IRVINE, Calif. – June 16, 2015 – Auction.com, LLC, the nation’s leading online real estate marketplace, reported closings on 54 commercial assets in April with a total combined value of nearly $275 million. Office sales made up $91 million of the monthly total, demonstrating the sector’s continuing recovery.
“The office sector took a big step forward in the first quarter, with sales prices surging above $280 per square foot, bringing prices 26 percent higher than a year ago,” said Rick Sharga, executive vice president of Auction.com. “Even though pricing appears to be running slightly ahead of the sector’s underlying fundamentals, increasing employment and office rents should increase investor interest in these properties and create even more demand through 2015.”
Notable closings include the following:
- Cotton Corporate Center Portfolio, a 49 percent occupied, 264,000-square-foot portfolio of three office/flex buildings located in Phoenix, Arizona, was auctioned on March 26. The sale closed on April 28.
- Blackwell Two, a 67 percent occupied, 101,000-square-foot office located in Rockville, Maryland, was auctioned on Feb. 25. The sale closed on April 14.
- Palisades II, an 82 percent occupied, 82,000-square-foot office located in Raleigh, North Carolina, was auctioned on Feb. 25. The sale closed on April 14.
- Linden Park, an 86 percent occupied, 105,000-square-foot Class A office located in Wilmington, Delaware, was auctioned on Feb. 25. The sale closed on April 22.
- Lakeside II, a 101,000-square-foot office located in Dulles, Virginia, was auctioned on March 4. The sale closed on April 2.
- Gothic Park, a 63 percent occupied, 54,000-square-foot two-building medical/professional office campus located in Hartford Connecticut, was auctioned on March 25. The sale closed on April 28.
The Auction.com platform offers complete transparency to the large pool of bidders it attracts from around the world. In turn, the competition among qualified buyers ensures that sellers’ assets are transacted at fair market value. Auction.com enables buyers and sellers to conduct transactions in the most efficient manner possible by leveraging internet technology to streamline a cumbersome, complicated and paperwork-intense process. Auction.com’s CRE Finance Portal offers new financing options, providing users with additional flexibility needed when looking for properties and opening the door for a larger audience to participate in commercial real estate auctions.
To learn more about buying and selling commercial assets on Auction.com, please contact Joseph Cuomo, senior vice president and director of business development at firstname.lastname@example.org or 305.503.2637.
Auction.com, LLC, is the nation’s leading online real estate marketplace. Founded in 2007, the company has sold over $30 billion in residential and commercial real estate assets. Auction.com has over 900 employees and headquarters in Irvine and Silicon Valley, California as well as offices in Austin and Plano, Texas, Atlanta, Denver, New York and Miami. Visit www.auction.com for more information.