The property space data race just got more interesting.
Xceligent Inc.'s founder and management team, with a cash infusion by strategic investor dmg :: information has bought back stock formerly owned by LoopNet and others. The repurchase comes with the blessing of the Federal Trade Commission after CoStar Group's acquisition of LoopNet. The aim was to create a national competitor for CoStar-LoopNet.
It's all systems go for Independence, Mo.-based Xceligent, now in 30 markets including Oklahoma City and Tulsa, for major expansion.
Xceligent provides data used in buying, selling, leasing, developing and managing commercial real estate.
It maintains an inventory of commercial properties, available space for lease or sale, tenants, sale comps, transaction histories, historical trends, demographic information and mapping tools.
The plan is to be established in the top 65 U.S. markets within 36 months, then in the rest of the country.
“When the CoStar-LoopNet merger was first announced, real estate companies across the country reached out to us to see if we could quickly match the footprint of the combined entity,” said Doug Curry, Xceligent's founder and CEO. “With their vision of the commercial real estate sector as well as their experience in growing information companies and financial resources, it was evident dmgi was the ultimate partner for Xceligent and the industry.”
Xceligent is hiring top guns in commercial real estate to execute its plan, including George Slusser, former CEO of Coldwell Banker Commercial and chief operating officer of Sperry Van Ness, and Brent Hansen, former director of research for Colliers International.
Quail Springs Mall owner General Growth Properties said earlier this year that it was buying about a dozen Sears stores attached to malls it owns across the country.