In a major real estate deal, C-III Capital Partners on June 22 announced that it had entered into an agreement to acquire NAI Global, the largest network of independent commercial real estate firms in the world.
NAI, of course, boasts a significant presence in the Midwest, with NAI-branded brokerages operating in the region’s biggest markets.
The changes to NAI Global should not be overly dramatic. The company will continue to operate as a separate entity under its current management following the acquisition, according to a press release announcing the deal.
NAI currently manages a commercial real estate network that includes 350 offices and 5,000 professionals in the United States and 55 countries.
“C-III plans to use its asset base, along with strategic acquisitions such as NAI, to create a fully diversified commercial real estate services company,” said Andrew Farkas, the investment specialist who leads C-III.
Farkas is no stranger to succeesful business ventures. He previously founded and led Insignia Financial Group, Inc. During its heyday, Insignia managed $12.5 billion in assets, and ranked as one of the largest commercial real estate services companies when it merged with CB Richard Ellis in 2003. C-III boasts a portfolio of nearly $150 billion in assets.
“Today’s agreement represents a tremendous opportunity for NAI and our members,” said Gerald Finn, chairman of NAI Global. “By teaming up with Andrew Farkas, we expect NAI will be able to significantly grow its service offerings and present new opportunities to our members.”
The deal should become official in the third quarter of 2011. Neither NAI Global or C-III disclosed the financial terms of the transaction.