Marcus & Millichap Hires National Director of Commercial Property Auction Services

Rhea-AI Summary

Marcus & Millichap (NYSE:MMI) has appointed Jim Palmer as senior vice president and national director for its newly formed Commercial Property Auction Services division. Launched in 2022, this division aims to provide clients with faster options for buying and selling commercial properties. Executives cited a strong client response to the auction services since its inception. Palmer brings over 25 years of experience, including leadership roles at Ten-X Co. He expressed enthusiasm for expanding the auction platform and collaborating with MMI's investment sales brokers.

Positive

• Appointment of Jim Palmer expected to enhance auction capabilities.
• Palmer's extensive experience may improve service quality.

Negative

• None.

CALABASAS, Calif.--(BUSINESS WIRE)-- Marcus & Millichap (NYSE:MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today that Jim Palmer was hired as senior vice president and national director responsible for overseeing the firm’s Commercial Property Auction Services division of its brokerage business. Formed in 2022, the division offers clients an accelerated way to buy and sell commercial property as a complement to the firm’s traditional property marketing channels.

“As part of our ongoing mission to provide our clients with the best possible range of investment opportunities in the industry, we launched Commercial Property Auction Services last spring. The response from clients has been tremendous,” said J.D. Parker, executive vice president and chief operating officer of Marcus & Millichap’s Eastern Division. “The addition of Jim further expands our auction capabilities and aligns with our firm’s history of maximizing value for clients through every aspect of service.”

Palmer brings over 25 years of real estate and technology experience to Marcus & Millichap. Most recently he served eight years on Ten-X Co.’s leadership team where he managed the broker channel, as well as many of the firm's largest institutional clients.

“Joining Marcus & Millichap to lead its highly talented and experienced team of commercial real estate auction experts and work closely with its best-of-class investment sales brokers is an exciting opportunity. I look forward to growing the auction platform to serve more investors throughout North America,” said Palmer.

About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230120005476/en/

Gina Relva, VP of Public Relations

Gina.Relva@marcusmillichap.com

510-999-1284

Source: Marcus & Millichap, Inc.

FAQ

Who is Jim Palmer and what is his role at Marcus & Millichap?

Jim Palmer has been appointed as senior vice president and national director overseeing the Commercial Property Auction Services division.

What is the purpose of the Commercial Property Auction Services division?

The division aims to provide clients with an accelerated method for buying and selling commercial properties.

When was the Commercial Property Auction Services division launched?

The division was launched in 2022.

What is the significance of Jim Palmer's experience for MMI?

Jim Palmer brings over 25 years of real estate and technology experience, which may strengthen MMI's auction platform.