Largest Single-Asset Online Real Estate Transaction Closes for $205 Million
Grow up just announced that Beltway Business Park in Las Vegas, Nevada was sold for $ 205 million in a private auction. This sale is the largest single asset real estate transaction online to date (click to view real estate investment offers).
The auction: The auction took place in early November and received a total of 15 bids that sold 32% above the reserve price.
The final bid of $ 205 million was submitted by Beltway Business Park LLC, a joint venture between two of the leading US owners and operators of office and industrial space. Beltway Business Park includes more than 350 acres of leased fee interest and approximately 4.5 million square feet of renovation work.
The platform: Crexi offers online auctions as a platform to enable more transparent transactions and allow any credible buyer to participate and purchase real estate. The platform has already supported more than $ 1.2 billion in assets on its platform, generated 17 times more leads, and accepted approximately $ 25 billion in digital bids.
The Beltway auction follows another successful sale: Crexi posted an unprecedented number of bids on a Las Vegas auction of 15 homes on September 22nd. Several Fortune 500 companies were among the winners of the auction and received nearly 1,500 bids. The packages sold for more than $ 172 million, or 59% more than their reserve price.
“Where auctions were once reputed to be the last resort, Crexi now connects buyers and sellers of high quality, value-adding assets to maximize their portfolio strategies,” said Bob Drury, Crexi’s senior managing director, in a press release.
The platform offers both sellers and buyers pre-agreed purchase conditions and other securities. After a successful bidder is selected, Crexi can complete the escrow and property transfer in as little as 30 days.
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