ATLANTA – July 26, 2016 – Ten-X, the nation’s leading online real estate marketplace, announces the close of escrow on the $17 million sale of Gwinnett Prado Shopping Center in Duluth, Ga., just outside Atlanta, which was sold on the Ten-X Commercial platform. A subsidiary of Insignia LLC purchased the 361,715-square-foot, supermarket-anchored center. An individual investor was the seller.
Sam Hale of Hale Retail Group teamed with Philip Kates, Adam Sklaver and Dean Lewis of Ten-X to market and sell Gwinnett Prado Shopping Center. Located at 2250 and 2300 Pleasant Hill Road in Gwinnett County, the 1988-built property consists of five, one-story buildings on a 32-acre lot. A Great Wall supermarket comprises 102,000 square feet of the center’s occupancy; other tenants include Office Max and T-Mobile.
“The Ten-X platform offered the best avenue for this large-scale asset by providing a solution that made the most sense to the seller,” said Ten-X Commercial Real Estate Division General Manager Gordon Smith. “The Ten-X valuation and marketing process helped create a sense of urgency among buyers which resulted in lots of additional interest and a higher sales price than what anyone had previously anticipated.”
The closing marks the third-largest transaction by a private seller on Ten-X, dating back to when the platform began transacting commercial real estate as Auction.com in 2009. The deal follows the November 2015 closing of Vista Centre Shoppes in Orlando, which Kates, Sklaver and Lewis sold on the Ten-X platform for $21.225 million.
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Ten-X is the nation’s leading online real estate transaction marketplace and the parent to Ten-X Homes, Ten-X Commercial and Auction.com. To date, the company has sold 200,000+ residential and commercial properties totaling nearly $39 billion. Leveraging desktop and mobile technology, Ten-X allows people to safely and easily complete real estate transactions online. Ten-X is headquartered in Irvine and Silicon Valley, Calif., and has offices in key markets nationwide. Investors in the company include Google Capital and Stone Point Capital. For more information, visit Ten-X.com.