LOS ANGELES, Dec. 7, 2021 /PRNewswire/ — Crexi, the commercial real estate (CRE) industry’s fastest-growing marketplace, data, and technology platform, today announced its exclusive auction hosting of the Beltway Business Park in Las Vegas, Nevada, sold for $205M. This sale marks the largest single-asset online transaction ever to take place.
The auction took place in November and sold 32% over reserve, receiving 15 total bids. The winning bid of $205M was made by Beltway Business Park LLC., a joint venture of two of the largest owners and operators of office and industrial space in the country. This transaction shows a trend in online auctions as a credible avenue for buying and selling commercial real estate. Crexi saw 35,000 visits to the asset’s listing website page in advance of the sale. As the largest single asset transaction to ever take place online, the Beltway Business Park included 350+ acres leased fee interest and approximately 4.5M SF of improvements on this Class A institutional asset.
According to Crexi, online auctions are allowing the marketplace to be more transparent and fair for all parties, allowing anyone who has the funds to participate and acquire sought after assets. Today, over $1.2B of assets have been supported digitally with Crexi Auction, with nearly $25 billion worth of bids submitted on Crexi. Crexi’s auction platform effectively sells assets regardless of size, property type and market. The Beltway transaction proves Crexi’s platform can successfully market to auction Class A, institutional-grade assets in less than 90 days.
Additionally, on September 22nd, Crexi saw a record breaking number of bids for an additional Las Vegas event involving 15 properties. The auction garnered nearly 1,500 bids, with the winning bids including multiple Fortune 500s. In total, the deals sold for more than $172M and 59% over reserve.
“Commercial real estate has been done the same way for so long and these recent transactions show a need…