Calabasas-based brokerage Marcus & Millichap Inc. has entered into a definitive agreement to acquire the assets of Pinnacle Financial Group Inc., a Cleveland-based commercial real estate mortgage brokerage and servicing firm.
Formed in 1990, Pinnacle is currently one of the largest independently owned financing companies in the Midwest.
Marcus & Millichap Chief Executive Hessam Nadji said in a joint statement that the acquisition represents “an alignment of culture and core values between their excellent team and our company.”
“We are excited to have Pinnacle Financial join the Marcus & Millichap family. Pinnacle’s three principals — Jim Leonard, Brock Walter and Brian Stulak — have done a terrific job of providing clients with customized solutions to their financing needs throughout their history,” Nadji continued. “With Pinnacle as part of our financing division, we fill a service gap in key areas of the Midwest with proven experts.”
Pinnacle Financial Group President Jim Leonard added, “Marcus & Millichap has a highly respected platform and we are excited to contribute to scaling (their) growth by integrating Pinnacle’s extensive lender network and providing expertise and infrastructure for mortgage servicing.”
Closure of the acquisition should happen by the end of the second quarter.
The company announced the deal Wednesday. Shares of Marcus & Millichap (MMI) closed Thursday down 36 cents, or 1 percent, to $36.87 on the New York Stock Exchange.