The REITbid online auction platform was founded by Ray Wirta and Bill Lange. Wirta, a 40-year real estate investment veteran, is the former chief executive officer and current director of CBRE, the world’s largest commercial real estate brokerage firm. Lange, with more than 35 years of real estate auction marketing experience, is chairman of the LFC Group of Companies and one of the early pioneers of Internet-based real estate auction marketing. The decision to create REITbid was based on demand from non-traded REIT sponsors, broker-dealers and investors who needed an efficient secondary market that could provide liquidity for existing non-traded public REIT shares.
Non-traded REITs are large public companies subject to SEC filing and financial reporting requirements, yet are not listed on public stock exchanges. These REITs have issued nearly $80 billion of equity during the past 10 years to more than 2 million shareholders, a number that is projected to increase significantly over the next few years. As the volume of investors increases, so will the demand for buyers and sellers to trade these illiquid REIT shares.
REITbid is engineered to be the most advanced and comprehensive solution for buying and selling existing non-traded public REIT shares.
Ray Wirta, Principal
Mr. Wirta is the former chief executive officer of CBRE (NYSE:CBG), the world's largest real estate services company, where he remains as a director. Mr. Wirta is also a consultant to the Irvine Company and general partner of ROCA REIT Fund, both of which are active in real estate. Mr. Wirta has more than 40 years of experience in the ownership and management of commercial real estate.
William Lange, Principal
Mr. Lange is chairman of the LFC Group of Companies. He is responsible for numerous real estate-related companies, one of which, LFC Internet Marketing, Inc., owns and operates the international real estate auction platform, FRE.com. Mr. Lange is a licensed real estate broker and general contractor in the State of California and has more than 35 years of experience in global real estate construction, marketing, and auction sales.
Harold Hofer, Principal
Mr. Hofer is general partner of ROCA REIT Fund, managing member of Nexregen, LLC, managing member of Strategic Shareholder Liquidity Fund Operator, LLC and chief executive officer of Bonutto-Hofer Investment Partners. Mr. Hofer has more than 25 years of experience in the ownership and management of commercial real estate.
Richard Bennett, Principal
Mr. Bennett is the chief financial and chief information officer of the LFC Group of Companies. Mr. Bennett is a California-licensed certified public accountant and a chartered accountant in England and Wales. He also has more than 20 years of experience in international real estate finance and Internet auction technology.