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Marcus & Millichap's Acquisition of Ottawa Brokerage Firm Marks Latest in Canadian Expansion

Primecorp, Brokerage Behind $6 Billion in Transactions, to Now Operate Under Global Brokerage Firm's Banner
October 8, 2018
Hessam Nadji, president and CEO of Marcus & Millichap, noted the acquisition of Primecorp strengthens the company’s platform while providing entry into a major market.

Marcus & Millichap has acquired Ottawa-based Primecorp Commercial Realty in a move that now gives the California-based brokerage giant a foothold in every key metropolitan area in Canada.

Launched in 1998 by founding partners Chief Executive Officer Aik Aliferis, President Nick Pantieras, Chief Operating Officer Sam Firestone and since-retired founding partner Steve Lerner, Primecorp is a commercial real estate brokerage firm that specializes in multi-residential, commercial, office, retail and senior housing, in addition to property management.

The largest independent commercial real estate brokerage in Canada's capital city, Ottawa, the firm has completed more than $6 billion in investment and leasing transactions since its launch, including co-advising TD in the $302.7 million sale last September of a pair of portfolios totaling 2,019 suites across Hamilton, Ontario, and London, Ontario, to Toronto-based Q Residential.

"The transaction enhances our ability to help investors move capital across markets and boosts Primecorp’s local growth opportunity by deploying Marcus & Millichap’s technology, brokerage tools, training and management systems," said President and Chief Executive Officer Hessam Nadji, who oversees one of the largest brokerage firms in the world in Marcus & Millichap. "Primecorp is a well-established company in its respective markets with a similar culture and business model to ours as well as a proven ability to execute transactions across all product types including a major focus in multifamily."

Primecorp maintains offices in Toronto, Montreal and Gatineau, Quebec. The company's clients include institutional investors, private owners, REITS, pension funds, developers and lenders.

With the merger, which closed Oct. 1, Marcus & Millichap adds 11 producers in Canada including Primecorp's three active co-founders, who will serve as senior executives. Primecorp will operate its brokerage and advisory services platforms under the Marcus & Millichap name, while its property management division, which was not part of the acquisition, will continue to operate as a separate entity.

Primecorp will keep its corporate headquarters at 275 Bank St. in Ottawa, though the company's personnel in Toronto and Montreal will shift to Marcus & Millichap's area offices, a Marcus & Millichap spokesperson confirmed in an email to CoStar News.

The acquisition is the second investment in Canada in the last 45 days for Marcus & Millichap as the firm continues to grow across the country. In late August, the company finalized a deal to buy Montreal-based McGill Commercial, acquiring the regional commercial real estate investment sales firm to complement its existing Canadian operations in Toronto, Vancouver and Calgary.

Days after the McGill acquisition, Marcus & Millichap hired 30-year industry veteran and former Sun Life Managing Director Thierry Lessoil to head up its new Montreal office as regional manager.

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