- September 06, 2019
AN ICONIC PROPERTY
At 40,771 SF, The Shops at John’s Pass is the largest, most prominent property in the complex, featuring several popular restaurants and Hubbard’s Marina and boat tours. This iconic property also includes a six-level, structured parking garage that generates about $900,000 of net income through hourly public parking.
THE TEN-X TRANSACTION SOLUTION
This asset had been actively marketed for over a year when CBRE and the seller collectively engaged Ten-X Commercial to develop a new marketing strategy and tap into our proprietary database of 400,000+ buyers. Based on our research on recent sales and buyer forecasting, we recommended a Live Bid solution to drive maximum marketing activity, spark strong buyer interest, and reduce the risk of re-trade. Additionally, with the use of our proprietary dashboard, Ten-X consistently communicated with the seller on buyer activity and marketing traction to garner full transparency and visibility throughout the entire transaction process.
SOLD FOR $17.2 MILLION
Our Live Bid transaction solution generated more than 8,300 property page views and 230 interested buyers who signed confidentiality agreements, 11 of whom were fully qualified to bid on auction day. After 29 total bids, The Shops at John’s Pass Village sold for $17.2 million, surpassing the seller’s expectations by 23%, to a private seller from our global database.
“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,” said Mark Shellabarger, Senior Vice President at CBRE. “It is simply a one-of-a-kind, irreplaceable property and the Ten-X platform helped us to increase our reach while reducing risk.”
Read news coverage about this sale.