The team at Crexi is proud to announce that the exclusive auction hosting of the Beltway Business Park in Las Vegas, Nevada has sold for $205M. This sale marks the largest single-asset online transaction in history.
The auction was held in early November, receiving 15 total bids, and selling 32% over reserve. Beltway Business Park LLC., a joint venture of two of the largest owners and operators of office and industrial space in the country, had the winning bid of $205M.
This transaction showcases online auctions as an increasingly credible avenue for the buying and selling of commercial real estate. Crexi saw plentiful interest in the asset, garnering over 35,000 visits to the property’s listing page ahead of the sale. As the largest single-asset transaction to ever take place online, the Beltway Business Park included 350+ acres of leased fee interest and approximately 4.5M SF of improvements.
Crexi is proud to offer online auctions as a forum to make transactions more transparent, allowing any credible buyer to participate and acquire sought after properties. Today, Crexi Auction has supported over $1.2B in assets on its platform, earning 17x more leads and accepting nearly $25 billion worth of bids submitted digitally. Regardless of size, property type, or market, Crexi’s auction platform effectively sells assets, and the Beltway transaction proves the platform can successfully market and auction Class A, institutional-grade assets in less than 90 days.
The Beltway auction follows on the heels of another successful auction event: on September 22nd, Crexi saw a record-breaking number of bids for a Las Vegas auction event involving 15 properties. The auction attracted nearly 1,500 bids, with the winning bids including multiple Fortune 500s. In total, the parcels sold for upwards of $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 certainty including transaction terms agreed upon in advance. Once a winning bidder is determined, the escrow and new ownership is finalized in as quickly as 30 days. The Auction platform allows for greater visibility throughout the closing process, with access to Crexi’s closing dashboard, real time notifications, and dedicated Crexi closing support.
Upcoming auction events include:
- December 13th – 15th
- January 10th – 12th
- January 24th – 26th