Marcus & Millichap Real Estate Alert Editorial Coverage

Real Estate Alert Editorial Coverage JANUARY 2021 – AUGUST 2021

Compiled by the Public Relations Department

Marcus & Millichap Editorial Coverage | January 2021 – August 2021 2/03/21 – Apartment Sales Plunge Sales of large apartment properties tumbled 27% in 2020 amid the worst public health crisis in a century, though the year was bookended by record quarterly transaction volumes.

Some $85.8 billion of multi-family properties traded last year, a sharp drop from the record $117.3 billion of deals that closed in 2019, according to Real Estate Alert’s Deal Database, which tracks sales of $25 million and higher.

The total was roughly on par with the $88.9 billion of sales logged in 2015.

Virtually every brokerage saw volume drop. CBRE was again the most active broker, but its $19.7 billion of sales was 31.8% below last year’s figure. Newmark remained in second place, with a 4% dip to $16.4 billion. JLL had $13.9 billion of sales, down 9.7%. Rounding out the top, with a 0.8% uptick in sales to $5.1 billion. five were Cushman & Wakefield, down 16.7% to $8.5 billion, and Walker & Dunlop Coming off two strong years, the first quarter saw the most sales at the start of a year since Real Estate Alert began tracking deals in 2001, with $26.7 billion closed. Volume dropped precipitously in the second quarter amid lockdowns intended to curb the spread of the coronavirus and remained depressed in the third quarter. Deal flow picked up rapidly at yearend, and the fourth quarter notched a record $37.1 billion in sales.

Some investment shops were able to make up lost ground in the frenzied trading near yearend. “We manufactured almost full-year volume in just the last two months of the year,” said Nickolay Bochilo, executive vice president of investments at Bell Partners of Greensboro, N.C., which closed $1 billion of transactions between mid-October and late December.

The strong year-end performance and vaccine rollouts are leading market pros to be cautiously optimistic that 2021 will see stronger sales activity.

“If the recovery and the vaccine play out the way everyone is expecting, I think there is going to be a deluge of capital

chasing apartments in 2021 compared to 2020,” said Matt Ferrari, co-chief investment officer at TruAmerica Multifamily of Los Angeles. “I expect transaction activity to pick up and, hopefully, apartment fundamentals and operations to pick up.”

Matthew Gottesdiener, chief investment officer at Northland Investment of Newton, Mass., sees strong appetite for multi-family properties. “We saw peak aggressive buying demand for our marketed dispositions in the fourth quarter,” he said. “I expect that in 2021 we’ll see record-low cap rates — granted, on lower forecasted net operating income — but fundamentally, a strong rebound in buying demand.”

He characterized the landscape for buyers in today’s market as “excruciating. Extremely difficult.” His firm recently sold assets for 5% to 15% above the pre-Covid broker opinion of value. In another deal, a mid-1980s-vintage property in a tertiary market in Central Florida received 25 bids above the target price.

Still, there are some factors at play that could create headwinds early in the year. David Schwartz, CEO and co-founder of Waterton, a Chicago multi-family investor, and the chair of the National Multifamily Housing Council, said rent shortfalls at yearend are estimated to be as high as $70 billion. “Some economists project we could have another $80 billion of unpaid rent through September [2021], or more. No one really knows,” he added.

The NMHC has lobbied hard for emergency renter assistance since the start of the pandemic. The $900 billion pandemic relief bill passed into law in December includes $25 billion in rental relief. While that’s a good start, Schwartz said it’s not nearly enough. “It’s still just a down payment. This is a problem we’re going to be dealing with for a while.”

While additional relief may be forthcoming, pros say the fact that the stimulus package arrived later than expected created more distress for renters.

“We’re not out of the woods,” said Hessam Nadji, president and chief executive of Marcus & Millichap. “It’s hard to gauge the true stress on the renter and their ability to pay.”

2 | Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021

2/17/21 – CBRE Tops Debut Ranking of Smaller Sales Small Property Sales Drop 23%; CBRE Tops Debut Ranking Sales of properties valued between $5 million and $25 million held up better than larger trades last year, with CBRE reigning as the market segment’s biggest broker.

Some $37.9 billion of such properties across the five major sectors changed hands last year, down from $49.4 billion of deals in 2019, according to Real Estate Alert’s inaugural review of the private-capital marketplace. That 23.3% decrease was significantly smaller than the 34.6% drop in the market for assets valued at $25 million and up.

CBRE took the top spot in the office, multi-family and industrial sectors, which, combined, accounted for 79% of total deal flow. Marcus & Millichap won the retail ranking, and Hunter Hotel Advisors topped the hotel league table.

