Archive

The Hidden Danger of Liens: Understanding UCC Filings and Auction Proceeds

The Thrill of the Auction... and the Reality of Secured Transactions Auctions are exciting. The fast-paced bidding, the anticipation, the potential for a great deal – it's a unique experience for both sellers and buyers. But behind the gavel's fall lies a complex web of legal and

2024 Retail Auction Review: A Year of Strategic Growth and Success

What a remarkable year 2024 was for retail auctions at Grafe Auction! Our team conducted 63 successful retail auctions across the country, working with everyone from major national chains to beloved local specialty shops. Each auction told its own unique story of transition and opportunity, connecting quality retail assets with

Sales Tax and Tax Exemption at Grafe Auction: A Guide

At Grafe Auction, we often hear from business owners asking about sales tax and tax exemption. We know tax matters can seem complex, so we want to make it as simple as possible for you to understand how it all works when you're bidding with us. Let'

Legacy of Speed: Inside the Historic Golden Gate Fields Auction

For nearly a century, Golden Gate Fields stood as a crown jewel of California horse racing. As this storied chapter closed, Grafe Auction had the privilege of conducting two comprehensive auctions that captured the essence and history of this remarkable venue. The auctions, which took place over multiple days, offered

Food Service Equipment Warehouse Auctions: 2024 Market Analysis and Insights

Food service equipment warehouses continue to be a significant source of quality commercial equipment. In 2024, Grafe Auction conducted 48 food service equipment warehouse auctions, highlighting the robust market for both new and pre-owned commercial kitchen assets. These comprehensive sales represented some of our largest and most diverse offerings, featuring

Reflecting on Growth and Innovation: Grafe Auction's 2024 Annual Report

In 2024, Grafe Auction strengthened its position as an industry leader by successfully conducting 290 auctions across diverse sectors. From retail chain liquidations to historic venue transitions, each auction presented unique opportunities for both sellers and buyers while showcasing our team's adaptability and expertise. Our success this year

Supermarket Auctions: Key Trends and Insights from 2024

In 2024, supermarket auctions proved instrumental in facilitating industry transitions and upgrades. Through our execution of 53 supermarket equipment auctions, we observed significant market shifts, price trends, and evolving buyer preferences that shaped the industry. Overview of 2024 Auctions Our analysis revealed a mix of business scenarios driving auction activities.

2024 in Review: A Year of Growth, Innovation, and Success at Grafe Auction

As we gather to celebrate the holiday season and reflect on the past year, the Grafe Auction family has much to be grateful for in 2024. From historic venue liquidations to corporate transitions, our team has risen to every challenge, conducting over 290 successful auctions across diverse sectors. Let'

Food Service Equipment Auctions: A Buyer's Guide for Specialty Venues

Whether you're launching a food truck, expanding your catering business, or opening a unique dining concept, finding the right equipment at the right price is crucial. Food service equipment auctions offer an excellent opportunity to acquire quality assets at competitive prices. Here's your quick guide to

Equipping the Modern Office: A Playbook

The modern office environment is rapidly evolving, shaped by changing work patterns and technological advances. Drawing from recent corporate liquidation auctions, this playbook examines key trends in office equipment and provides guidance for businesses looking to outfit their workspaces through auctions. Dominant Office Furniture Trends Ergonomic Solutions Recent auction data

Understanding Max Bidding: A Complete Guide

What is Max Bidding? Max bidding is a powerful feature that allows you to set the highest amount you're willing to pay for an auction item. Once set, our system automatically bids on your behalf up to your maximum amount, helping you secure items without constantly monitoring the

Hotel and Event Center Auctions: A Guide to Asset Liquidation

When hotels and event centers need to liquidate assets or sell surplus equipment, choosing the right auction partner is crucial. At Grafe Auction, our track record managing hospitality venue auctions demonstrates our ability to attract qualified buyers and secure competitive bids for every type of asset. Understanding Hotel and Event

The Art of the Brewery Build-Out: Sourcing Equipment Through Auctions

Building your dream brewery is an exciting venture, but the costs of new equipment can be staggering. Auctions offer a strategic path to acquiring quality brewery equipment at significant savings. This comprehensive guide will help you plan and execute your brewery build-out using auction-sourced equipment. Essential Planning Before You Bid

