Raleigh, NC – Avison Young and Ten-X Commercial announced today the sale of Eastport Office Building, a 146,000 square-foot (sf), three-story, office building located at 5420 Millstream Road in McLeansville (Greensboro MSA), North Carolina. SRA/Eastport Office Building, LLC sold the building for $7.3 million to North Carolina-based investor Eastport Ventures, LLC.
Built in 1990, this Class A office building is situated on approximately 11 acres immediately adjacent to Interstate 40 and just outside of Greensboro, North Carolina. The property was originally an expansion to the formerly neighboring AT&T campus, now called Carolina Corporate Center. Currently 48% leased, tenants include Willis Re, Conduit Global and DCAA (Defense Contract Audit Agency).
Eastport Office Building was sold via Ten-X, the nation’s leading online real estate transaction marketplace. Ten-X Commercial’s Live Bid transaction method was used to transact the asset, allowing for pre-qualified buyers to compete on price on a fixed sale date. The Building attracted four fully approved bidders for its March 1 Live Bid event and was sold and closed in 30 days. Justin Latorre represented Ten-X Commercial in the transaction.
“The Ten-X Commercial marketplace helped discover Eastport Office Building’s true market value, delivering a smooth and successful transaction process that was completed within just one month,” said Ten-X Commercial General Manager Steve Jacobs. “Sellers and brokers continue to count on the Ten-X marketplace to successfully find the unknown buyer to transact their assets and close quickly and with certainty.”
Gary Lyons, Senior Vice President, Capital Markets, and Blake Thomas, Vice President Capital Markets, both in Avison Young’s Raleigh office, and Michael Fay, Principal and Managing Director, and John Crotty, Principal, Capital Markets, both in Avison Young’s Miami office, exclusively represented the seller in the transaction.
“The speed with which the property came to market and closed was amazing. It was exciting to watch as the potential buyers competed to win the asset,” said Avison Young Senior Vice President Gary Lyons. “Given the opportunity for significant lease up, we see this as a great value-add opportunity for the buyer. They’ve approached the investment correctly by making plans with their lender to invest further in the building in support of their current clients and in anticipation of increasing the building’s occupancy.”
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 275,000+ residential and commercial properties totaling more than $46 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 CapitalG (formerly Google Capital) and Stone Point Capital. For more information, visit Ten-X.com.
About Avison Young
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,400 real estate professionals in 79 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties. For more information, visit avisonyoung.com.
For further information/comment/photos:
- John Linderman, Principal, Managing Director, Avison Young: 919.420.1559
- Gary Lyons, Senior Vice President, Capital Markets, Avison Young: 919.420.1572
- Blake Thomas, Vice President, Capital Markets, Avison Young: 919. 420.1568
- Stacy Farmer, Vice President, Marketing, Avison Young: 919.420.1588
- Mike Besack, Public Relations Manager, Commercial Division, Ten-X: 949.790.6416