In the overall brokerage race, Cushman & Wakefield was the runner-up, followed by Marcus & Millichap, Newmark, Colliers International and JLL. The rankings by sales volume shifted a bit from 2019, with JLL slipping from fourth place and Newmark and Colliers each moving up one notch.

The rankings are based on responses from 35 brokerages to a nationwide survey, with additional data drawn from Real Estate Alert’s reporting and from property records, published reports and press releases. For comparison purposes, 2019 data also was collected. Because other brokerages didn’t respond to the survey, the data is incomplete.

The newsletter has long maintained similar rankings for transactions over $25 million.

As in the institutional marketplace, the private-capital segments of the multi-family and industrial sectors were the most active. Trades of warehouses, distribution centers and self-storage buildings valued from $5 million to $25 million increased 8.3% last year, to $10.1 billion — the only piece of the market that saw volume rise.

Apartment deals valued between $5 million and $25 million fell 23.0% last year, to $11.8 billon. By comparison, sales of multi-family assets worth $25 million or more were down 27%, to $85.8 billion.

Sales of smaller retail, hotel and office properties were down 33% to 38%, with each sector outperforming its counterpart in the over-$25 million space.

“There was no pandemic playbook, but we knew the sub$25 million space would not drop as much,” said Kevin Aussef, CBRE’s global chief operating officer of capital markets. “The recovery of the $25 million-plus market was

the surprise, not the continuation of activity in the under-$25 million. Historically, that market tends to be more resilient.”

The private-capital marketplace is largely the domain of wealthy individuals, family offices and local and regional real estate firms. While institutions at times buy assets valued at less than $25 million — increasingly so, some brokers say — the bidding pool for most assets is populated by smaller investors motivated primarily by tax-deferred exchanges and a desire for cashflow above nearly all else.

Section 1031 of the Internal Revenue Code, which allows investors to defer capital-gains taxes on the sale of one property by reinvesting the proceeds in a similar property within 180 days, is the backbone of the private-capital market.

But in 2020, uncertainty around who would win the November presidential election made buyers nervous about the fate of 1031 exchanges. Then-candidate Joe Biden’s plans originally called for the elimination of the tax break on like-kind deals to raise money for childcare, senior services and other purposes. That motivated some buyers to transact sooner than they had planned to ensure that they maintained the tax savings.

“If someone had an exchange, they were likely to push it through in 2020 if they could, or will do so in 2021 with the looming political risk in the exchange market,” said Kevin MacKenzie, an executive managing director of capital markets at JLL. “That is helping support deal velocity.”

The Biden Administration now appears less likely to eliminate the tax benefit, but John Chang, a senior vice president and national director of research services at Marcus & Millichap, said it remains an issue investors are tracking.

“It has come down from what I would call a true concern, but there is some uncertainty around it,” he said. “It is accelerating some timelines.”

One factor that helped the private-capital space have a stronger year than the institutional marketplace was smaller investors’ ability to keep buying at the beginning of the pandemic.

In the second quarter, property sales valued at $25 million and above plummeted 73% as institutional buyers froze.

But in the private-capital space, deal flow fell only 48%.

Carlo Barel di Sant’Albano, Cushman’s chief executive of global capital markets and investor services, said that in March and April, institutions immediately moved to triage existing portfolios and protect their assets. Private capital

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buyers took the opportunity to step up.“What was interesting was that as [institutions] pulled away, the private companies and high-net-worth individuals were there,” di Sant’Albano said. “They were there for those deals that were left. They finally could have a seat at the table, because usually running against the big players is very hard.

They could make the decision very quickly, and they had plenty of capital.”

lion totaled $12.7 billion from October to December, down just 6.5% year over year. In the $25 million-and-over space, fourth-quarter sales volume declined 12.7%.

Brokers said that private-capital buyers who typically do smaller deals purchased more assets worth over $25 million last year. Conversely, in white-hot sectors such as multi-family and industrial, where demand outpaced the supply of buying opportunities, institutions and larger investment managers dipped into the pool of lower-valued properties.

“When you talk about the fourth quarter being gangbusters, for private capital, 2021 still presents an important opportunity,” di Sant’Albano said. “Even though the large institutions have a significant amount of capital … I think the private players still have time to deploy.”

“The institutions are reaching down and going into lower price tiers,” Marcus & Millichap’s Chang said. “And the private investors are going up over [$20 million, $25 million]. There is a crossover space. The institutional investors just can’t get enough [deals], and so they’re willing to go into the smaller deals just to fill out their funds.”

