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Marcus & Millichap Inc. (MMI) is a leading commercial real estate brokerage firm specializing in investment sales and financing services across North America. This news hub provides investors and professionals with essential updates on the company’s market activities and strategic direction.
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Marcus & Millichap (NYSE: MMI) reported its Q2 2024 results. Total revenue was $158.4 million, down 2.8% from Q2 2023. Brokerage commissions declined by 3.5% to $135.4 million. However, Middle Market and Larger Transaction Market revenue rose by 14.8% to $45.3 million. Financing fees increased by 2.2% to $18.3 million.
Net loss improved to $5.5 million ($0.14 per share), compared to a loss of $8.7 million ($0.23 per share) in Q2 2023. Adjusted EBITDA was $1.4 million, up from $(1.1) million. Operating expenses fell by 4.1% to $166.4 million.
For the first half of 2024, revenue declined by 9.5% to $287.5 million, and net loss was $15.5 million ($0.40 per share). The company declared a semi-annual dividend of $0.25 per share, totaling $10.2 million, payable on October 4, 2024. Shares repurchased amounted to 16,900 at $32.77 per share.
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), has brokered the sale of Marlowe Grapevine, a 324-unit multifamily asset in Grapevine, Texas. The property, completed in 2023, was sold by Greystar and Carlyle to Equity Residential. Located near major employers and amenities, Marlowe Grapevine is a three-story, garden-style asset with various community amenities and spacious apartments.
The sale highlights the strong demand for multifamily properties in the Dallas-Fort Worth area, particularly in submarkets with supply and development restrictions. IPA's team, led by Drew Kile, emphasized the property's exceptional leasing velocity and strategic location as key selling points.
Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm, has announced a regular semi-annual dividend of $0.25 per share, totaling approximately $10.2 million. The dividend will be payable on October 4, 2024 to shareholders of record as of September 16, 2024. As of December 31, 2023, the company had 1,783 investment sales and financing professionals across more than 80 offices. In 2023, Marcus & Millichap closed 7,546 transactions with a sales volume of $43.6 billion. The company specializes in investment sales, financing, research, and advisory services for commercial real estate.
IPA Capital Markets, a division of Marcus & Millichap (NYSE:MMI), has arranged $85 million in financing for a Class-A industrial space in Queens, New York. The two-story, 164,295-square-foot industrial condominium is part of the newly built Terminal Logistics Center. The Manhattan-based IPA Capital Markets team secured the financing with LoanCore Capital for Triangle Equities and Goldman Sachs Urban Investment Group.
The refinanced property, fully leased to a global airline catering services firm, includes an additional 102,275 square feet of truck courts. Despite challenges in the current lending environment, the IPA team negotiated favorable financing terms, highlighting the appeal of the premier industrial property in its exceptional location.
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), has announced the sale of Solis, a 216-unit multifamily property in Clarksville, Tennessee. Built in 2020, Solis is located in one of the fastest-growing cities in the nation, with Clarksville experiencing a 15.5% population growth over the past five years. The property, situated 40 miles from Nashville, was sold by Gwaltney Communities to a private California-based partnership.
Solis is a three-story, garden-style asset featuring amenities such as a saltwater swimming pool, 24-hour fitness center, and theater room. The average unit size is 1,089 square feet. Clarksville's major employers include LG Electronics, Trane, and Hankook Tire, contributing to the area's economic growth.
Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), has announced the sale of Glen 91, a 296-unit luxury multifamily asset in Glendale, Arizona, for $76.5 million ($258,446 per unit). The property, completed in 2023, was sold by HCW to Bridge Investment Group. Located near the Westgate Entertainment District, Glen 91 offers easy access to major employers and shopping centers. The sale highlights the strong growth and demand in Glendale's rental market, with the city having the second-highest concentration of renter households in the West Valley.
Marcus & Millichap (NYSE: MMI) has announced the sale of Moreland Apartments, a 160-unit affordable housing asset in San Jose, California, for $71 million ($443,750 per unit). The property, developed in 1982, features a Project-Based Section 8 Housing Assistance Payments contract for all units, valid through July 2029. Located near Downtown San Jose, the garden-style community comprises eight two-story residential buildings and one single-story office/amenities building on an eight-acre parcel.
The transaction was facilitated by Marcus & Millichap's team, including Mitchell Zurich, Kirk Trammell, David Cutler, and Joshua Johnson. The firm, specializing in commercial real estate investment sales, financing, research, and advisory services, closed 7,546 transactions in 2023 with a sales volume of approximately $43.6 billion.
Marcus & Millichap (NYSE: MMI), a leading national commercial real estate brokerage firm, has announced it will release its second quarter 2024 financial results on Wednesday, August 7, 2024, before the market opens. The company will host a webcast and conference call at 10:30 a.m. Eastern Time on the same day to discuss the results.
The call will be led by Hessam Nadji, President and CEO, and Steve DeGennaro, CFO. Investors can access the live webcast through the company's Investor Relations website. For those unable to join the webcast, a dial-in option is available. A replay of the call will be accessible until August 21, 2024.
As of December 31, 2023, Marcus & Millichap had 1,783 investment sales and financing professionals across more than 80 offices. In 2023, the company closed 7,546 transactions with a total sales volume of $43.6 billion.
Marcus & Millichap (NYSE:MMI) announced the sale of the TownePlace Suites and Fairfield Inn & Suites Dallas Downtown, a dual-branded 274-room hotel in Dallas, Texas. This hotel, located in the historic Butler Brothers Building, saw over 20% growth in revenue per available room (RevPAR) from 2022 to 2023. The transaction marks the first hotel sale in the Dallas Central Business District (CBD) since January 2022. The buyer is a joint venture between Lowen Hospitality and Vashee & Associates, while the seller, Butler Brothers Hospitality Group , retains ownership of the building's 237 apartments and 20,000 square feet of commercial space. The hotel benefits from its proximity to key attractions and business hubs, including the Kay Bailey Hutchinson Convention Center and Dallas Love Field Airport.
Marcus & Millichap (NYSE: MMI), a leader in commercial real estate brokerage, announced the addition of Robert “Bobby” Bloch as a senior vice president in its Washington, D.C. office. Bloch, with 30 years of experience in investment sales and business development, will focus on self-storage investment property transactions. Previously with Cushman & Wakefield, Bloch has overseen over $800 million in self-storage sales since 2013. This strategic hire aims to enhance Marcus & Millichap's presence in the Mid-Atlantic region, leveraging Bloch's extensive industry knowledge and network. The company highlights the growing demand for self-storage in Washington, D.C., driven by increasing net in-migration and low inventory growth.
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