LoopNet, the publicly-listed operator of a massive online commercial real estate marketplace and one of the largest commercial property research databases, has acquired LandsofAmerica, which runs an online marketplace specializing in land for sale. The terms of the acquisition were not disclosed.
The entire management team of the Austin, Texas based company – including its founders Allen Shannon and Jake Massengale – will remain with LoopNet to manage and grow the business.
LoopNet in a press release states that the newly acquired flagship website of the company, LandsofAmerica.com, generated almost 600,000 unique visitors to its websites in August 2010, about a quarter of LoopNet’s overall website traffic of approximately two million unique monthly visitors.
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 its properties.
LoopNet does not currently expect the acquisition to have a material impact on its 2010 financial results.
