NEW YORK, NY, June 22, 2011 — C-III Capital Partners LLC (C-III) announced today that it has entered into a definitive agreement to acquire NAI Global, the largest and premier network of independent commercial real estate firms worldwide. C-III is led by Andrew L. Farkas, who founded and was Chairman and CEO of Insignia Financial Group, Inc. (NYSE:IFS). NAI Global will continue to operate as a separate company under its current management following the acquisition.
NAI manages a network of commercial real estate firms comprising 5,000 professionals and 350 offices in the US and 55 countries throughout the world. NAI’s network members provide a full spectrum of corporate, financial, technology and project management services.
“C-III plans to use its asset base, along with strategic acquisitions such as NAI, to create a fully diversified commercial real estate services company,” said Mr. Farkas. “This is the strategy that was successful for Insignia. C-III is led by the same team that built Insignia, and with C-III’s significantly larger asset base, I believe C-III can substantially exceed Insignia’s success,” concluded Mr. Farkas. At its height, Insignia managed $12.5 billion in assets, while today C-III’s portfolio approximates $150 billion in assets. Insignia was one of the largest commercial real estate services companies in the world when it merged with CB Richard Ellis in 2003.
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 from scratch, and expanded its principal investment, loan origination fund management and primary and special loan servicing businesses.
“Today’s agreement represents a tremendous opportunity for NAI and our members,” said Gerald C. Finn, Chairman of NAI Global. “By teaming up with Andrew Farkas, one of the world’s leading real estate businessmen, we expect NAI will be able to significantly grow its service offerings and present new opportunities to our members.”
“We have built the world's leading commercial real estate network, but we now believe it is time to take the enterprise to a new level and add even greater value to our members and our collective corporate and investment clients. The combination with C-III will provide a depth of resources, talent and tools from which we can draw upon to accelerate our growth,” noted Jeffrey M. Finn, President and CEO of NAI Global. “Rarely do you find partners so perfectly strategically aligned as NAI Global and C-III. This is a natural fit and extremely exciting news for the industry.”
The transaction is expected to close in the third quarter of 2011. Financial terms of the transaction were not disclosed.
About C-III Capital Partners
C-III Capital Partners LLC 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 and principal investment. The company’s principal place of business is located in Irving, TX, and it has additional offices in New York, NY, Greenville, SC and Nashville, TN.
C-III Asset Management LLC, a wholly-owned subsidiary of C-III Capital Partners, is a highly rated servicer (primary and special) of commercial real estate loans. Its clients include issuers of commercial mortgage-backed securities (CMBS) and collateralized debt obligations (CDOs), institutional lenders and other investors. C-III Asset Management is the primary servicer for approximately $20 billion and the named special servicer for approximately $127 billion of commercial real estate loans. C-III Asset Management is rated CPS 2- by Fitch and Above Average by Standard and Poor's as a primary servicer, and is one of the highest rated special servicers in the industry with ratings of CSS 1- by Fitch and Strong by Standard and Poor's.
About NAI Norwood Group
NAI Norwood Group is an affiliate of NAI Global, the world’s leading managed network of independently owned commercial real estate brokerage firms. Through this network of 355 offices in 55 countries, our extensive background and strong local contacts, we are able to assist individual corporations in negotiating leases, sales, business brokerage, investments, relocation, site selection and development. For more information please visit www.nainorwoodgroup.com. Or contact one of our offices: 116 South River Road, Bedford, NH 03110, (603)668-7000 or 100 Market Street Suite 200, Portsmouth, NH 03801 (603) 431-3001.
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Showing posts with label New York City. Show all posts
Showing posts with label New York City. Show all posts
Tuesday, August 16, 2011
Wednesday, January 06, 2010
Reflection on NYC ICSC 2009 - By Chris McMahon
On December 7th and 8th over 6,000 shopping center industry professionals converged upon New York City for the International Council of Shopping Centers (ICSC) 2009 New York National Conference and Deal Making event. The ICSC holds this two-day national conference annually, for which professionals travel from all over the country to participate in. In attendance this year, from NAI Norwood Group’s Portsmouth New Hampshire office, was Managing Broker Brian O’Brien and I.
The two day conference was comprised of several different important events and sessions. I found that the most notable event of the conference was Deal Making where over 400 exhibitors occupied nearly all of the Hilton Hotel’s exhibition halls and the Sheraton Hotel’s Metropolitan Ballroom. It was in those exhibition halls that retailers, developers, real estate brokers, engineers, and other industry professionals congregated. A 35,000 SF retailer looking to expand into the Northeast, Ultimate Electronics, could be seen showing interested developers and brokers their expansion plans for 2010 and their site requirements. Developers and brokers could be seen showing retailers their newest development projects and available retail space. I noticed that there was a lot of energy in the air on the deal making floor this year with renewed excitement and enthusiasm for 2010. When attendees weren’t busy finding their way through Deal Making they had other high profile events they could attend such as the Retail Runway.
It has become a common place for the volunteer Program Planning Committees to organize an event called Retail Runway where popular national retailers are given the opportunity to showcase their business and expansion plans for the upcoming year. This year, participating retailers included Auto Zone, Dollar Tree, Game Stop, Hobby Lobby, Planet Fitness, Halloween Venture, Kiddie Academy, Muscle Maker Grill, REI Sporting Goods, Rosa Mexicano Restaurants, ShopRite, Sonic, and Wingstop Restaurants. The ICSC Planning Committee placed a unique twist on the event this year by also showcasing a one minute clip of each of the above mentioned retailers “favorite fans” prior to the retailer’s presentation. The “favorite fan clips” were a huge success as most of them had all of us roaring in laughter.
Planet Fitness, a National Franchise of Fitness Clubs whose headquarters is in Portsmouth NH, was well represented by the Director of Real Estate, Brian Kunkel. Kunkel explained how Planet Fitness got started in New Hampshire and quickly grew to a chain of over 300 stores in 33 U.S. States. Planet Fitness is currently in expansion mode with plans to open 85 to 100 locations nationwide in 2010. Kunkel discussed Planet Fitness’s real estate requirements which include 15,000 to 25,000 SF, 100+ parking spaces, and 14’ ceiling heights in suburban locations. He also explained that Planet Fitness requires 15,000 to 25,000 SF which can be on multiple levels, with 9’ ceilings in urban locations. By being a customer of Planet Fitness and also living in Portsmouth NH, I was able to relate to the real estate requirements of the company and why they have been so successful with their business model.
Overall, the event was well attended and there seemed to be a greater amount of activity in comparison to the New York National Conference and Deal Making event that took place in 2008. This was my second time attending the New York Conference and my sixth ICSC National or Regional Conference. NAI Norwood Group is typically represented at the Boston ICSC Regional Conference, the New York ICSC National Conference, and the Las Vegas National Conference. I continue to experience the benefits of being a member of the International Council of Shopping Centers and volunteering on committees such as the New Hampshire Next Generation Event committee. Thanks to everyone who helped make the 2009 New York Conference as success. See you next year!
Commercial Sales and Leasing
NAI Norwood Group
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