Building a Sustainable Salon: Smart Equipment Sourcing Through Auctions

Starting or renovating a salon requires significant investment in equipment and furnishings. With styling chairs, washing stations, and sterilization equipment all adding up quickly, many salon owners are discovering a smarter way to source their essentials: auctions. From independent salon liquidations to major retail chain closures, auctions offer opportunities to

Customer Spotlight: Creative Lighting's 98-Year Legacy Shines at Auction

After illuminating homes and businesses across St. Paul for nearly a century, Creative Lighting closed its doors in September of 2024. The closure of this 98-year-old establishment marked the end of an era, but also presented Grafe Auction with the opportunity to honor their legacy through two significant auctions: one

Personal Property Auctions: Trends and Insights from Recent Sales

In the ever-evolving world of estate sales and liquidations, personal property auctions continue to be a fascinating barometer of market trends, consumer interests, and the enduring value of diverse possessions. At Grafe Auction, we've had the privilege of managing a wide array of auctions, each offering unique insights

The Smart Retailer's Guide to Buying Store Fixtures at Auction

In today's competitive retail landscape, creating an attractive store environment while managing costs is crucial. Whether you're launching a new business, refreshing your current layout, or expanding operations, purchasing retail fixtures can be a significant expense. However, savvy retailers are turning to auctions as a cost-effective

Maximizing Holiday Potential: Smart Auction Tactics for Restaurants and Retailers

As we enter October, the holiday season is just around the corner. For many businesses, this means gearing up for the busiest time of the year. At Grafe Auction, we've seen how auctions can play a role in both preparing for the holiday rush and managing the aftermath.

Customer Spotlight: Target's City Center Liquidation Continues - Insights from Recent Auctions

In this second installment of our Target City Center liquidation series, we explore the fascinating trends and insights gleaned from the remaining five auctions of this massive corporate sell-off. As businesses continue to evolve their workplace strategies, these auction results offer valuable perspectives on current office design preferences, technology integration,

Maximizing Returns: A Quick Guide to Preparing Restaurant Equipment for Auction

The restaurant industry continues to evolve rapidly in 2024, with changing consumer preferences, technological advancements, and economic pressures reshaping the landscape. Whether you're upgrading your establishment, pivoting your business model, or closing your doors, auctioning your restaurant equipment can be an effective way to recover value from your

Top Considerations When Buying and Selling Woodworking Equipment at Auctions

The world of woodworking equipment auctions is a vibrant marketplace where craftsmen, hobbyists, and industrial manufacturers alike can find incredible value. At Grafe Auction, we've seen firsthand how these specialized auctions have become a go-to resource for those looking to buy or sell quality woodworking machinery. Whether you&

The True Value of Your Business Assets: Key Factors Affecting Equipment Prices at Auction

When it's time to liquidate business assets or upgrade equipment, auctions offer an efficient way to connect sellers with interested buyers. However, determining the value of your business equipment isn't always straightforward. At Grafe Auction, we've seen countless items cross the auction block, and

The Evolving Landscape of Used Gym Equipment Auctions: 2024 Market Insights

Last year we brought you a blog on trends in fitness equipment auctions for 2023. Now that we're nearing Q4 of 2024, it's time for an update! The fitness industry continues to thrive, with the market for used gym equipment showing remarkable resilience and growth. At

Inside Manufacturing Auctions: Insights from Major Industrial Liquidations

Production and manufacturing facilities may not be what first comes to mind when you think of auctions, but Grafe Auction conducts several each year. The types vary: from printing equipment to interior and exterior design companies to pet product manufacturing and more, we've done it all. In this

The Digital Advantage: How Online Auctions Expand Your Seller Reach

Online auctions have transformed asset liquidation, offering sellers unprecedented reach and improved returns. At Grafe Auction, we've seen firsthand how digital platforms expand seller opportunities. This shift to online bidding has opened up new markets, allowing businesses to connect with motivated buyers across the country and even internationally.

