Crexi Nets Record $205M Online Auction Deal for Las Vegas Business Park – Commercial Observer
Grow up, a digital marketplace for commercial real estate purchases, sold a Las Vegas office building for $ 205 million.
The online auction for Beltway Business Park, a 375 acre property previously owned by. was Thomas & Mack Development Group, 5650 Badura Avenue, sold 32 percent over reserve and received a total of 15 bids. The bid was called by a joint venture. submitted Beltway Business Park LLC with unidentified owners.
Prior to the November auction, Crexi had 35,000 visits to the property’s listing website. The business park houses the 860,000 square meter headquarters of the congress service provider GES exhibition services.
The record sale underlines the dynamism for online auctions, which, according to Crexi, enables more transparency in the market. Crexi has digitally backed more than $ 1.2 billion in assets, with nearly $ 25 billion worth of bids being placed on the platform. There was a record high number of bids in September, with nearly 1,500 for an additional Las Vegas event that involved 15 properties, and the deals sold for more than $ 172 million, 59 percent over the reservation.
“Commercial properties have been operating the same way for so long and these recent transactions show a need for change.” Bob Drury, a senior managing director at Crexi said in a statement. “We are propelling the industry in an exciting new direction and you will continue to see prominent assets and discerning buyers, brokers and sellers entering the auction room in the near future.”
Andrew Coen can be contacted at [email protected].