Marcus & Millichap Further Expands Presence in Canada
Acquires Primecorp Commercial Realty Inc.
CALABASAS, Calif.--(BUSINESS WIRE)-- Marcus & Millichap, Inc. (the “Company,” “Marcus & Millichap,” “MMI”) (NYSE: MMI), a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services, today announced its continued expansion in the Canadian market with the acquisition of the assets of Primecorp Commercial Realty Inc., a commercial real estate services firm established in 1998 to provide brokerage services in all product types. Primecorp is based in Ottawa and Gatineau and covers markets throughout Ontario and Quebec. These offices, when combined with Marcus & Millichap’s current footprint in Canada, give the Company presence in every major metropolitan area in Canada. The acquisition was closed on October 1, 2018.
Primecorp will add 11 producers in Canada including its three co-founders, Aik Aliferis (CEO, Founder), Nick Pantieras (President, Founder) and Sam Firestone (COO, Founder). The acquisition provides a significant increase in the number of producers in Canada, including many that are highly experienced senior professionals. As such, the Company projects significant growth in its revenues in Canada.
Hessam Nadji, President and CEO of Marcus & Millichap, stated, “The acquisition of Primecorp, our second acquisition in Canada this year, further strengthens our platform while providing entry into a key market. Primecorp is a well-established company in its respective markets with a similar culture and business model to ours as well as a proven ability to execute transactions across all product types including a major focus in multifamily. The transaction enhances our ability to help investors move capital across markets and boosts Primecorp’s local growth opportunity by deploying Marcus & Millichap’s technology, brokerage tools, training and management systems. We are pleased to have Primecorp join the MMI team and look forward to their contribution as we deepen our presence across all of the major Canadian markets.”
Aik Aliferis, CEO and Founder of Primecorp, also commented, “The Primecorp team is extremely excited to become part of the Marcus & Millichap family. We see great potential ahead given the similarity in our corporate cultures, joint motivation for continued growth and unfailing drive to measure success by client satisfaction. It’s exciting and inspiring to strengthen the Marcus & Millichap brand in Canada.”
“In our 20 years as Primecorp, our main principles in meeting the needs of our clients have been vision, discipline and execution whether they were large, small, public or private. Marcus & Millichap is a well-known and well-respected brand, with a network that allows us to enhance our vision and take the service we provide our clients to the next level,” added Sam Firestone, COO and Founder.
About Primecorp Commercial Realty Inc.
Primecorp Commercial Realty Inc., founded in 1998, specializes in investment sales of multifamily and commercial properties across Ottawa, Toronto and Quebec. The company also provides leasing services for select office and retail clients. Primecorp maintains offices in Ottawa, Toronto and Quebec.
About Marcus & Millichap, Inc.
Marcus & Millichap, Inc. is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2017, the Company had over 1,800 investment sales and financing professionals in 78 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. Marcus & Millichap closed 8,979 transactions in 2017, with a sales volume of approximately $42.2 billion. For additional information, please visit www.MarcusMillichap.com.
Marcus & Millichap, Inc.
Gina Relva, Public Relations Director
Source: Marcus & Millichap, Inc.