Municipality leverages Ten-X marketplace to generate strong bids for developable land

Ten-X Commercial, the nation’s leading online real estate marketplace, announced the closing of six parcels of land in Las Vegas, which sold for an aggregate price of $45.6 million. The properties, which comprise approximately 87 acres, traded on Ten-X’s Live Bid transaction solution. The six buyers include local and national homebuilders, and the majority of the parcels are expected to be developed for residential use.

The closings come on the heels of Ten-X’s announcement about the successful sale of two other assets in Las Vegas previously owned by the Clark County Department of Aviation that also traded on Ten-X Commercial’s marketplace a few weeks prior. Those properties include the leased-fee interest in the Arroyo Market Square and the leased-fee interest in two medical office buildings that sold for a combined $28.3 million.

Since state and local regulations required that any bids be placed during a public meeting of the Board of County Commissioners, county staff opted to complement a traditional auction with Ten-X Commercial’s online marketplace, unmatched efficiency, and global market reach.

“Ten-X’s marketplace offers innovative solutions not just for buyers and sellers of traditional assets, but local and state governments across the country. While the sale of public lands requires strict adherence to often complex laws and regulations, the increased efficiency, transparency and exposure available through Ten-X makes an online sale an attractive option,” said Ten-X Commercial General Manager Steve Jacobs. “With these six parcels selling to a mix of local, regional and national buyers, it serves as a prime example of Ten-X’s effectiveness at expanding the pool of buyers for quality CRE assets.”

To meet all of Clark County’s regulations, the Live Bid auction took place in conjunction with public meeting at the Clark County Commission Chambers. Offers that were made in person were also input online, while bids from online participants were read aloud in the commission chambers.

Added Jacobs: “Government auctions are faced with a cumbersome legal process, and moving them online is somewhat of a challenge. Through a concerted effort between the county and our marketing and legal teams, we were able to make all the necessary arrangements and demonstrate the viability of an online government auction.”

About Ten-X

Ten-X is the nation’s leading online real estate transaction marketplace and the parent to Auction.com, Ten-X Commercial and Ten-X Homes. To date, the company has sold 300,000+ residential and commercial properties totaling over $50 billion. Leveraging desktop and mobile technology, Ten-X allows people to safely and easily complete real estate transactions online. Ten-X is headquartered in Irvine and Silicon Valley, Calif., and has offices in key markets nationwide. Investors in the company include Thomas H. Lee Partners, L.P. CapitalG (formerly Google Capital) and Stone Point Capital. For more information, visit Ten-X.com.