Seller uses digital marketplace to expand pool of potential buyers for prime downtown property
Ten-X Commercial, the nation’s leading online real estate digital marketplace, announces the closing of 75 South Broadway, a four-story, fully renovated office building in downtown White Plains, N.Y., traded for $13.7 million. The KABR Group was the seller and the buyer was Zef Perlleshi. Dan Lessing of DSR Group was the broker for the transaction.
Multiple offers were made for the listing on Ten-X’s Offer Select transaction platform, which closely mirrors the traditional commercial real estate process while streamlining it with standardization and technology.Offer Select provides buyers and sellers with added control and transparency, while giving deal parties greater certainty of close.
The building is situated within a dynamic business district, with easy access to shops, restaurants and a Metro-North commuter train station. It is currently 96-percent occupied, with several government tenants, including the New York Department of Education, General Services Administration and New York Worker’s Compensation Board.
“As more corners of the real estate industry begin to embrace technology, this transaction demonstrates the unique power modern solutions like Ten-X Commercial have to multiply the potential of each and every asset brought to market,” said Ten-X Commercial General Manager Steve Jacobs.“KABR Group has used our digital marketplace to sell other properties in the past, and they turned to Ten-X again to ensure they would achieve maximum value, while enjoying a smooth transaction process. Working hand-in-hand with DSR Group, we were able to cast an extremely wide net and brought in strong offers from pre-qualified buyers across the country and beyond.”
“The repositioning of 75 South Broadway is another example of KABR executing its value-added business plan,” said Michael Goldstein, managing director of KABR Group. KABR will retain tenancy of Westchester Business Center (“WBC”), which is located on the 4th floor of 75 South Broadway. WBC is a 23,000-square foot modern workspace which offers newly-decorated offices, spacious conference rooms, concierge service, virtual offices, onsite parking, professional networking events and industry-leading technology.
“It was a pleasure working with the KABR group on the acquisition of 75 South Broadway,” Perlleshi said. “We look forward to adding this property to our diverse portfolio and look forward to working with the KABR Group again on future deals.”
According to Ten-X Research, the sale comes in the midst of an improving office market in the White Plains area.Jobs in the region have increased 2.2 percent over the last year, according to the BLS, while vacancies have declined to just north of 20 percent. Vacancies should continue to decline amid solid job growth, as the construction pipeline for office properties is empty for the foreseeable future. Effective rents in the sector continue to tick up, rising 0.5 percent over the last year to an average of $23.85 per square foot, according to REIS.
“The seller had used our Live Bid transaction platform to sell properties in the past, but they realized 75 South Broadway required a different strategy,” added Jacobs.“With Offer Select, they were able to move the traditional transaction process online — from due diligence all the way to closing — while capitalizing on the global reach of our data-driven marketplace. The success of this transaction is a testament to Ten-X’s ability to provide buyers, sellers and brokers with the specific solutions to help them achieve their distinct business objectives.”
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About Ten-X
Ten-X is the nation's leading online real estate transaction marketplace and the parent to Ten-X Homes, Ten-X Commercial and Auction.com. To date, the company has sold 300,000+ residential and commercial properties totaling more than $50 billion. Leveraging desktop and mobile technology, Ten-X allows people to safely and easily complete real estate transactions online. Ten-X is headquartered in Irvine and Silicon Valley, Calif., and has offices in key markets nationwide. Investors in the company include CapitalG (formerly Google Capital) and Stone Point Capital. For more information, visit Ten-X.com.
About The KABR Group
The KABR Group is a diversified real estate organization founded by Kenneth Pasternak, Laurence Rappaport and Adam Altman, proven entrepreneurs and real estate professionals. KABR Group headquartered in New Jersey, owns, manages, and develops commercial, retail, and residential properties along the East Coast with a primary focus of NY Metro and Northeast Florida. The KABR Group current holdings consists of more than four million square feet of office, retail and industrial space, several thousand residential properties and a residential and mixed use development pipeline of several thousand units. For more information, please visit http://www.kabrgroup.com.
