Archive for January, 2012
Local affiliate NAI Knoxville to benefit from acquisition.
NAI Global, the largest network of independent commercial real estate firms worldwide, announced today that its previously reported acquisition by C-III Capital Partners LLC (C-III) has been completed. The transaction will help create a leading fully integrated commercial property services company that will operate in markets around the world. Locally based NAI Knoxville, is the East Tennessee representative of NAI Global.
C-III is a leading commercial real estate services company engaged in a broad range of activities, including primary and special loan servicing, loan origination, fund management, CDO management, principal investment, title services and multifamily property management. C-III is led by CEO Andrew L. Farkas, who founded and was Chairman and CEO of Insignia Financial Group, Inc. (NYSE:IFS). Its principal place of business is located in Irving, TX, and it has additional offices in New York, New York; Greenville, South Carolina; McLean, Virginia; Chicago, Illinois; Dallas, Texas and Nashville, Tennessee.
NAI Global will continue to operate as a separate company under its current management. C-III will accelerate NAI Global’s growth by exploring business development opportunities in strategic locations, including New York, London, Singapore and other primary global business centers. It will also invest in the growth of the corporate solutions and capital markets offering, expanding asset/property management, project/facilities management and valuation services worldwide.
“The completion of this transaction represents a significant step forward in our strategy to build a fully diversified commercial real estate services company,” said Mr. Farkas. “With the NAI Global acquisition, we are gaining the world’s leading commercial real estate network and a tremendous foundation for future growth. As we begin a new year, we look forward to partnering with the NAI team to provide enhanced services to the commercial and institutional real estate markets they serve as well as continuing to take advantage of other opportunities to grow and expand our platform.”
“We are thrilled to be joining forces with C-III and excited about the opportunity to deliver an even broader range of services to our members and add greater value to our collective corporate and investment clients. We look forward to tapping into their extensive resources and expertise to assist all of our clients in strategically optimizing their commercial real estate assets,” said Jeffrey M. Finn, President and CEO of NAI Global.
Founded in 1977 by Gerald Finn, NAI Global has grown from covering 15 countries in 1999 to offering a full, collaborative platform of services to clients in over 350 offices in 55 countries, with over 300 million square feet of commercial space under management.
C-III commenced operations with the purchase of Centerline Capital Group’s institutional real estate debt fund management and commercial mortgage loan servicing businesses in March 2010. Since that time, C-III has successfully launched mortgage origination, investment sales and title insurance businesses, and expanded its principal investment, loan origination, fund management and primary and special loan servicing businesses, including acquiring the special servicing and CDO management businesses of JER Partners in August 2011.
Financial terms of the NAI Global acquisition were not disclosed.
NAI Global (www.naiglobal.com) is the largest network of independent commercial real estate firms worldwide, comprised of over 5,000 professionals in 55 countries with more than 350 offices. NAI advisors work in tandem with our global management team to ensure our clients strategically optimize their real estate assets. NAI offices complete over $45 billion in combined transactions annually and manage 300+ million square feet of commercial space.
NAI Knoxville (www.naiknoxville.com) is the East Tennessee representative of NAI Global. NAI Knoxville is known for its market leadership, knowledgeable and experienced professionals and commitment to customer service. As a full service commercial real estate company, NAI Knoxville offers a comprehensive range of services along with the experience required to handle all of your commercial real estate needs.
NAI Knoxville completed in excess of $70 million of commercial real estate transactions for 2011 said its president, Maribel W. Koella, SIOR, CCIM. She reported that NAI Knoxville had closed over 95 commercial transactions to reach this total for 2011.
NAI Knoxville sold $15,251,415 of warehouses and industrial properties, $2,865,000 of office properties, $16,794,700 of retail properties, $14,212,000 of multifamily properties and $4,350,750 of vacant land.
NAI Knoxville leased $3,657,110 of warehouses and industrial properties, $9,295,840 of office properties and $3,649,248 of retail properties.
Notable transactions include Belle Island in Pigeon Forge, Second Harvest Food Bank, Washington Ridge Apartments, Jackson Street Warehouse, Scott Recycling, Bull Outdoor Products, City of Athens Industrial Land, Miller Recycling, Neill Sandler Ford Dealership and Midlab.
NAI Knoxville’s current inventory is in excess of $73 million and includes over 2.5 million square feet.
The 29-year old company has ten full-time brokers, six holding the CCIM designation, two holding the SIOR designation, one holding the MRED designation and one holding the RPA and CPM designations.
NAI Knoxville is a member of NAI Global which has members in over 350 offices and 55 countries and has an annual commercial transaction volume of $45 billion making it the world’s largest managed real estate network.
The former warehouse and distribution center for Second Harvest Food Bank of East Tennessee on Delaware Avenue in Knoxville has been sold to Onsite Environmental, an environmental engineering firm based in Nashville, Tennessee.
The sale was the result of Second Harvest’s purchase of a new and significantly larger facility in Alcoa, Tennessee. NAI Knoxville represented Second Harvest in the purchase of the new facility and the sale of the building and land in Knoxville. Onsite Environmental was represented by Memphis Commercial and Industrial Real Estate.
“NAI has been a valued and expert partner in these transactions,” said Elaine Streno, Executive Director of Second Harvest. “They worked diligently to find a suitable facility that allows us to meet the growing demand for food by people at risk of hunger in the 18 counties of East Tennessee we serve, and they have done a great job as our listing agent for the successful sale of the Delaware Avenue facility,” she added. “Second Harvest is thrilled and proud that NAI Knoxville was able to sell our Knoxville Distribution Center where we resided for 18 years. Thanks to this community’s support, we went from providing 2 million pounds of food in 1993 to 17 million pounds of food in 2011, providing meals throughout our 18-county service area. That kind of growth demanded we relocate, and we are grateful for everyone’s support as we start a new chapter for Second Harvest of leading the fight against hunger from our new facility in Blount County.”