Investors also looked for deals beyond their local markets to a greater degree last year. While wealthy individuals and family offices tend to invest within their home states, the pandemic, combined with tax regulations in wealthier states including California and New York, pushed private-capital buyers over state lines. In the first nine months of 2020, 51.8% of the Marcus & Millichap’s transactions included out-of-state investors, up from 47.8% the year prior, according to Chang.

“We’re starting to see investors rotate out of product types and out of geography because the world as we know it has changed,” said Sean Fulp, who leads Newmark’s private-capital group. Investors are looking at “different states with more favorable tax policies. … The deck is being reshuffled.”

Looking ahead, market pros expect sales activity to pick up each month this year, buoyed by lower political uncertainty and vaccine rollouts, with a return to normal in 2022.

Some even refer to a potential bull market this decade as the “Roaring Twenties.”

“There’s a lot of optimism, and the numbers exhibit increasing activity in the market,” MacKenzie said. “For multifamily and industrial, we generally saw demand remain strong through Covid, and for other product types we expect to see acceleration through 2021.”

That bullish view is borne out by fourth-quarter sales volume. Sales of properties between $5 million and $25 mil-

Cushman’s di Sant’Albano said that even with a strong fourth quarter indicating that more investors were coming off the sidelines, there is still a window for private capital to continue winning the bidding contests for larger assets.

And while debt costs have ticked up in recent months, the availability of historically cheap financing has trickled down to the private-capital space. Rates are, of course, higher for smaller deal sizes, but, according to Newmark’s Fulp, “they’re still accretive.”

“Spreads have gone in, and there’s more capital supply,” he added. “Lenders are more competitive than they might have been six months ago.”

Even if rates continue to climb, CBRE’s Aussef said the advantage for private investors is their cost of capital, which he said is “as close to zero as you can get. … It’s their own money.”In the brokerage race for the private-capital space, CBRE retained the crown as the top broker, but most of its competitors gained ground. CBRE advised on $7.9 billion of trades, for a market share of 22.5%. That was down 33.1% from 2019’s $11.9 billion of trades, which translated to a 24.9% share. CBRE’s percentage decline was the largest of the top five brokerages.

Cushman’s volume fell 18.4%, to $6.2 billion from $7.6 billion, but its market share grew to 17.6% from 16.0%.

Third-place Marcus & Millichap saw its sales volume drop 29.1% to $4.1 billion from $5.8 billion and its market share tick down to 11.6% from 12.2%.

Newmark and Colliers saw their market shares jump, as their sales volumes held roughly steady around $4 billion despite the pandemic. Newmark’s market share rose to 10.9% from 8.5%, while Colliers’ share grew to 10.7% from 7.9%.

JLL’s market share remained flat at 9.2%, despite a 35.1% drop in sales volume to $3.3 billion. Overall, the top six brokerages accounted for 82.5% of all brokered trades last year, up from 80.1% in 2019. The sub-$25 million market is somewhat more fragmented than the over-$25 million market, where the top six brokerages encompassed 88.3% of the market last year.

4 | Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021

2/17/21 – Kroger Offers Massive ‘Superstore’ Portfolio Grocery giant Kroger is pitching a portfolio of 28 big-box stores that could attract bids of $600 million, setting the stage for the largest retail-property trade since the onset of the pandemic.

The package totals 5.2 million sf that Kroger operates under its Fred Meyer brand, mostly in the Pacific Northwest.

The company is proposing to lease back the stores on an absolute triple-net basis for 25 years.

At the estimated value, the buyer’s initial annual yield would be 4.2%. Marcus & Millichap IPA has the listing.

In addition to an attractive lease structure, it is touting the properties’ “high-quality locations and long-term investment grade tenancy.”

Kroger, one of the largest retailers in the U.S., is rated Baa1/ BBB by Moody’s and S&P. Fred Meyer, which has been a unit of the Cincinnati-based grocer since 1998, helped pioneer the superstore concept — offering grocery and pharmacy departments, banking services and products including clothing, jewelry, home goods, electronics and sporting goods.

Retail-property sales have plummeted since the coronavirus outbreak reached pandemic proportions. The largest trade to close after the end of the first quarter was Ikea’s $198 million purchase in September of the 256,000-sf building at 945 Market Street in San Francisco from a partnership between Alexandria Real Estate Equities and TMG Partners.

But net-leased assets, especially those with strong tenants in essential retail businesses, have proved resilient throughout the crisis. Of the five biggest portfolios to sell in the sector last year, three involved grocery stores or pharmacies, which remained open even as stay-at-home orders took hold.

3/17/21 – Rare Santa Fe Center Teed Up A New Mexico shopping center is on the block with an asking price of $22.5 million — plus the supermarket next door could be part of the deal.

