MADIERA BEACH, Fla., Aug. 22, 2019 /PRNewswire/ -- Ten-X Commercial, the nation's leading transaction platform powering 90% of all online commercial real estate sales, today announced that CBRE, on behalf of a large financial institution, leveraged the Ten-X platform to conduct the $17.2 million sale of The Shops at John's Pass Village. CBRE's Mark Shellabarger and the seller selected the Ten-X transaction platform to take advantage of the accelerated marketing and closing process, and to reduce the risk of a re-trade.
For The Shops at John's Pass Village, the Ten-X platform generated more than 8,300 property page views and 230 interested buyers, 11 of who were fully qualified to bid on auction day. The auction event resulted in 29 total bids and a final sale to Ben Mallah, a high net-worth buyer from the Ten-X global investor database.
"At 40,771 sq. ft., The Shops at John's Pass Village is the largest, single-ownership asset in the iconic John's Pass Village, the top tourist destination in Pinellas County," said Mark Shellabarger, Senior Vice President at CBRE. "This was a very rare opportunity to acquire a high-profile, waterfront commercial property with retail shops, restaurants, a marina, and a 325-space parking garage. It is simply a one-of-a-kind, irreplaceable property and the Ten-X platform helped us to increase our reach while reducing risk."
The Ten-X Commercial platform offers brokers and their clients a data-driven way to market, list, and transact their property entirely online. By using Ten-X, brokers can increase their marketing reach, access real-time data insights via the Ten-X dashboard, and transact properties in an efficient process that provides greater certainty of close.
"This transaction underscores the ability of the Ten-X platform to market, sell, and close high-quality assets such as The Shops at John's Pass Village," said Joe Cuomo, Senior Managing Director at Ten-X. "Our platform also provides opportunities for high net-worth investors, such as Ben Mallah, to acquire quality commercial real estate in a transparent, democratized and streamlined process."
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About Ten-X Commercial
Ten-X Commercial is the leading end-to-end transaction platform for commercial real estate, powering more than 90% of all online CRE sales. Our platform empowers brokers, sellers and buyers with data-driven technology and comprehensive marketing tools to expand market visibility and decrease time to close. 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