October 25, 2019
Los Angeles-based CREXi secured an assignment last month from Clark County, Nevada to auction 17 properties in the greater Las Vegas metropolitan area. The strategically-located infill offerings are being sold via an online auction event held on the CREXi web site next month. Now that the process for the Las Vegas portfolio assignment is underway, Connect Media found out how it is going. Check out our latest 3 CRE Q&A with CREXi’s Michael DeGiorgio.
Q: The online auction for this Las Vegas portfolio is coming up on November 5th and ending November 7th. Can you provide an update on the interest received so far?
A: Demand has been strong, and we anticipate a really active event. Interest has been local, regional, and national, with a healthy blend of entrepreneurial and institutional developers and buyers.
Q: What are some of the benefits, advantages or strategies behind conducting an auction for a portfolio such as this, compared to other ways assets are marketed?
A: This seller is required by law to sell these properties in an auction format to ensure transparency. This is the first time they have been able to conduct these types of sales in a complete online process instead of live on-site events. Historically, the seller has utilized their own resources to market and sell properties like these. CREXi’s online marketplace is the perfect solution to market and execute the sale of these properties. The CREXi team will drive significantly more buyers to these properties as a result. The online auction process allows any qualified buyer regardless of physical location to review all the due diligence on-line, register, and participate in the event without being present in Las Vegas.
Q: What has been the market reaction to this particular portfolio auction?
A: The great thing about open marketplaces is that the market will determine which property is the most intriguing. That said, there are several infill parcels surrounded by rooftops which are ideal for additional single-family development. Additionally, there are a couple parcels in the middle of strong-demographic neighborhoods which are under-retailed that would make great retail developments.
Connect Industrial is coming up on November 19th in Houston. You can get more details and register to attend on this link.
For comments, questions or concerns, please contact Dennis Kaiser