Crexi, a digital marketplace for commercial real estate purchases, has sold a Las Vegas office asset for $205 million, marking its largest-ever single-asset online transaction, Commercial Observer has learned.
The online auction for Beltway Business Park, a 375-acre property previously owned by Thomas & Mack Development Group at 5650 Badura Avenue, sold at 32 percent over the reserve and received 15 total bids. The winning bid was made by a joint venture called Beltway Business Park LLC with the owners not identified.
In advance of the November auction, Crexi saw 35,000 visits to the property’s listing website page. The business park features the 860,000-square-foot headquarters of convention services company GES Exposition Services.
The record sale underscores momentum for online auctions that, according to Crexi, enables more transparency in the marketplace. More than $1.2 billion of assets have been supported digitally by Crexi, with nearly $25 billion worth of bids submitted on the platform. In September it saw a record-breaking number of bids with nearly 1,500 for an additional Las Vegas event involving 15 properties and the deals selling for more than $172 million and 59 percent over the reserve.
“Commercial real estate has been done 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 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.”