Commercial real estate experts said such delays can occur for a number of reasons, including that the broker doubted any bidders would offer a price the seller would be comfortable with and wanted more time to market the property, or that the broker sought more time to allow for restructuring with a senior lender or to resolve a legal issue. In some cases, the delays are the result of anticipated good news such as a big new tenant or better rent collection, which the broker would want to announce to potential buyers before the auction to command the best possible price.

Business Reporter

Joseph S. Pete is a Lisagor Award-winning business reporter who covers steel, industry, unions, the ports, retail, banking and more. The Indiana University grad has been with The Times since 2013 and blogs about craft beer, culture and the military.