HOUSTON—Locally based Situs and GlobeSt.com Thought Leader Auction.com have entered a partnership in which Situs will provide due diligence to Auction.com's clients for properties on the firm's commercial real estate platform. The announcement was made Monday in conjunction with the CRE Finance Council's annual conference in New York City.

“Our goal is to set a new standard in the marketplace for quality due diligence,” says Gordon Smith, general manager of Irvine, CA-based Auction.com's CRE division. “Enhanced information builds trust, which in turn leads to better execution for all parties. Situs will provide institutional grade service to our clients, assisting them directly in the due diligence gathering process to facilitate greater efficiency in the evaluation and exposure of their assets, regardless of class or geography.”

The partnership begins in August, the two companies said Monday. Situs will provide information on the listed properties in a standardized format to enable Auction.com's clients to more easily evaluate and compare investment decisions.

The initial partnership will provide CRE due diligence in the US, with the potential for growth globally. It's estimated that the annual assets to receive due diligence review will exceed $5 billion, constituting more than 1,500 deals.

Situs' CEO, Steven J. Powel, calls Auction.com “a tremendous brand with an incredible growth strategy and timing that has been nothing short of astounding. We have been monitoring their direction and growth for some time and Auction.com has proven visionary in its strategy, nimble in their execution and laser focused on quality.”