Photo: Google Street View
Auction.com just announced the largest online real estate transaction in history. The Manhattan Towers on Rosecrans Avenue in Manhattan Beach, California (pictured above) recently sold for $96.075 million in a custom auction on the online retailer platform.
The two-building office complex is 30 years old and measures 309,734 square feet. It was sold by CWCapital and brokered by Eastdil Secured. Indeed, it was a watershed moment for the fast-growing online real estate industry as sites like bid4assets.com, Hubzu and Auction.com work to shift the marketplace from agents to keyboards.
In the same week that the record-breaking sale went through, Auction.com recorded more than $200 million in various other online commercial real estate deals. The sale of the Manhattan Towers was finalized on June 22 and the buyer of the property has yet to be disclosed.
According to cnbc.com, Auction.com is now moving towards non-distressed, residential properties in states such as California and Florida, which are attractive to overseas buyers.