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Marcus & Millichap Impresses With Earnings

Marcus & Millichap Inc. reported soaring revenue in the first quarter on Thursday, citing the continued recovery of the commercial real estate market. The Calabasas commercial real estate brokerage reported net income of $6.8 million (17 cents a share) for the quarter ended March 31, compared with $1.6 million the same period a year earlier, prior to going public. Revenue rose 65 percent to $114.6 million. “Our performance during the quarter reflects ongoing strength in our core apartment and retail property types within the private client segment of the market, which includes commercial real estate transactions in the $1 million to $10 million price range,” said Chief Executive John Kerin in a statement. The company reported total sales volume rose almost 48 percent to $6.2 billion. Revenues from real estate brokerage commissions rose more than 71 percent to $105 million. The company went public in an Oct. 31 IPO that raised $72 million, less than the $104 million the company had hoped to raise when it first filed a prospectus in September. The company dropped its IPO price to $12 a share, after initially announcing it expected to price the stock at $14 to $16 a share. Shares gained 2 cents, or a fraction of a percent, to close at $15.75.

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