Biproxi, an online platform for self-storage and other commercial real estate, has launched with more than 40,000 listings nationwide. The website specializes in middle-market listings, defined as sales transactions under $25 million and leases under 50,000 square feet, which account for about 70 percent of U.S. commercial real estate (CRE) transaction volume, according to a press release. The platform offers free listings, marketing tools and a channel to buy, sell and lease property.
The service provides detailed dashboards for brokers to market properties as well as a data vault to confidentially share due-diligence materials securely. Biproxi pre-verifies listings to ensure potential buyers and tenants access only legitimate offerings, the release stated. The suite of a la carte marketing solutions includes professional photography and drone videography.
Launched on Oct. 9, the platform currently has five self-storage listings in four states. Users can filter listings by 14 CRE categories including industrial, land, mixed-use, office, retail and others.
“While a lot of attention is paid to the top brokerage firms and trophy properties in gateway cities, the reality is that the majority of CRE professionals are focused on the middle market,” said Gordon Smith, CEO. “Middle-market deals are generally conducted offline, and the prospective buyer pool is large and diverse, which makes it difficult to identify all qualified buyers through traditional marketing and networking methods alone. Biproxi’s platform ensures deals are exposed to the widest possible buyer audience.”
Biproxi has partnered with several industry organizations and national brokerage firms, with Carrington Title Services serving as the platform’s title partner. Prior to launch, the company secured seed funding from real estate professionals and private-equity investors, several of whom will serve on its Broker Council. Council members include brokers from firms such as Avison Young Inc., Colliers International, Marcus & Millichap and Newmark Knight Frank.
In addition to Smith, Biproxi founders include real estate veterans Carrington Guy, Yan Khamish and Thatcher Milholland.
“By its nature, real estate’s middle market has always been opaque, and we created Biproxi to provide sellers with more certainty about a buyer’s identity and ability to transact,” Smith said. “This level of transparency will also result in deals being closed in a more efficient timeframe, which will benefit all parties. By bringing together the listings and sales platform and providing this added level of assurance, we will improve closing rates across the industry. It’s gratifying to see the buy-in we’ve already received from industry veterans at launch.”
In addition to vetting listings, Biproxi will also pre-vet network participants. Brokers will have “real-time visibility into buyer interest, enabling them to see which brokers, investors and tenants have viewed the offering or downloaded due-diligence materials,” according to the release.
Biproxi is a commercial real estate sales-and-leasing network and marketplace. Though listings are free, there are fees associated with leveraging the platform’s marketing services. Currently, marketing services are being used only by a select group of brokers on an invitation-only basis, the release stated.