Crexi has just announced that the Beltway Business Park in Las Vegas, Nevada, has sold in a private auction for $205 million. This sale is the world's largest single-asset online real estate (click to view real estate investment offerings) transaction to date.
The Auction: The auction was held at the beginning of November and it received a total of 15 bids, selling for 32% more than the reserve price.
The winning bid of $205 million was submitted by Beltway Business Park LLC, a joint venture of two of the US top owners and operators of office and industrial space. The Beltway Business Park comprises 350+ acres of leased fee interest and around 4.5 million square feet of renovations.
The Platform: Crexi offers online auctions as a platform to enable more transparent transactions, allowing every credible buyer to take part and purchase properties. The platform has already supported more than $1.2 billion in assets on its platform, generating 17 times more leads and taking approximately $25 billion in digital bids.
The Beltway auction comes after another successful sale: Crexi registered an unprecedented amount of bids for a Las Vegas auction event featuring 15 homes on September 22nd. Several Fortune 500 companies were among the winning bidders in the auction, drawing nearly 1,500 bids. The parcels sold for more than $172 million or 59% more than their reserve price.
"Where auctions once had a reputation of being a last resort, today Crexi connects buyers and sellers on high quality and value-add assets to maximize their portfolio strategies," said Bob Drury, Senior Managing Director at Crexi, in a press release.
The platform also provides pre-agreed purchase terms and other certainties to both sellers and buyers. After a winning bidder is selected, Crexi can complete the escrow and transfer of ownership in as little as 30 days.
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Photo by Dylan Carr on Unsplash
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