Welcome to our dedicated page for Marcus & Millichap news (Ticker: MMI), a resource for investors and traders seeking the latest updates and insights on Marcus & Millichap stock.
Marcus & Millichap reports developments tied to its commercial real estate services business, including investment sales, financing, research and advisory work for sellers and buyers of income-producing property. Company updates commonly cover brokerage commissions, financing fees, Private Client activity, Middle Market and Larger Transaction Market activity, and transaction volume across changing lending and pricing conditions.
News also includes property-level sale and financing announcements from Institutional Property Advisors and IPA Capital Markets, with recurring coverage of multifamily, student housing, retail, industrial and other commercial assets in U.S. and Canadian markets.
Marcus & Millichap (MMI) reported a 20% decline in third-quarter 2020 revenues, totaling $158.6 million, impacted by the COVID-19 pandemic. Net income was $6.0 million, or $0.15 per share, compared to $19.3 million in the same quarter of 2019. Adjusted EBITDA also fell to $12.2 million. Despite these challenges, MMI saw a sequential increase in brokerage transactions, up 42% from the previous quarter. The firm acquired Mission Capital to enhance its financing capabilities, signaling a commitment to growth amid market disruptions.
Marcus & Millichap, Inc. (NYSE: MMI) announced it will release its financial results for Q3 2020 on November 5, 2020, after market close. A conference call will follow at 5:00 PM ET, hosted by CEO Hessam Nadji and CFO Steve DeGennaro. Investors can access a live webcast through the company's website, with a replay available from 8:00 PM ET on November 5 until November 19. As of December 31, 2019, Marcus & Millichap had 2,021 professionals and closed 9,726 transactions with a sales volume of approximately $50 billion in 2019.
Marcus & Millichap (NYSE: MMI) announced the sale of Onnix, a 659-unit multifamily property in Tempe, AZ, for $117.5 million or $178,300 per unit. The property is well-located near key employment corridors and educational institutions, enhancing its economic potential. The sale was facilitated by IPA executives, representing both the seller, Bridge Investment Group, and the buyer, Western Wealth Capital. The property features diverse unit options and numerous amenities, indicating strong market demand.
Marcus & Millichap (MMI) announced a definitive agreement to acquire Mission Capital, a capital markets advisor, expected to close in Q4. Founded in 2002, Mission Capital specializes in loan sales, consulting, and structured finance across various property types. This acquisition will add 40 capital markets professionals to MMI and enhance its financing division, Marcus & Millichap Capital Corporation (MMCC). MMI aims to broaden its capital markets capabilities, improve client offerings, and foster collaboration within its financing and sales teams.