SAN FRANCISCO, CA - LoopNet, Inc. (Nasdaq: LOOP), which operates the largest online commercial real estate marketplace and one of the largest commercial property research databases, today announced the acquisition of LandsofAmerica, the operator of the largest and most heavily trafficked online marketplace specializing in land for sale at LandsofAmerica.com.
LandsofAmerica is based in Austin, Texas. The entire management team, including its founders Allen Shannon and Jake Massengale, will remain with LoopNet to manage and grow the business.
LandsofAmerica.com generated almost 600,000 unique visitors to its websites in August 2010, according to Google Analytics, and will contribute a significant lift to LoopNet's overall website traffic of approximately two million unique visitors, also measured by Google Analytics. In addition, LandsofAmerica.com substantially expands LoopNet's overall share of active land for sale listings. Combined, LoopNet-owned websites now feature more than 200,000 active land listings for sale across LoopNet.com, LandsofAmerica.com and LandAndFarm.com.
"We are very excited about the opportunity to incorporate the LandsofAmerica team and service offerings into the LoopNet suite of marketplace solutions. With this acquisition, LoopNet is significantly expanding its leadership position within the land sector, which includes commercial land, agricultural and farm land, ranch land, hunting land and rural land," said Thomas Byrne, LoopNet President and Chief Operating Officer. "Combined with our existing land presence on LoopNet.com and LandandFarm.com, LoopNet is the unparalleled online marketplace leader in terms of traffic within the overall land for sale sector."
"We consider it both a pleasure and a privilege to join the LoopNet team and look forward to working together to grow our marketplace leadership position within the land sector," said Jake Massengale, Founder and CEO of LandsofAmerica. "LoopNet and LandsofAmerica share many similarities, including our exclusive partnership network and search engine expertise. We look forward to identifying opportunities to share and leverage our respective strengths."
"It is exciting to have the opportunity to work hand in hand with LoopNet to expand our presence and offerings within the land sector," said Allen Shannon, Founder and President of LandsofAmerica. "LoopNet has proven to be an exceptional client-focused organization that aligns well with our philosophy. LoopNet is clearly the preeminent marketing solution for the commercial real estate and business for sale sectors, and we believe together we can create the same presence within the land sector."
Terms of the transaction were not disclosed. LoopNet does not currently expect the acquisition to have a material impact on its 2010 financial results.
LoopNet operates the most heavily trafficked commercial real estate marketplace online with more than four million registered members and approximately five million unique visitors quarterly as reported by Google Analytics. LoopNet also now offers one of the largest commercial property databases with more than 7.5 million commercial property records.
The LoopNet marketplace covers all commercial property categories, including office, industrial, retail, multifamily (apartment properties for sale), hotel, land, specialty properties, investment properties and businesses for sale. As of June 30, 2010, the LoopNet marketplace featured more than $455 billion of property available for sale and 6.7 billion square feet of space for lease.
LoopNet customers include virtually all of the top commercial real estate firms in the U.S., including Cassidy Turley, Coldwell Banker Commercial, Colliers International, Cushman & Wakefield, Grubb & Ellis, Jones Lang LaSalle, Lincoln Property Company, NAI Global, Newmark Knight Frank, ProLogis, The Shopping Center Group and Sperry Van Ness.
LandsofAmerica.com is the largest rural real estate listing network in the country. The company owns and operates websites that are targeted at buyers and sellers of land, farms, ranches, lake houses, mountain properties, timberland and rural residential homes. Their primary websites include LandsofAmerica.com, LakeHousesofAmerica.com and CountryHomesofAmerica.com.
Additionally, LandsofAmerica also powers an online network of partner websites that target visitors interested in rural real estate including Field & Stream, Outdoor Life, Mother Earth News, Equine Network, Timber Home Living, MyOutdoorTV.com, American Quarter Horse Association, Mahindra Tractors, and many others. LandsofAmerica's clients consist of the leading rural real estate companies and many sole practitioners throughout the United States.