Calabasas brokerage Marcus & Millichap, best known for selling apartment buildings, is expanding further into the office and industrial properties sector.
The firm’s Institutional Property Advisory service will add an office and industrial division, headed up by Senior Vice President Alan L. Pontius, the company announced Wednesday.
“The time is right to extend IPA's network of advisory services to major office and industrial property investors,” said Pontius, in a statement. “Recent gains to payrolls nationwide and continuing limitations on new supply have begun to translate into a faster pace of recovery for the U.S. office sector.”
In announcing its advisory services’ push into institutional office and industrial sales, Pontius also cited changes in industrial demand due to the rapid expansion of online retail transactions, as well as the impact of the Affordable Care Act, which has generated demand for single- and multi-tenant medical office buildings.
Marcus & Millichap completed an initial public offering in late 2013. Its stock had been outperforming, until third quarter results that failed to meet forecasts sent shares tumbling by nearly 25 percent last month.
Shares closed Wednesday up 36 cents or 1.1 percent to $32.73 on the New York Stock Exchange.