Auction.com and Situs, a global provider of strategic business solutions for the real estate and financial services industries, have entered into a partnership where Situs will deliver due diligence services to Auction.com clients for properties on the firm’s commercial real estate platform.
Beginning in August, Situs will leverage a global team of employees, proprietary methodology and cutting edge technology to provide deeper insights into properties listed on Auction.com’s commercial real estate platform. Situs will provide Auction.com’s investors increased transparency on the listed properties in a standardized format to more easily evaluate and compare investment decisions.
“Our goal is to set a new standard in the marketplace for quality due diligence,” said Gordon Smith, general manager of Auction.com’s Commercial Real Estate division. “Enhanced information builds trust, which in turn leads to better execution for all parties. Situs will provide institutional grade service to our clients, assisting them directly in the due diligence gathering process to facilitate greater efficiency in the evaluation and exposure of their assets, regardless of class or geography.”
The initial partnership addresses enhanced commercial real estate due diligence for Auction.com in the U.S. with the potential for growth globally. Annual assets to receive due diligence review are anticipated to exceed $5 billion, constituting more than 1,500 deals.
“Auction.com is a tremendous brand with an incredible growth strategy and timing that has been nothing short of astounding,” said Situs CEO Steven J. Powel. “We have been monitoring their direction and growth for some time and Auction.com has proven visionary in its strategy, nimble in their execution and laser focused on quality.”