inland Real Estate Auctions in contributing that expertise by assisting in the development of the company’s consulting business. “The real estate auction industry must move away from conventional auction house practice and toward a professional full-services approach including in-depth consulting to accurately respond to the more complicated demands of today’s real estate sellers,” said Frank Diliberto, president and CEO of Inland Real Estate Auctions, Inc. “The firm continues to lead the way into a new generation of real estate auction business.” While the sale of significant properties through real estate auctions is already customary practice in much of Europe, this approach to marketing properties is increasingly gaining favor in America. In fact, the US real estate auction industry has grown from a $10 billion-a-year industry in 1981 to about $80 billion a year in 2005. Inland Real Estate Auctions, Inc. has garnered significant media attention recently for several notable auctions, including the internationally publicized sale of a Frank Lloyd Wright home in Chicago and the sale of Intel Corp.’s 428,000-square-foot, 68-acre chip manufacturing facility in Puerto Rico. The top real estate auction firm in Illinois and one of the top auction firms in the country, Inland Real Estate Auctions, Inc. is part of The Inland Real Estate Group of Companies, Inc. (www.inlandgroup.com), which comprises independent real estate investment and financial companies doing business nationwide. Inland is one of the nation’s largest commercial real estate companies. Inland’s national headquarters is in Oak Brook, Ill.

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