Auction.com Announces Record $96M Online Real Estate Transaction
Auction.com has announced the largest online real estate transaction ever, the $96.075M sale of Manhattan Towers. The 309k SF, two-building office property is located on Rosecrans Avenue in Manhattan Beach, CA, and was sold in a custom auction that concluded on July 22. Eastdil Secured brokered the deal on behalf of the seller, CWCapital. "The successful sale of Manhattan Towers is further proof that some of the highest-quality commercial real estate assets available today are being sold on Auction.com," said Gordon Smith, the general manager of Auction.com's commercial real estate division. Based on current Guinness Book of World Records information, the sale represents the largest verified e-commerce transaction ever. Auction.com Executive VP Rick Sharga added, "This is the largest single property sale we've ever executed. It really shows the power of our online platform, and certainly suggests that the market is ready for online real estate transactions to become more and more common in the years to come." The transaction was the highlight of a busy week for Auction.com that saw more than $300M in commercial real estate successfully auctioned online.