Marcus & Millichap inks deal to buy Mission Capital Advisors
Acquisition set to close in the fourth quarter
Marcus & Millichap has inked a deal to buy the debt and equity brokerage Mission Capital Advisors.
The publicly traded Marcus, which has a market capitalization of $1.2 billion, entered into an agreement to buy Mission Capital, the company told The Real Deal.
Marcus & Millichap CEO Hessam Nadji said Mission Capital’s loan sales and consulting divisions will “expand our lender relationships and client service offerings” and called Mission’s debt and equity team “highly complementary to [Marcus & Millichap’s] core mortgage brokerage business.”
Financial terms of the deal were not disclosed. The purchase is set to close in the fourth quarter.
The deal comes at a time when there are more rumblings about mergers and acquisitions in the commercial brokerage space. Cushman & Wakefield recently made an offer to buy Newmark Group, which the latter rejected, according to a report. Cushman also had discussions about selling itself to JLL, sources told TRD.
Talks between Marcus and Mission Capital began last year, but the deal was delayed by the coronavirus. In the meantime, a number of Mission Capital dealmakers have left the company for competing firms.