Navigating Restaurant Auctions: Top Trends and Expert Tips for Buyers

The restaurant auction landscape is constantly evolving, reflecting the dynamic nature of the food service industry. After analyzing recent sales data from our past restaurant auctions, several key trends emerged that are shaping the market. These trends not only highlight what's in demand but also offer valuable insights

National Auction Association's Conference & Show: A Grafe Auction Recap

July 23rd through 26th was a successful week for Grafe Auction staff at the National Auction Association's (NAA) Conference & Show. The annual conference includes educational and networking opportunities for those in the auction industry, as well as the International Auctioneer's Championship (IAC). This year, the

17 Years of Excellence: Q&A with Megan Ferrie, Director of Finance

At Grafe Auction, our success is built on the dedication and expertise of our team members. Today, we're excited to introduce you to Megan Ferrie, our Director of Finance. With over 17 years of experience at Grafe Auction, Megan plays a crucial role in ensuring smooth financial operations

Inventory Management Through Auctions: Streamlining Your Business Operations

Effective inventory management is a critical challenge for businesses across industries. Balancing stock levels, minimizing storage costs, and maintaining healthy cash flow can be a constant struggle. At Grafe Auction, we've seen firsthand how auctions can transform inventory management strategies, helping companies optimize their operations and boost their

10 Tips for Success in Online Auctions: A Beginner's Guide

In recent years, online auctions have revolutionized the way we buy and sell goods. At Grafe Auction, we've witnessed firsthand the surge in popularity of virtual bidding platforms. Whether you're looking to snag a great deal or liquidate assets, online auctions offer convenience and opportunity. However,

The Advantages of Online-Only Auctions: Why They're the Future of Bidding

The auction industry has undergone significant transformations over the past decade, with technology playing a pivotal role in shaping its future. One of the most prominent trends is the rise of online-only auctions. Grafe Auction has embraced this shift, recognizing the numerous benefits it brings to both buyers and sellers.

Navigating Corporate Office Auctions: Trends and Insights

Over the past several years as employees transitioned to hybrid or remote statuses, Grafe Auction worked with businesses to liquidate their office equipment. From companies spanning floors upon floors of offices in city skyscrapers, to those with multiple buildings of their own, corporate office auctions are no small feat. In

Simplify Business Liquidation: Your 8-Step Guide to a Stress-Free Process

If you've made the difficult decision to close your business, one of the next challenges you face is figuring out how to liquidate your business assets and equipment. While there are several options available, business liquidation auctions offer a number of compelling benefits. Why Choose a Business Liquidation

A Year in Review: Highlights from Our First Year of Blogging at Grafe Auction

One year ago today, June 7th, we published our first blog post on this site. The year quickly flew by as our team traveled throughout the country cataloging auctions all over the United States. On the blog, we covered everything from customer success stories, to guides for buyers and sellers

Inside Grafe Auction: The Team Roles that Ensure Every Auction's Success

Auctions are intricate events that require precision, strategy, and teamwork. At Grafe Auction, we believe that the success of an auction hinges not just on the items being sold but also on the orchestrated efforts of our dedicated team. From initial consultation to the final sweep of the auction floor,

Grafe Auction Celebrates Charissa Bires' Masters Distinction

Big news from Grafe Auction! Our very own Director of Marketing, Charissa Bires, just graduated with distinction from the University of Iowa's prestigious Tippie College of Business. 🍾 Charissa earned her Masters degree, further solidifying her position as a marketing powerhouse. We always knew she was destined for great

Unique Auction Finds: Inside Grafe Auction's Theater Auctions

While many of our auctions revolve around retail and food service establishments, business liquidations are conducted for a wide variety of business types. From race tracks to event centers and even theaters, Grafe Auction has conducted auctions for all of them. This blog explores one of those unique auction venue

Post-Auction Success: Managing and Transporting Your New Assets

Congratulations! You've just won a bid at a Grafe Auction and now have valuable new assets ready to enhance your business operations. But the journey doesn't end with a winning bid. Efficiently managing and transporting your newly acquired equipment is crucial to ensure a smooth transition

From Comedy Clubs to Golf Courses: The Comprehensive Sale of Pheasant Run Resort

The Pheasant Run Resort offered an escape into leisure and luxury from 1963 - 2020. After its closure, Grafe Auction helped transition its elegant fixtures and furnishings to new destinations, ensuring the resort's story of relaxation and enjoyment would continue in different forms (Chicago Tribune). From ballrooms and

Auction Insights: The Art of Cataloging

In the dynamic world of auctions, cataloging plays a crucial role in ensuring a smooth and successful process for both sellers and buyers. At Grafe Auction, we understand that a well-organized catalog not only tells the story of a business but also helps bidders make informed decisions. This blog offers

From Barrel to Auction: The Closing Chapter of Two Minneapolis Distilleries

The closures of Lawless Distilling and Royal Foundry Craft Spirits mark the end of an era in Minneapolis's craft spirits scene. Both distilleries, known for their unique contributions to local culture and spirit innovation, left behind a legacy through their high-quality distillery equipment, which was sold through auctions.

