Posted by admin on Jun 27, 2011
Investor Andrew Farkas, who helped grow the dominant New York-based Edward S. Gordon Company into a global firm that was later acquired by CB Richard Ellis, plans to purchase the commercial services firm NAI Global, according to a statement from the company.
Andrew Farkas’ C-III Capital Partners, based in Irving, Tex., entered into an agreement today to buy the company. Terms of the sale were not released. The deal is expected to close in the third quarter.
See the full article on The Real Deal.
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Posted by admin on Jun 22, 2011
C-III Capital Partners LLC (C-III) announced today that it has entered into a definitive agreement to acquire NAI Global, the largest and premier network of independent commercial real estate firms worldwide. C-III is led by Andrew Farkas, who founded and was Chairman and CEO of Insignia Financial Group, Inc. (NYSE:IFS). NAI Global will continue to operate as a separate company under its current management following the acquisition.
NAI manages a network of commercial real estate firms comprising 5,000 professionals and 350 offices in the US and 55 countries throughout the world. NAI’s network members provide a full spectrum of corporate, financial, technology and project management services.
“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. “This is the strategy that was successful for Insignia. C-III is led by the same team that built Insignia, and with C-III’s significantly larger asset base, I believe C-III can substantially exceed Insignia’s success,” concluded Mr. Farkas. At its height, Insignia managed $12.5 billion in assets, while today C-III’s portfolio approximates $150 billion in assets. Insignia was one of the largest commercial real estate services companies in the world when it merged with CB Richard Ellis in 2003.
Read the full press release on Business Wire.
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Posted by admin on Jun 16, 2011
The level of commercial real estate loan distress appears to be at or nearing its peak – a welcome sign that the worst of the Great Recession may have passed. And with this new phase, the market for distressed commercial real estate borrowers and investors is also undergoing major changes.
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NAI Global noted that LNR Partners and CIII Capital Partners are selling a tremendous amount of product through a large auction now and the FDIC has another $700 million portfolio to be sold in the third quarter of 2011.
“We believe we are at the tipping point towards a more normalized market where new originations will commence in early in 2012 reflecting normal CMBS output and lending patterns similar to 2005 and 2006,” the company said. “Though 2012 will see more distressed debt opportunities we see an overall slow down as the economy and its recovery finally impacts real estate positively.”
Read the full article on CoStar Group.
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Posted by admin on Jun 13, 2011
FORT LAUDERDALE, FL; COSTA RICA – JUNE 1st, 2011 – IGY Marinas announces the addition of Marina Papagayo to its global network of premier yachting destinations. Marina Papagayo, located on the north Pacific coast of Costa Rica is part of the acclaimed five-star residential resort community of Peninsula Papagayo. This state-of-the-art, full-service marina offers a wide array of nautical services along with award-winning accommodations and amenities at the Four Seasons Resort Costa Rica, including an Arnold Palmer Golf Course, spa, and multiple dining options. This exotic, yet accessible escape is situated just 20 minutes from Liberia International Airport offering daily and frequent services from major US gateway cities.
Island Global Yachting will provide marketing and branding services as part of the agreement, with Marina Papagayo being branded as “an IGY destination.” IGY Marinas will also be delivering staff training and operational support through the acclaimed IGY University, a program tailored to the specific needs of marina staff that provides all the knowledge needed to operate a world-class marina.
Click here to read the full press release.
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