LoopNet Inc., the operator of an online commercial real estate marketplace, has completed a strategic investment in AuctionPoint Inc., a provider of commercial property auction solutions. Terms of the deal were not disclosed.
As part of the strategic investment and partnership, LoopNet is endorsing AuctionPoint as its preferred online auction solution for commercial properties. In addition, LoopNet intends to provide its customers customers with discounts on AuctionPoint services.
Unlike traditional commercial property auctions, AuctionPoint's auction engine allows the broker to remain in control of the auction process, while providing a deadline-oriented approach and market-driven transaction pricing, the company says.
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SOURCE: LoopNet