Strategies for Successful Retail Fixture Auctions: A Seller's Guide

The retail landscape is ever-evolving, and sometimes, that leads to the need for store remodels, business liquidations, or brand updates. Auctions serve as a powerful tool for retailers looking to efficiently manage these transitions by liquidating old fixtures. This guide provides sellers with key strategies to maximize returns from auctioning

Understanding Supermarket Equipment Auctions: A Buyer’s Guide

At Grafe Auction, we specialize in a variety of auctions, with supermarket auctions being a significant focus. These auctions provide an opportunity for supermarkets undergoing transitions—be it liquidation, relocation, or excess inventory management—to offload valuable assets. For business owners, these auctions are a gateway to acquiring quality equipment

Going Green: The Environmental and Economic Advantages of Selling Used Equipment Through Auctions

It's Earth Month! In the modern business landscape, the push towards environmental sustainability has become more than just a trend—it's a necessity. As companies look to reduce their carbon footprint, one aspect that often gets overlooked is the disposal of used equipment. That's

The Essential Checklist for Selling Used Exercise Equipment

The demand for used exercise equipment has surged, as fitness enthusiasts seek budget-friendly alternatives to brand-new gear. If you're considering selling your used exercise equipment, doing so effectively is crucial for a successful transaction. This comprehensive checklist ensures you prepare and present your equipment in the best possible

6 Effective Ways to Utilize Auctions for Spring Cleaning: Insights for Bidders and Sellers

Spring isn't just a time for cleaning out your spaces; it's also an opportunity for refreshing your approach to buying and selling at auctions. Whether you're aiming to declutter or scout for unique finds, auctions can be a powerful tool in achieving your spring

Revolutionizing Retail Liquidation: A Deep Dive into Grafe Auction's Successful Partnership with Staples

In the dynamic world of retail auctions, success hinges on a nuanced understanding of the market and the deft handling of diverse assets. At Grafe Auction, we've carved a niche in transforming retail challenges into profitable opportunities, a journey epitomized by our partnership with industry giants like Bed

Customer Spotlight: Owatonna Public Schools Auction

With the opening of a brand new high school, Owatonna Public Schools reached out to Grafe Auction to use our services in auctioning off assets from their old facility. In this Customer Spotlight, we focus on Owatonna Public Schools and their transition to a new high school. This blog details

A Fond Farewell: Honoring the Legacy of Chicagoland’s Iconic Businesses Through Auctions

The fabric of the Chicago area is interwoven with the history of its iconic businesses – establishments that have served as community pillars for decades. As time ushers in changes, some of these landmark institutions have closed their doors, entrusting Grafe Auction with the significant task of honoring their legacy through

Navigating Warehouse Food Service Equipment Auctions: Trends and Opportunities

When it comes to buying food service equipment at auction, it's a common misconception that the only available items come from closed establishments. However, at Grafe Auction, we conduct numerous warehouse equipment auctions, offering a diverse range of food service equipment essentials. These auctions present a unique opportunity

From Strategic Marketing to Auction Storytelling: Meet Charissa Bires

Meet Charissa Bires, the Director of Marketing at Grafe Auction. With a background in strategic marketing and an MBA, Charissa brings a unique blend of analytical and creative skills to our team. Her role at Grafe Auction is not just a job, it's a passion for storytelling and

The Thriving Market of School Auctions: Insights and Trends

A category that may not readily come to mind when thinking of auctions, involves school systems. Whether consolidating schools in districts, building entirely new locations, or upgrading equipment, school auctions serve as an effective way for educational institutions to raise funds and offload surplus equipment. Grafe Auction, with decades of

Customer Spotlight: Exploring Publix's Equipment Through Grafe Auction's Lens

As a pivotal figure in the grocery retail landscape, Publix's operational maneuvers offer valuable lessons in inventory management. At Grafe Auction, we've had the unique opportunity to observe these through the recent auction sales data of Publix. In fact, we analyzed all of our auctions with

