In a move that impacts just about every major market in the Midwest, C-III Capital Partners has completed its acquisition of NAI Global.
The NAI Global network includes NAI companies across the Midwest, including such familiar names as Chicago’s NAI Hiffman, NAI Ruhl & Ruhl Commercial Company in Iowa, NAI DESCO in St. Louis and NAI Daus in Cleveland.
Commercial real estate services company C-III specializes in primary and special loan servicing, loan origination, fund management, CDO management, principal investment, title services and multi-family property management.
Andrew Farkas, the chief executive officer who leads C-III, was also the founder and chairman and chief executive officer of Insignia Financial Group. C-III is based in Irving, Texas, with additional offices in New York; Greenville, S.C.; McLean, Va.; Chicago; Dallas; and Nashville.
The acquisition doesn’t appear likely to change the way NAI affiliates across the Midwest will operate. NAI Global will continue to operate as a separate company under its current management. C-III officials, though, did say in a press release that the company will look to grow NAI Global by exploring business opportunities in strategic locations, including New York, London, Singapore and other primary global business centers.
“The completion of this transaction represents a significant step forward in our strategy to build a fully diversified commercial real estate services company,” Farkas said in a written statement. “With the NAI Global acquisition, we are gaining the world’s leading commercial real estate network and a tremendous foundation for future growth.”
Officials with NAI Global also expressed excitement over the new arrangement.
“We are thrilled to be joining forces with C-III and excited about the opportunity to deliver an even broader range of services to our members and add greater value to our collective corporate and investment clients,” said Jeffrey Finn, president and chief executive officer of NAI Global, in a written statement. “We look forward to tapping into their extensive resources and expertise to assist all of our clients in strategically optimizing their commercial real estate assets.”
NAI Hiffman chief executive officer Dave Petersen said that he expects the benefits of the transaction will translate to new real estate assignments for the company’s local office and will create added opportunities for existing clients and shareholders.
“The best aspect of this transaction is that its greatest value will be seen at the ground level in the form of property management, leasing and investment sales opportunities,” Petersen said.
Founded in 1977 by Gerald Finn, NAI Global has grown from covering 15 countries in 1999 to a network that now boasts 350 offices in 55 countries, with more than 300 million square feet of commercial space under management.
C-III started its operations when it purchased Centerline Capital Group’s institutional real estate debt fund management and commercial mortgage loan servicing businesses in March of 2010. Since that time, C-III has launched mortgage origination, investment sales and title insurance businesses, and expanded its principal investment, loan origination, fund management and primary and special loan servicing businesses, including acquiring the special servicing and CDO management businesses of JER Partners in August of 2011.
