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LAS VEGAS – September 7, 2017 – Ten-X Commercial, the nation’s leading digital real estate transaction marketplace, announced the closing of two commercial real estate assets in Las Vegas that sold for an aggregate price of $28.3 million. The properties traded on Ten-X’s Live Bid transaction platform. The seller of both properties was the Clark County Department of Aviation.
The properties include the leased-fee interest in the Arroyo Market Square retail center, which is located at 7200 Arroyo Crossing Parkway and has 38 years remaining on a 50-year ground lease. The 919,192-square-foot retail center was built in 2009 and occupied by anchor tenants The Home Depot, Sam’s Club and Walmart. Other national and regional tenants include Bed Bath & Beyond, Best Buy, Toys ‘R’ Us, Pet Smart, GNC and Chili’s.
The other asset, located at 5915 S. Rainbow Boulevard, includes the leased-fee interest in two medical office buildings totaling 40,802 square feet on 6.4 acres, and two vacant fee-simple lots totaling 4.3 acres. The ground lease for the medical office buildings has 36 years remaining on a 50-year term.
“In addition to the challenge of ensuring that we were in compliance with all regulations associated with selling land for the government, we helped make a market for assets that were structured in a way that was novel to many investors,” said Ten-X Commercial General Manager Steve Jacobs. “Our team worked diligently with the county to ensure that we were in compliance with all legal requirements, while helping educate interested investors about the structure of these participatory ground leases. Working closely with all parties, we were able to solicit numerous strong bids, helping the county monetize these assets.”
While state and local regulations required that any bids be placed during a public meeting of the Board of County Commissioners, county staff opted to complement a traditional auction with Ten-X Commercial’s unmatched efficiency and global market reach.
To meet all of Clark County’s regulations, the Live Bid online auction took place in conjunction with a public meeting at the Clark County commission chambers. Offers that were made in person were also input online, while bids from online participants were read aloud in the commission chambers.
“One of the benefits of a data-driven marketplace like Ten-X, is the expanded investor pool it creates, by removing the geographic boundaries traditionally associated with CRE transactions, and curating relevant investment opportunities for each individual investor,” added Jacobs. “With the Arroyo Market Square asset selling to a buyer based out of Los Angeles — who likely would not have been targeted in traditional marketing efforts — Clark County has realized the benefits of our online marketplace in a very tangible way.”
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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 300,000+ residential and commercial properties totaling more than $50 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.