Michael DeGiorgio is the CEO of CREXi.

The online auction marketplace is growing. Commercial real estate technology platform CREXi is expanding as more sellers realize the benefits of reaching a wide audience through online marketing. The company has expanded its auction network once again with a new listing, a 17-property Las Vegas land portfolio valued at $82 million and totaling 161 acres.

"On-line real estate auctions are currently a fairly small portion of the overall commercial real estate business. However, demand has been growing over time," Michael DeGiorgio, CREXi founder and CEO, tells GlobeSt.com. "Real Estate is one on the last major industries to move from off-line to on-line as technology has given brokers the ability to market properties on-line to not only reach a wider audience in a shorter period of time, but also to manage the workflow of both sellers and buyers and create a more liquid environment. It has changed the way brokers manage their business, and the way commercial properties are bought and sold."

This latest auction is required to sell through an auction; however, DeGiorgio says there are several benefits to the format. "The auction process allows for full disclosure and provides the opportunity for any qualified buyer willing to pay the highest price to acquire these highly sought after properties," he says. "This is the first time the county has been able to utilize a completely on line process to sell these properties. As a result, the CREXi on-line marketplace, with its national and international reach, is a perfect way for the seller to reach a significantly larger buyer pool."

The portfolio also offers several benefits for interested buyers, and is easily accessible through the online marketplace. "The properties are extremely well located infill properties in the dynamic Las Vegas market," says DeGiorgio. "Until now, the properties have not been available for purchase, however, Clark County is selling these excess properties to spark the private development of these ideal land parcels. Highest and best property uses include single-family home communities, multi-family residential communities, general commercial, and industrial." This is all part of CREXi's ongoing expansion to grow its online platform. "Without delving into specifics, we have a robust product roadmap to make CREXi easy for all market participants," says DeGiorgio. "Stay tuned."