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.