CREXi Sells $63 Million In Las Vegas Commercial Real Estate In Clark County's First Exclusively Online Auction
Nov 22, 2019, 13:23 ET
LAS VEGAS METRO, Nev., Nov. 22, 2019 /PRNewswire/ -- CREXi, the venture-backed commercial real estate transaction marketplace and technology platform, is pleased to announce the successful online auction of 11 properties on behalf of Clark County, Nevada. Bidders in the $63 million total sale included private investors, developers and multiple publicly traded builders and REITs, with heavy competition continuing throughout the auction. The disposition of the surplus land parcels will provide Clark County with significant sale proceeds in addition to promoting private development at these highly-strategic locations. In past auctions, Clark County was required to conduct a live auction which allowed for some remote online bidding. CREXi was able to demonstrate superior technology and customization which allowed the county to conduct their first ever exclusively online event.
"We are thrilled with the outcome of this auction on behalf of our client," explains Mike DeGiorgio, CREXi founder and CEO. "Despite strong reserve pricing set at appraised values, we were able to quickly generate 159 bids at or above reserve and obtain an average 106.7% of the reserve price on behalf of our client. While our team has deep online auction experience, this was the first event with our fully upgraded auction technology, and the combination of our marketing and technology capabilities allowed us to generate overwhelming demand and crisp execution."
In June, the four-year-old company hired Bob Drury to lead the transactional division with Sonya Bokano joining soon after to lead division operations. Their belief is that demand from the brokerage community for a data and technology driven Auction product far surpasses the current supply of underwhelming solutions.
"The auction offering complements our other businesses perfectly and allows us to further solve our customer's service and technology needs," notes Drury, Managing Director for CREXi. "Sonya and I are thrilled to grow this amazing team and to show customers our superior offering."
About Commercial Real Estate Exchange
Commercial Real Estate Exchange, Inc. (CREXi) is one of the commercial real estate industry's fastest growing marketplace and technology platform dedicated to supporting the CRE industry and its stakeholders. CREXi enables commercial real estate professionals to quickly streamline, manage, and grow their businesses using the industry's most advanced transaction management solution. Since launching in 2016, CREXi has quickly become one of the most active marketplace in the industry, and the platform has helped buyers, sellers, and brokers to transact business on over 150,000 commercial listings totaling more than $700B in property value. CREXi has grown to 75+ employees and is headquartered in Marina Del Rey, California. To learn more about CREXi, please visit www.crexi.com.
SOURCE Commercial Real Estate Exchange, Inc.
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