Honolulu Office Among Auction.coms $148M Haul
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IRVINE, CA—A Honolulu-based, 83,906-square-foot office building, One South King, was among the 48 commercial assets for which Auction.com LLC facilitated closings during the month of April. The combined total sales price for the online marketplace’s April transactions, which included office, multifamily, hotel and retail properties, was more than $148 million.
GlobeSt.com was unable to reach Auction.com prior to deadline to discuss whether its high aggregated monthly sales prices are related to increasing commercial real estate sales prices in general, or whether the phenomenon is being caused by other factors.
Other notable closings during the month include:
- Overland Park Trade Center, a 651,648-square-foot office property in Overland Park, KS
- The Hayden, a five-unit, 9.624-square-foot luxury apartment building on Manhattan’s Upper West Side in New York
- InnPlace Hotel, a 289-room hotel in Charleston, SC
- Ridge Point Crossing and Ridge Point West, two multifamily properties totaling 388 units in St. Louis
- Delray Square, a 113,175-square-foot grocery-anchored retail center in Delray Beach, FL
- Morris Business Campus, three office buildings totaling 329,650 square feet in Morris Plains, NJ.
Brokers who participated in the April transactions include Ariel Property Advisors, Cassidy Turley, Colliers International and Hospitality Real Estate Counselors.
As GlobeSt.com reported in April, the multifamily and class-A retail sectors are driving the trend of rising sale prices, according to Auction.com. The online marketplace facilitated the closing of 57 commercial assets during the month of March with a combined purchase price of $190 million, many of them apartment communities and shopping centers.
As a GlobeSt.com thought leader, Auction.com provides expert commentary and analysis around economic drivers impacting commercial real estate. For MORE insights and updates on upcoming online property auctions, click here.
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