MARCUS & MILLICHAP - MMI STOCK NEWS

Marcus & Millichap (NYSE: MMI) announced the sale of the Ocean County Middle Market Portfolio in New Jersey for $46 million. The 10-property portfolio, comprising 310,023 square feet, is 70% occupied and features over 100 tenants. Alan Cafiero, senior managing director at Marcus & Millichap, highlighted the property's potential for cash flow and value-add through lease-up opportunities. The properties benefit from strong demographics, with an average household income of nearly $100,000. Horizon Equities, the buyer, plans to enhance the portfolio while maintaining a commitment to local businesses.

NNN Pro Group, a commercial real estate investment sales team, has officially separated from Marcus & Millichap as of January 1, 2023. Founded over 20 years ago by CEO Glen Kunofsky, the team has closed over $30 billion in real estate transactions. Despite the separation, both parties will maintain a strong collaborative relationship. Kunofsky expressed excitement about pursuing new strategic opportunities while continuing to offer tailored advisory services. Marcus & Millichap COO J.D. Parker acknowledged the team's contributions and extended best wishes for their future endeavors.

Marcus & Millichap (NYSE:MMI) announced the sale of the Liv Crossroads multifamily property in Gilbert, Arizona for $116 million, or $325,843 per unit. The property features 356 units and is located near a major mixed-use development and key employers like Morgan Stanley and Intel. The average household income in the area is $156,300. Liv Crossroads offers upscale amenities, including a resort-style pool and electric car charging stations, aimed at affluent professionals seeking an active lifestyle.

Marcus & Millichap (MMI) reported Q3 2022 earnings with diluted EPS of $0.53, reflecting a 19.5% rise in year-to-date EPS compared to the previous year. Net income for the quarter was $21.4 million, down from $33.9 million, amid total revenues of $323.8 million, a decrease from $332.4 million. Year-to-date revenues surged 29.7% to $1.0 billion. Key drivers included a 9.9% increase in Middle Market and Larger Transaction Market brokerage revenue. However, ongoing economic challenges, including aggressive monetary policy tightening, pose risks to short-term growth.

Marcus & Millichap (NYSE: MMI) announced the successful sale of SeventyOne15 McDowell, a newly constructed 274-unit multifamily asset in Scottsdale, Arizona, for $150 million or $547,445 per unit. The asset, completed in 2022, is situated near prominent employment centers and is expected to thrive due to Scottsdale's appeal as a live-work-play destination. IPA executives Steve Gebing and Cliff David represented both the seller and the buyer in this transaction, highlighting the economic growth in the region.

Marcus & Millichap (NYSE:MMI) announced the sale of a former Crowne Plaza in Austin, Texas, featuring 293 rooms. The property was purchased by Lockwood Development in 2021 as part of a portfolio sale. The asset, built in 1977, benefits from strong demographics, including a population of 355,470 within a five-mile radius and an average household income of $102,483. The buyer, ASAP Holdings, Inc., plans to convert it into a Delta Marriott to capitalize on Austin's tourism industry.

Marcus & Millichap, Inc. (NYSE: MMI) will report its third-quarter financial results for the period ending September 30, 2022, on November 4, 2022, before market open. A conference call hosted by CEO Hessam Nadji and CFO Steve DeGennaro will occur at 10:30 a.m. ET to discuss the results. Investors can access the live webcast via the company's Investor Relations website, with a replay available from 1:30 p.m. ET on the same day until November 18, 2022. The company closed 13,255 transactions in 2021 with a total sales volume of approximately $84.4 billion.

Marcus & Millichap (NYSE:MMI) has launched MyMMI, a customizable brokerage tool designed to enhance property searches for investors by automatically matching their preferences with exclusive listings. This innovative platform sends notifications for new properties and price changes, offering users control over their investment options. With a history of technological advancements in real estate, Marcus & Millichap aims to strengthen its position as a leading brokerage firm, facilitating easier access to North America's largest exclusive commercial property inventory.

Marcus & Millichap (NYSE: MMI), a top commercial real estate brokerage, announced the sale of a four-property, 669-unit Low Income Housing Tax Credit portfolio in Florida for $91.75 million. The properties, developed between 1994 and 2007, feature affordable rental options in a region with limited availability. Evan Kristol, executive managing director at the Fort Lauderdale office, highlighted the essential role these communities play in providing affordable housing. The new owner plans to maintain these as affordable housing for years to come.