ARA Advisors acquired by parent of real estate brokerage NGKF

NGKF parent has acquired ARA Advisors
NGKF parent has acquired ARA Advisors

Commercial real estate brokerage ARA Advisors has been acquired by the parent of Newmark Grubb Knight Frank.

NGKF’s New York-based parent BGC Partners has signed a $110 million deal to buy ARA Advisors and its member affiliates, according to a published report.

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The company expects that the addition will boost NGKF’s presence in the multifamily market, the South Florida Business Journal reported.

“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,” said NGKF President James Kuhn in a news release.

The deal is expected to close in the fourth quarter. In the Business Journal’s ranking of the region’s top commercial real estate brokerages, ARA placed seventh with $777.6 million in sales/leases while NGKF came in at 14th with $202.9 million in sales/leases. [South Florida Business Journal]Chris Guanche