Behind the Scenes: How We Prepare for an Online Auction

At Grafe Auction, our online auctions are a symphony of precision and expertise. While the excitement of a live auctioneer is reserved mostly for our real estate events, the energy and thoroughness we put into our online auctions are second to none. This post offers a deep dive into the

Supermarket Auctions: A Review of Last Year’s Trends

In the dynamic world of the supermarket industry, auctions have emerged as pivotal events, shaping the landscape of how businesses acquire and liquidate assets. Reflecting on the past year, we've witnessed fascinating trends and shifts in the supermarket auction space. This review delves deep into these patterns, uncovering

A Year of Remarkable Finds: Grafe Auction's 2023 Holiday Letter

As the year draws to a close and the holiday cheer fills the air, we at Grafe Auction are taking a moment to look back at a year filled with unique discoveries and treasured connections. From the bustling aisles of retail giants to the intimate classrooms of local schools, our

Brewing Up Success at Auction: An Inside Look at Brewery Equipment Sales

As craft breweries boom, so does demand for brewhouses big and small. From small startups buying their first 3-barrel kit, to regional players upgrading to automated 50-barrel systems, brewery auctions supply quality equipment amidst growth. For both buyers and sellers, auctions unlock tremendous value. We recently analyzed reports from five

Seasonal Storage Solutions: Maximizing Efficiency with Auctioned Warehousing Equipment

As the holiday season heats up, businesses across various sectors had to brace for the influx of seasonal inventory. Efficient management of this increased inventory is crucial for smooth operations and customer satisfaction. Did you know, a solution that is often-overlooked lies in sourcing storage and warehousing equipment through auctions?

Redefining Auctions: More Than Just Closing Doors

Auctions are often perceived as a sign of closure or the end of an era. However, in many instances, they symbolize growth, transition, and opportunity. At Grafe Auction, we've seen firsthand how auctions serve as a pathway for businesses to evolve and expand. Two recent examples – the Publix

Fulfilling Holiday Feasts: Auctions as a Resource for Food Service Equipment

Preparing for the holiday season is both an exciting and daunting task, especially if you're in the food service industry—whether you're a buyer or a seller. Increased customer traffic, special holiday menus, and catering events can put even the most well-equipped kitchen to the test.

Unlocking the Potential of Land: A Brief Overview of Alternative Land Auctions

In the ever-evolving landscape of real estate, auctions have emerged as a robust platform for buying and selling land. Whether you are an aspiring developer, an established landowner, or even a curious investor, understanding the nuances of real estate auctions can offer invaluable insights. This overview aims to demystify the

Going Green: The Environmental Benefits of Buying Used Equipment

In today’s world, sustainability isn't just a buzzword; it's a necessity. As discussions about climate change and resource conservation intensify, both businesses and individuals are looking for ways to minimize their environmental impact. If you're a business owner or a decision-maker in retail,

From Grandfather's Auctions to Director of Logistics: Meet Benjamin

We're excited to introduce you to a key player on our Grafe Auction team—Benjamin Grafe, our Director of Logistics. With a rich background that includes growing up in the auction scene under his grandfather's guidance, serving in the United States Air Force, and a deep

Industry Focus: The Value of Used Gym Equipment

The fitness industry continues to thrive, with gym memberships and equipment sales reaching all-time highs. This creates a bustling secondary market for quality used gym equipment – offering tremendous value to buyers and sellers alike. Our recent analysis of sales reports for five auctions Grafe Auction conducted reveals in-depth insights into

A Tribute to Dinkel's Bakery: A Century-Old Legacy and A Remarkable Auction

An Endearing Legacy: The Story of Dinkel's Bakery Established in 1922, Dinkel's Bakery wasn't just a fixture in Chicago's Lakeview neighborhood—it was a cornerstone of community life. Spanning four generations of family ownership, the bakery became an indelible part of the

The Role of Auctions in Economic Recovery: A Comprehensive Exploration

In the complex world of global commerce, downturns are inevitable. Yet, in the face of such challenges, the auction industry consistently emerges as a beacon of rejuvenation. This article delves deep into the integral role auctions play in stimulating economic vitality during turbulent times. The Historical Significance of Auctions in

How to Prepare Your Restaurant Equipment for Auction: A Comprehensive Guide

In the world of dining and culinary arts, the equipment you use is often a testament to the memories and milestones your restaurant has achieved. But when the time comes to update, upgrade, or pivot your business, ensuring that this equipment finds a new home or purpose is vital. Going

