Marcus & Millichap Inc. has opened an office of its Institutional Property Advisors division in Ohio.
The commercial real estate brokerage headquartered in Calabasas named Michael Barron and Daniel Burkons, senior directors, and Joshua Wintermute, director, to lead the IPA Midwest-Multifamily office. The three men opened Marcus & Millichap’s Cleveland office 15 years ago and have since expanded their brokerage business throughout Ohio and neighboring states.
IPA specializes in institutional investment funds to buy apartment buildings. The IPA Midwest-Multifamily office has 10 brokers.
“Expanding our IPA Multifamily services in the Midwest deepens the division’s presence in the heartland and provides area multifamily investors with enhanced access to our full range of services,” Hessam Nadji, chief executive of Marcus & Millichap, said in a statement.
The company announced the new office after market close on Thursday. Shares closed Friday up 53 cents, or 2.3 percent, to $24.03 on the New York Stock Exchange.