USA-based TEN-X, formerly Auction.com, says the first online auction hosted by its new TEN-X Commercial platform will take place on April 6 with the sale of Town Center Plaza, a retail centre in Palm Desert, California.
TEN-X Commercial is one of three new transaction platforms including Ten-X Homes and Auction.com to be launched in March at the South by Southwest Interactive Festival in Austin.
All three platforms allow sellers the option of choosing to transact either using an online auction or a more traditional non-auction process online.
The special managed bid event in April will take place in a custom, two-step process typically reserved for higher-priced properties, allowing interested participants to first qualify for a “short list” by submitting sealed indicative offers prior to the event by March 11.
Town Center Plaza is an 82,900-square-foot grocery-anchored property with existing tenants including national retailers Trader Joe’s, Michael’s Arts and Crafts and Tuesday Morning. Several other local retailers and popular restaurants also comprise the 87-percent occupied property.
Situated in the core of Palm Desert’s retail district, Town Plaza is the only retail center contiguous to the Westfield Palm Desert Regional Mall, the largest mall in the Coachella Valley. Palm Desert is a year-round destination located 11 miles east of Palm Springs, California.
Ten-X Commercial Real Estate Division General Manager Gordon Smith says Town Center Plaza reflects the nature of high-quality retail properties investors have access to on the proven Ten-X platform.
“This is an attractive investment in a great location with national retailers in place. And with no existing debt, any buyer can purchase Town Center Plaza and take advantage of the current low interest rate environment,” Smith says.
With over $35 billion of online property transact volume completed in the last 9 years, Irvine, California-based Ten-X recently announced its transition into an online marketplace where buyers, sellers, and the agents and brokers who represent them can easily and efficiently buy and sell high quality residential and commercial real estate.
The company, which has facilitated the sales of over 200,000 residential and commercial properties since 2007, began as a disposition platform for distressed assets.
In recent years prior to its re-brand, Auction.com migrated towards higher quality, non-distressed assets.
Nearly 60 per cent of the commercial properties brought to sale in 2015 were traditional, high quality assets, including an office complex in Manhattan Beach, California which sold for $96 million – the largest online transaction ever.