Marcus & Millichap Inc Stock Price, News & Analysis

Marcus & Millichap (NYSE:MMI) has announced the successful sale of a 31-property net lease portfolio for $88.5 million. The portfolio consists of properties anchored by Town Fair Tire across seven northeastern states. The properties were sold from the estate of Town Fair Tire's founder, Neil Mellen, to Orion Buying Corp.

The portfolio features identical absolute net leases with 16-year remaining terms, five-year rent increases, and parent guarantees. The properties are located in prime locations with high sales volumes across Connecticut, Massachusetts, New Hampshire, Maine, New York, Rhode Island, and Vermont.

Marcus & Millichap's Institutional Property Advisors (IPA) has successfully brokered the sale and financing of Summerwood Apartments in Santa Clara, California. The 468-unit multifamily property sold for $203.15 million to Interstate Equities (IEC), with IPA arranging $127.819 million in agency financing.

The five-year loan features a 5.39% fixed interest rate, 35-year amortization, and 65% loan-to-value ratio. The property, located near Downtown Santa Clara, includes one- and two-bedroom garden-style apartments with amenities such as a pool, clubhouse, fitness center, and dog park. This marks IEC's first major Silicon Valley investment since 2019.

Graystone Capital Advisors has appointed Richard Bird as Executive Vice President to lead investment sales in the Mountain region. Bird brings over 20 years of experience and has overseen more than $10 billion in transactions throughout his career. He will focus on investment properties, including self-storage and infill development land sales.

Previously, Bird worked at Marcus & Millichap (NYSE: MMI) where he served as District and Regional Manager, overseeing operations in multiple states. He later cofounded TYG Commercial Real Estate, where his team completed over $1 billion in investment deals across seven years. Bird holds an MBA from Yale University and a business management degree from Brigham Young University.

Marcus & Millichap's IPA division has announced the $102.6 million sale of three multifamily properties in Tacoma, Washington, totaling 557 units. The properties - Monterra (280 units), Miramonte (120 units), and Heatherstone Apartments (157 units) - were sold by Goodman Real Estate to American Capital Group. Located in Tacoma's Parkland neighborhood, the properties offer easy access to major employment hubs, educational institutions, and retail centers. Built between 1990-1993, all properties feature amenities including swimming pools, clubhouses, and various unit upgrades.

Marcus & Millichap (NYSE:MMI) has announced the hiring of Ian Grusd to expand its national Auction Services team, focusing on Northeast-based clients. Grusd, formerly with Ten-X, brings over 25 years of industry experience and has managed commercial real estate transactions valued at more than $2 billion. He has extensive experience in brokerage, advisory services, asset management, and receivership. The company closed 7,546 transactions in 2023 with a sales volume of approximately $43.6 billion, operating through 1,783 investment sales and financing professionals across more than 80 offices in the United States and Canada.

Marcus & Millichap (NYSE: MMI) reported Q3 2024 results with total revenue of $168.5 million, up 4.0% from Q3 2023. Brokerage commissions increased 1.5% to $142.0 million, while financing fees rose 19.3% to $20.6 million. The company reported a net loss of $5.4 million ($0.14 per share), improving from a $9.2 million loss in Q3 2023. Private Client Market revenue decreased 4.3%, while Middle Market and Larger Transaction Market revenue increased 15.1%. The company maintained 1,678 investment sales and financing professionals and declared a semi-annual dividend of $0.25 per share.

IPA Capital Markets, a division of Marcus & Millichap (NYSE:MMI), has secured a $63 million refinancing loan for Muir Lake Apartments in Cedar Park, Texas. The 332-unit garden-style property, built in 2014, spans 46 acres near McCann Park and Lakeline Park. The New York-based IPA Capital Markets team arranged the financing with LoanCore Capital. Marcus & Millichap closed 7,546 transactions in 2023 with a sales volume of approximately $43.6 billion, and maintains 1,783 investment sales and financing professionals across over 80 offices.

Marcus & Millichap's IPA Capital Markets division has secured $110 million in joint venture equity and agency financing for the acquisition of Canfield Park at Fairfield Metro in Bridgeport, Connecticut. The newly built properties, completed in 2023, comprise 300 units located near Bridgeport's Black Rock neighborhood transit station. The deal represents a partnership between an institutional investment management firm and a NYC-based multifamily owner/operator focused on value-add apartment assets in the Northeast. The company's strong market position is evidenced by its closure of 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion.

Marcus & Millichap (NYSE:MMI) has announced the successful sale of an 11-property Courtyard Hotel portfolio across seven states for $101 million. The portfolio includes properties in Illinois, Ohio, Alabama, Arkansas, Virginia, Kentucky, and Oklahoma. Ebrahim Valliani, first vice president investments, led the transaction, representing the seller Skyline Investments Inc. and procuring the buyers.

The sale was completed despite market uncertainty, with Marcus & Millichap connecting multiple buyers with their respective lenders to fulfill closing requirements. The firm's ability to secure non-refundable earnest money and minimal contingencies provided confidence to the sellers for a reliable transaction.

Marcus & Millichap, a leading commercial real estate brokerage firm, closed 7,546 transactions in 2023 with a sales volume of approximately $43.6 billion. As of December 31, 2023, the company had 1,783 investment sales and financing professionals across over 80 offices in the United States and Canada.