When Real Times called Jack Peckham, he was in the middle of depositing a hefty commission check in the bank earned through brokering one of the largest commercial sale estate transactions to take place solely via the Internet.
Peckham, president of Peckham Boston Advisors, Boston Massachusetts and Executive Director of the Real Estate CyberSpace Society, engineered the Internet sale of a 160,000 square foot free standing office building net leased to New England Telephone and Telegraph Company (Bell Atlantic). Also negotiating the sale was Tom Rochford, president of Tom Rochford Real Estate, Lafayette, California. Both Peckham and Rochford are members of the Real Estate CyberSpace Society.
The property, located in Marlborough, Massachusetts, was conveyed by Lockway Management Company to National Government Properties for $28,750,000.
According to Peckham he posted the offering at the Peckham Boston Advisors web site earlier this year. Shortly after the posting Rochford was browsing the Web searching for a property for his client when he came upon Peckham’s offering. The two connected via E-mail and phone and after the normal negotiating and due diligence periods the sale was completed.
Commenting on the transaction, Peckham stated that all of the elements of a typical CyberSpace sale were present in this transaction which he stated "again shows the power of the Internet to connect several previously unintroduced parties with lightning speed."
Peckham who has completed several Internet transactions including an impressive array of sales already closed this year. In 1998 alone, in addition to the Bell Atlantic sale, he has brokered and closed sales on two hotels and a net leased property in Fort Lauderdale (the fourth similar property in Florida sold by him on the Internet). Some of Peckham’s other closed Internet sales have included Walgreens net leases and a 60 unit apartment building.
When Peckham isn’t selling real estate on the Internet he serves as Executive Director of the Real Estate CyberSpace Society.
Published: June 10, 1998
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