$110 Million Merger Will Impact Two Of South Florida’s Most Active CRE Brokerage Teams

Dec 01, 2014 No Comments by

A national merger between commercial real estate brokerages Newmark Grubb Knight Frank and ARA Advisors will have an impact on two of South Florida’s most active brokerage teams.

New York-based BGC Partners, the parent of NGKF, made a deal to acquire ARA Advisors and its member affiliates for $110 million. The acquisition should inrease NGKF’s presence in the multifamily market, the company said.

 

“ARA represents the gold standard within the United States for the sale and financing of multi-housing properties, evidenced by its recent number two ranking in multi-family sales by Real Estate Alert,” NGKF President James D. Kuhn said in a news release. “ARA has built a strong presence in key markets such as Texas, Florida, Northern California, Colorado and the Carolinas, each of which have seen significant population and job growth, and with offices in 28 cities, they are well positioned for continued success and future growth. We look forward to working alongside ARA and significantly adding to our growing capital markets business.”

ARA ranked seventh on the Business Journal‘s list of the region’s top commercial real estate brokerages, with $777.6 million in sales and leases. NGKF ranked 14th with $202.9 million in sales and leases. ARA has a Boca Raton office, while NGKF has offices in Boca Raton and on Miami’s Brickell Avenue.

The deal should close in the fourth quarter.

 

Source:  SFBJ

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