MARCUS & MILLICHAP - MMI STOCK NEWS

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.

Marcus & Millichap, Inc. (NYSE: MMI), a leading national brokerage firm specializing in commercial real estate investment sales, financing, and advisory services, has announced it will report its third quarter 2024 financial results on Friday, November 8, 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 hosted by Hessam Nadji, President and CEO, and Steve DeGennaro, CFO. A live webcast will be available through the Investor Relations section of the company's website. For those unable to access the webcast, dial-in options are provided for callers from the United States, Canada, and international locations.

Marcus & Millichap 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 in over 80 offices across the United States and Canada.

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), has announced the sale of The Lofts at Noho Commons, a 292-unit multifamily property in Los Angeles' NoHo Arts District. The property was sold for $92.5 million, or $316,781 per unit. IPA's Joseph Grabiec, Kevin Green, and Gregory Harris represented the seller and procured the buyer, The GPI Companies.

The Lofts at NoHo Commons, constructed in 2006, features 237 lofts, 41 one-bedroom units, and 14 live/work lofts. The property has undergone $9 million in recent upgrades, including interior updates to 85% of market-rate units, new murals, signage, landscaping improvements, and EV charging stations. Amenities include an Olympic-size swimming pool, social lounge, movie theater, fitness center, and co-working spaces.

Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE:MMI), has announced the sale of Hamilton Marketplace, a grocery-anchored regional power center in Hamilton Township, New Jersey. The transaction, valued at over $100 million, marks the largest single-asset open-air shopping center deal in New Jersey since 2017.

The center, spanning 128 acres with highway frontage, was sold by SITE Centers to New Jersey-based Paramount Realty. Hamilton Marketplace is among the top 1% of most-visited shopping centers in the nation, featuring anchors like ShopRite, Kohl's, Ross, and Barnes & Noble. The deal highlights the strong demand for high-quality power centers, driven by robust retail fundamentals and new construction.

IPA Capital Markets, a division of Marcus & Millichap (NYSE:MMI), has secured $75 million in acquisition financing for the former Pfizer headquarters in New York City. The property at 219 E 42nd St. will be combined with the adjacent building at 235 E 42nd St. and converted into a luxury multifamily apartment building. The project will create over 1,400 units, making it the largest office-to-residential conversion in New York City's history.

The 10-story, 291,000-gross-square-foot office building will be transformed into a 29-story, 540,000 square-foot luxury rental property with 660 units. The New York-based IPA Capital Markets team secured the financing with Northwind Group on behalf of David Werner Real Estate Investments and Metro Loft Management. The project aims to address the shortage of free-market multifamily units in Manhattan.

Marcus & Millichap (NYSE:MMI) has announced the sale of Point Dume Club of Malibu, a 297-site manufactured housing asset on 95.4 oceanfront acres in Malibu, California. The property, on the market for the first time since 1892, sold for the highest price per site ever achieved by a manufactured housing community. Built in 1969, it features amenities such as a heated swimming pool, tennis court, and beach access. The sale marks a significant milestone in Malibu's real estate history, with the property being part of the original Rancho Malibu purchased by Frederick Hastings Rindge in 1892 for $10 an acre. Marcus & Millichap's Dustin B. Wilmer and Douglas Danny exclusively listed and sold the property.