Marina Del Rey, CA-based CREXi concluded the online auction of 11 properties on behalf of Clark County, NV. 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.
“We are thrilled with the outcome of this auction on behalf of our client,” said CREXi’s Mike DeGiorgio. “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.”
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.
Clark County was required to conduct a live auction previously, which allowed for some remote online bidding. CREXi’s technology and customization allowed the county to conduct its first ever exclusively online event.
Dennis Kaiser is Vice President of Content and Public Relations for
Connect Commercial Real Estate. Dennis is a communications
leader with more than 30 years of experience.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.