Dayton, OH | Office | Closed on RealINSIGHT Marketplace

  • Jan 14, 2020
  • Marketplace Closings

343,236 SF Class A Office Building In Secondary Market Closes For 175% Of Reserve.

Fifth Third Center Closed on RealINSIGHT Marketplace

WASHINGTON D.C., JANUARY 14, 2020–RealINSIGHT Marketplace, the online CRE sale and auction platform, started the year off strong with the closing of the Fifth Third Center, a 343,236 SF Class A office building on 1 South Main Street in Dayton, Ohio that sold at 175% of Reserve.

This 38% occupied, high-rise CBD office building presented a significant disposition challenge considering its location in a secondary market (Dayton, OH) which is currently experiencing weak economics with high levels of vacancy, limited rent growth, and lackluster leasing velocity.

The Marketplace team partnered up with Adam Sklaver, Philip Kates, and Christian Rahe of CBRE to aggressively market the property.

“The combination of CBRE’s national database and the RealINSIGHT Marketplace’s positive platform reputation and depth of investors allowed us to generate 20 fully vetted bidders from across the country despite the building’s location in a secondary market.” - Christian Rahe

The Marketplace auction ended on November 6, 2019 with a result of:

•  199 signed Confidentiality Agreements
•  Interest from 32 states and Canada
•  20 fully vetted Registered Bidders
•  38 bids over a two-day online auction event
•  A sale price that well exceeded the Sellers expectations and all value indications

“Closing at 175% of the Reserve, our Seller was beyond happy and we at CBRE are excited with the continued results we’re seeing through the online auction process.” – Adam Sklaver

To learn more about the Fifth Third Center, please visit: our Fifth Third Center asset page or reach out to the Marketplace team at marketplace-cs@realinsight.com for more details.