Crexi hosts the auction of Beltway Business Park in Las Vegas, Nevada, sold for $205M
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 for change,” said Bob Drury, Senior Managing Director at Crexi. “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. We are driving the industry in an exciting new direction, and you will continue to see more prominent assets and sophisticated buyers, brokers and sellers enter the auction space in the near future.”
Crexi’s Auction platform offers auctions for certainty including transaction terms agreed upon in advance. Cnce a winning bidder is determined, the escrow and new ownership is seamless in 30 days. The Auction platform includes greater visibility throughout closing with access to Crexi’s closing dashboard, real time notifications, and dedicated Crexi closing support.
Upcoming auctions include:
November 29th – Dec 1st
December 13th – 15th
January 10th – 12th
January 24th – 26th
For more information about Crexi’s Auctions, please visit: https://bit.ly/3HK8rtw