Marcus & Millichap Buys Mission Capital

Calabasas real estate brokerage Marcus & Millichap Inc. has entered an agreement to acquire Mission Capital Advisors.Financial terms of the transaction, which is expected to close in the fourth quarter, were not disclosed.Mission Capital is headquartered in New York and has offices in Florida, Texas, Mobile, Ala. and Newport Beach. It specializes in real estate finance with teams for loan sales, consulting, debt and equity.Marcus & Millichap’s financing division, Marcus & Millichap Capital Corp., will absorb Mission Capital’s 40 employees including founding partners David Tobin, Joseph Runk, Jordan Ray and Trenton Staley.Chief Executive Hessam Nadji said broadening capital services is part of Marcus & Millichap’s long-term growth plan.“Mission’s loan sales and consulting services will expand our lender relationships and client service offerings. Internally, their ability to collaborate with our existing financing and sales professionals will be synergistic to our overall business development,” Nadji said in a statement. “The debt and equity team’s track record of securing financing for larger and more complex transactions and equity advisory is highly complementary to MMCC’s core mortgage brokerage business.”Shares of Marcus & Millichap (MMI) closed Monday down 59 cents, or 1.9 percent, to $36.50 on the New York Stock Exchange on a day when that market lost 1 percent.