Auction.com just announced the largest transaction in its 8-year history and largest online real estate transaction ever: The $96.075 million sale of Manhattan Towers, a two-building, 309,734-square-foot office property in Manhattan Beach, Calif., a premier coastal community within Los Angeles.
Manhattan Towers sold in a custom auction that concluded on July 22.
CWCapital was the seller and the deal was brokered by Eastdil Secured. The transaction was the highlight of a week that saw more than $300 million in commercial real estate assets successfully auctioned online via Auction.com.
"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, general manager of Auction.com's commercial real estate division. "As the commercial real estate landscape changes, the way people buy and sell real estate evolves, and Manhattan Towers is proof of just that. Over half of the commercial properties we bring to auction are Class A, non-distressed assets and that's a trend that will only continue to grow."
The sale represents the largest verified e-commerce transaction ever based on current Guinness World Records information. While the purchase of a "Gigayacht" in 2006 has been reported by several online outlets as the largest transaction ever on eBay, other sources have reported that the online auction ended at the $85 million "buy it now" price, which falls short of the Manhattan Towers online auction.
"We believe the $96.075 million auction of Manhattan Towers may represent the largest single e-commerce transaction ever, besting the $40 million purchase of a Gulfstream V private jet by Mark Cuban in 1999, which Guinness World Records currently lists as No. 1," said Auction.com Executive VP Rick Sharga. "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."
Built in 1985, Manhattan Towers is located at 1230 and 1240 Rosecrans Ave., in Manhattan Beach. The two buildings consist of six stories each. Manhattan Towers was one of several noteworthy assets sold online via Auction.com on July 22. Other assets included a multifamily portfolio consisting of two properties located in Reno, Nevada for a total of $71,505,000 and an apartment complex in Orlando, Fla., for $50,137,500. Five full-service hotels formerly owned by Orlando-based Alena Hospitality were also sold to different buyers for a combined total of nearly $87 million.