CRE Briefs, September 8, 2022
Northmarq to Acquire Investment Sales Firm Stan Johnson Co.
Northmarq, Minneapolis, agreed to purchase Stan Johnson Co., a real estate brokerage and advisory firm that focuses on investment sales across multiple asset classes.
The acquisition will also include Stan Johnson Co. affiliate Four Pillars Capital Markets, a debt services company.
With the acquisition, Northmarq will have nearly 1,000 professionals across its investment sales, debt/equity financing, loan servicing and fund management operations.
Founded in 1985, Stan Johnson Co. has expanded from its Midwest roots to a full-service investment sales company specializing in net lease investment sales and other areas including multi-tenant retail, office, industrial, self-storage and healthcare sales as well as other specialty products and service lines. The firm has more than 100 brokerage professionals across 16 offices in 10 states—Oklahoma, Arizona, California, Colorado, Georgia, Illinois, New York, Ohio, Oregon, and Texas. Houlihan Lokey served the company as its exclusive financial advisor.
In its four decades of service, Stan Johnson Company has closed nearly 7,500 transactions exceeding $45 billion in sales volume.
CBRE Acquires Cold River Land LLC
CBRE acquired Cold River Land LLC, which provides property tax payment services for real estate owners and lenders.
Based in Alpharetta, Ga., Cold River Land LLC offers a comprehensive property tax management platform including document management, data management, appeals, research and monitoring. In addition, its proprietary property tax management system enhances client tax payment capabilities.
Zumper Secures $30M in Funding to Launch Short-Term Rentals
Rental marketplace Zumper, San Francisco, secured $30 million in funding to launch a short-term rental product.
The latest funding extension was earmarked for expansion into short-term rentals at a time when consumers demand flexibility in housing choices. “Work from anywhere has prompted a cultural shift in day-to-day life and is just one example of how the pandemic accelerated macro trends in alternative accommodation,” Zumper said.
Zumper found one-third of its users expressed interest in flexible rentals. “Whether digital nomads or consumers with the unfettered means to travel and live a flexible lifestyle, short-term rentals are a means for a myriad of situational stays, such as a gap in housing, migratory work and even a stepping-stone to building rental history, credit and more,” the firm said.
By expanding inventory to now offer short-term options, Zumper directly addresses renter pain points by giving consumers the flexibility to find their forever or for now residence. Zumper’s short-term listings can be booked at no additional fee to the guest, which is traditionally upwards of 15% or more on other short-term rental sites such as Airbnb. Conversely landlords can now opt to list their properties short-term to meet demand with the ability to advertise their short-term and monthly rentals in front of Zumper’s over 178M annual visits.
Partner Engineering & Science Launches Valuation Business
Partner Engineering and Science, Inc. formed a new real estate valuation firm called Partner Valuation Advisors, to be led by commercial real estate industry leaders Brandon Nunnink and Eric Enloe. Based in Chicago, Nunnink and Enloe will serve as co-founders and senior managing directors in the national practice.
Joseph Derhake, founder and CEO of Los Angeles-based Partner, said bundling the appraisal with the Phase I Environmental Site Assessment and Property Condition Assessment makes the process easier and faster. “When the reports match and address issues in a concerted way, the client will see more intelligent advice,” he said.
Enloe will lead Partner Valuation Advisors after being one of the founders of JLL’s Valuation & Advisory team nationally and the head of commercial valuation. He also was JLL Americas’ valuation leader for the Global Client Care Program, a member of JLL’s Valuation Executive Committee, and a member of JLL’s Midwest Executive Committee which included capital markets, leasing, work dynamics, project development services, and property management.
Nunnink will lead Partner Valuation Advisors after serving as COO of JLL Valuation & Advisory Services in the Americas. Based in Chicago, he built a valuation and advisory team that started with a Midwest and South-Central presence and agrew to be a national platform.
