CREXi, a marketplace, data and technology platform, will be holding an online auction of 16 surplus Clark County-owned sale units consisting of over 157 acres near McCarran International Airport. It’s scheduled for March 3rd through 5th.
The Los Angeles-based company, an online marketplace for brokers, buyers and tenants conducted a similar online auction in November for Clark County resulting in total of 11 properties sold for more than $63 million.
“The last auction went really well, and we are excited to make an even bigger footprint in the Las Vegas market,” said Bob Drury, Managing Director of Auctions for CREXi.“The upcoming auction will be a variety of (undeveloped) residential and commercial land parcels.
The Clark County Department of Aviation has an inventory of about 1,513 acres of surplus land that’s not currently being used for airport operational purposes, and is being made available for sale, according to sources.
“By going to an online platform, there are no outside influences. The entire process is completely transparent,” Drury said.
The land, some eight miles from the Las Vegas Strip, is located near such landmarks as Ries Elementary School, American West Fox Hill Estates, Lois and Jerry Tarkanian Middle School, Donna’s Enchanted Forest, Edgefield subdivision, Distill — A Local Bar, Epic Storage and Cactus Marketplace.
All land acquired and disposed of by the Department of Aviation is subject to uses compatible with airport operations, and it retains adequate property rights and development restrictions through a recorded restrictive covenant and reservation of avigation and clearance easement, according to sources.
In January, CREXi announced a $30 million Series B funding round led by Mitsubishi Estate Company, Industry Ventures, and Prudence Holdings. Existing investors Lerer Hippeau Ventures, and Jackson Square Ventures also joined this round.
CREXi’s mission is to support all aspects of the CRE industry for the benefit of CRE professionals, investors, principals, and tenants, said Mike DeGiorgio, CEO and founder of CREXi. The Series B funding will be used to support this mission and enable CREXi to grow its core business of broker services across the sales, leasing, and auction functions, and fuel the refinement and expansion of buyer and tenant resources such as comparables and market intelligence. It has more than 125 employees.
CREXi simplifies the commercial real estate process by integrating the sales and leasing marketplace with a suite of marketing, analytics, and deal management tools, DeGiorgio said. This CRE ecosystem was designed to assist brokers, buyers, and tenants, eliminating tedious processes, enhancing access to properties, and enabling deals to close faster, he added.
“Our platform helps brokers streamline the sales process from marketing to close,” DeGiorgio said. “It’s a very transparent marketplace for the CRE industry.”
Since launching in 2016, CREXi has helped buyers, sellers, and brokers to transact business on more than 300,000 commercial listings totaling more than $1 trillion in property value. It has a user base of six million and is the fastest growing marketplace in the country with 60% user growth YoY.
“The CRE industry is evolving, and market players, especially younger, digitally native generations are seeking out platforms that provide free and open access to information,” said Gavin Myers, general partner at Prudence Holdings.
According to DeGiorgio, the company initially built to be a marketplace for commercial listings but expanded into intelligence, which includes data and market reports. The company expanded to auctions at the end of 2019.
“This is the third phase of how we are trying to expand and allow every CRE touch point within our platform. We’re hoping to bring it to every other market.”
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Members of the editorial and news staff of the Las Vegas Review-Journal were not involved in the creation of this content.