Customer Spotlight: Inside Target's City Center Liquidation, Part 1

Target moved into its City Center offices in 1983. Spanning 35 floors, the expansive location included: * Office Spaces * A Sprawling Cafeteria * Dedicated Breakrooms on Each Floor * An extensive basement for storage and overflow items. The large location was no longer needed once the company moved to a hybrid work environment,

The Evolution of the Auction Industry: How Technology Has Transformed Grafe Auction Since 1959

When Grafe Auction was founded in 1959, the auction industry was an entirely different landscape. Live, in-person events dominated the scene, complete with the buzz of anticipation as bidders sized up their competition and their desired lots. These events often took weeks or even months to prepare for, involving exhaustive

Behind the Scenes: Unraveling John Schultz's Impact at Grafe Auction

John Schultz embodies more than just the title of an auctioneer; he carries with him a legacy spanning 25 years, rooted in his family's auction enterprise in the heart of Minnesota. Today, John is a Partner and the Chief Marketing and Technology Officer at Grafe Auction, a testament

A Guide to Selling Commercial Real Estate at Auction

We often encounter people wondering, "Why should I consider selling my commercial real estate at auction? Is it the right choice?" The answer is a resounding "yes," and in this blog, we'll explain why. By navigating you through the step-by-step process of selling your

Maximizing Retail Asset Returns: The Advantage of Direct Auction Partnerships

Large retail chains occasionally need to liquidate assets from store locations due to transitions, consolidations, or closures. But how can they maximize returns on owned assets in these stores? Auctioning is an optimal solution. In this post, we'll explore how major retailers can partner with auction companies to

Frequently Asked Questions

Welcome to our Frequently Asked Questions Blog, tailored especially for our loyal and new bidders. Whether you're new to online auctions or an old hand, sometimes a little clarity is needed. From the intricacies of event-based questions to the nitty-gritty of post-auction details, we've put together

Insights from a First-Time Attendee at the National Auction Association Conference

Navigating from a national grocery chain to a technology company and now to Grafe Auction, my marketing career has spanned multiple industries. While each industry has unique features, the passion I've discovered in the auction industry stands out in comparison. An Inviting Introduction My journey began with the

Five Factors That Determine the Value of Your Business Equipment at Auction

Selling business equipment at auction can be an excellent way to liquidate assets, especially when dealing with a business transition or closure. However, determining the right value for your equipment can be challenging. Unlike retail products, business equipment doesn't come with a fixed price tag, and its value

Distribution Center Auctions: A Walkthrough

When warehouses and distribution centers undergo changes or close their doors, what happens to their assets? This is where distribution center auctions step in, providing a platform for sellers to maximize the value of their equipment and for buyers to acquire high-quality assets at competitive prices. In this blog, we

Customer Spotlight: Arlington Park International Racecourse

Arlington Park International Racecourse closed in September of 2021 after nearly a century of being in business. It opened in 1927 in the Chicago area and the land was purchased by the Chicago Bears in 2022, which ultimately lead to its closure. The principal CFO of Arlington Park invited Grafe

Understanding Auction Jargon: A Comprehensive Glossary

In the dynamic world of auctions, understanding the language is key to success. In this comprehensive glossary, we'll decode common auction terms and phrases, empowering you to navigate with confidence. Whether you're a seasoned bidder or new to the auction scene, this guide will enhance your

Why Auctions? The Advantages of Buying and Selling Retail Store Fixtures at Auction

With the retail landscape continually changing and evolving, businesses often need to upgrade their interiors or liquidate assets. Whether you're a store owner planning a complete makeover or a business winding down, one platform stands out as an effective solution for selling and acquiring retail fixtures - auctions.

5 Things to Expect at Your First Online Auction

With ever-advancing technology, the way auctions are run has changed drastically in the last few years. Online auctions are gaining popularity and providing an accessible and convenient way to participate in bidding. If you've never attended an online auction before, you may wonder what to expect and how

Real Estate Auction: Student Housing Complex

A student housing complex Grafe Auction worked with was a 150-unit dormitory/efficiency-style apartment complex located across from a university in Winona, Minnesota. The complex was under the control of a regional commercial bank, and under the interim management of Lighthouse Management Company, the court-appointed receiver. The complex reflected rent