IRVINE, Calif. and SILICON VALLEY, Calif., Nov. 26, 2018 /PRNewswire/ -- Ten-X Commercial, the nation's leading online transaction platform for commercial real estate, today announced that brokers have used the platform to sell $1.56 billion in GMV of commercial real estate properties in markets across the U.S. to-date in 2018. The platform transacted $689 million of commercial real estate in the third quarter alone.
Ten-X, which controls 90 percent of all online CRE transactions, also saw an increase in the number of commercial real estate brokers, buyers and sellers using the platform throughout the third quarter of the year, particularly the new dashboard. With valuable features for brokers, the Ten-X dashboard allows users to closely track buyer interest and activity in real-time, while providing collaborative lead management. The dashboard now has more than 8,000 users since launching earlier this year, with nearly a 20 percent increase in visits and page views from Q2 to Q3.
"Our industry-leading dashboard provides users with immediate and transparent property data, including specific information on interested buyers around the globe, all in real-time," said Ten-X Commercial's CTO, Lawrence Yuan. "The steady user growth and increase in traffic between launch and Q3 is a testament to how the industry wants more real-time data, control and efficiency in transacting commercial real estate."
Notable Q3 transactions on the Ten-X platform across all segments include:
- The $33.2 million sale of an industrial property in Michigan via the Offer Select transaction solution where the platform brought in 16 registered buyers from across the U.S.
- The $32.86 million sale of a 235,661-square-foot office property comprised of two buildings in Washington that closed in less than 90 days after the Live Bid event ended
- The $17.62 million sale of a three-story apartment complex in California that had 4,400-page visits, 186 secure document vault visitors and 22 registered bidders
- The $15.55 million sale of an 89,473-square-foot shopping center anchored by Guitar Center in California, which reached maximum value at 124% more than reserve
- The $8.65 million sale of a 116-key Hyatt House hotel property in Texas that brought in more than 5,000 visits to the property details page and 288 secure document vault visitors
- The $5.31 million sale of a 46,259-square-foot neighborhood shopping center in Florida that brought in 28 registered bidders for a late July auction and closed in 30 days
"As we continue to evolve the Ten-X platform to better provide our customers with essential tools, we are pleased to see transaction GMV increase by 16 percent year-over-year," said Ten-X President Maureen Waters. "The increase in GMV and dashboard adoption demonstrates the strength of the Ten-X platform in attracting buyers from around the globe while streamlining the transaction, creating efficiencies and providing transparency for brokers and sellers. With increased PropTech adoption in the CRE industry, we are confident that Ten-X will positively impact and simplify commercial real estate transactions."
About Ten-X Commercial
Ten-X Commercial is the nation's leading online, end-to-end transaction platform for commercial real estate. Since 2009, more than $20 billion has been transacted on the Ten-X platform. By merging proprietary, data-driven technology with industry expertise, the Ten-X platform successfully streamlines the entire transaction process and accelerates close rates. Ten-X Commercial is headquartered in Irvine and Silicon Valley, Calif., with offices in key markets nationwide. Investors in the company include Thomas H. Lee Partners, L.P., CapitalG (formerly Google Capital) and Stone Point Capital.
SOURCE Ten-X Commercial