Despite widespread economic uncertainty, Marcus & Millichap has acquired a boutique Dallas-based commercial debt brokerage.
The firm, Metropolitan Capital Advisors, brokered $650 million in transactions last year, according to a Marcus & Millichap press release.
Terms of the deal were not disclosed.
MCA will join Marcus & Millichap’s own investment services arm, Marcus & Millichap Capital Corporation. MCA focuses on Texas and the southwest.
Marcus & Millichap is based in Calabasas, California, but has 82 offices across the U.S. and is among the top producing commercial brokerages in the country. The firm claims to have closed more than 9,700 transactions worth around $50 billion last year.
The coronavirus pandemic is likely to eat into the firm’s performance this year. The pandemic has made it difficult, if not entirely impossible, to conduct business, particularly as lenders halt issuing new debt.
Like most other companies in commercial real estate, Marcus & Millichap stock is taking a beating amid pandemic-fueled economic uncertainty — the company’s share price is down 33 percent from late February when financial markets began to drop in response to the growing coronavirus threat.
MCA, founded in 1992 by Scott Lynn, specializes in finding debt and equity for investors, developers and property owners.