A joint venture including Walnut Creek, Calif.-based Waterbury Properties is marketing the 156,000-sf College Plaza Shopping Center in Santa Fe. The property is 81% leased and the sales pitch is touting the ability to boost cashflow by filling empty storefronts and adding drive-through pads to the 14-acre site.

Marcus & Millichap’s Institutional Property Advisors unit has the listing.

In a twist, a buyer also could enter a sale-leaseback deal for an adjacent Smith’s Food & Drug. Grocery chain Kroger owns that property, which serves as a shadow anchor for College Plaza. Though the 70,000-sf supermarket isn’t officially on the block, Kroger is said to be open to discussions at a valuation around $16 million.

College Plaza, at 2010 Cerrillos Road, was built in 1977 and renovated in recent months. Tenants include Ace Hardware, Burlington, Hertz, Office Depot, Petco, Sally Beauty and women’s fashion retailer Cato.

The property is at Cerrillos Road and St. Michael’s Drive, which marketing materials say is the city’s busiest intersection. Some 88,000 people with an average annual household income of $85,000 live within 5 miles. In addition, the city draws some 2 million tourists a year, and Santa Fe Regional Airport is 7 miles away.

Listings for retail properties are rare in New Mexico. Santa Fe has had four trades of at least $25 million since Real Estate Alert’s Deal Database started tracking deals in 2001.

Albuquerque, some 60 miles southwest, has seen six large retail sales over the same period.

The Kroger portfolio includes 15 properties in Oregon and 10 stores in Washington.

There are two properties in Eugene, Ore., and three in Salem, Ore. The other Oregon properties are in Albany, Beaverton, Corvallis, Dallas, Portland, Medford, Oregon City, Roseburg, Springfield and Tualatin.

Two of the Washington properties are in Tacoma. The others are in Bellingham, Everett, Longview, Lynnwood, Puyallup, Richland, Shoreline and Vancouver.

The other three stores are in Anchorage, Alaska, and in Nampa and Garden City, Idaho.

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3/31/21 – Calif. Housing Agency Snags 3 Complexes A state agency is paying $528.6 million for three California apartment properties it plans to maintain as affordable housing.

California Community Housing Agency, advised by Catalyst Housing, is scheduled to close on the separate transactions this week.

The largest deal is for a 494-unit complex in suburban Los Angeles valued at $290 million, or $587,000/unit. The seller is a joint venture of Cypress Equity Investments of Los Angeles and developer Fifield Cos. of Chicago. There was no sell-side broker for the off-market deal, but Eastdil Secured represented CalCHA. The state agency also is paying $128.5 million, or $416,00/ unit, for a 309-unit complex in the San Francisco Bay Area.

Newmark brokered that sale for Bridge Investment of Salt Lake City.

The smallest trade is the $110 million, or $537,000/unit, purchase of a 205-unit property, also in Southern California. Seller Sequoia of Walnut Creek, Calif., did not use a broker. CalCHA was advised by Marcus & Millichap’s Institutional Property Advisors unit.

California formed CalCHA in 2019 as part of the state’s efforts to create or preserve affordable rental housing for middle-income residents. Catalyst, based in Larkspur, Calif., and led by founder Jordan Moss, serves as CalCHA’s asset manager and sources deals.

Under terms of CalCHA’s deals, apartments are restricted to households earning no more than 120% of the local area’s median income. Annual rental increases are capped at 4%, and the properties ultimately will be turned over to their municipalities.

Investors are being told there is opportunity at both garden-style properties to renovate units and push rents higher.

The Summit, at 6500 Metrowest Boulevard, was built in 1991 and is 94% occupied. It has 10 two- and three-story buildings on 12 acres. It’s within MetroWest, an 1,800-acre master-planned community, less than 6 miles from downtown Orlando.

Amenities include a resort-style swimming pool, a fitness center, a clubhouse, a dog park with agility equipment and access to the community’s parks and golf club. Units have one to three bedrooms and average 896 sf, with average rents of $1,355, or $1.51/sf.

Milestone has made $4.5 million of capital improvements over the past six years, according to marketing materials.

Around 58% of the units have received various levels of interior renovations and are averaging rent premiums of $190. The pitch is that a new owner could upgrade the remaining units and also install wood-style flooring in 70% of the units to boost rents.

The Legends complex, at 8101 Champions Circle, was built in 2002 and is 97% occupied. The one- to four-bedroom apartments average 1,004 sf, and average rent is $1,275, or $1.27/sf. Amenities include a resort-style swimming pool with a sundeck, a playground, a fitness center and a business center with a conference room.

Nearly 90% of the apartments have original finishes. Investors are being told renovations to 27 units have resulted in rent premiums averaging $155.

Milestone, led by managing partners Jeffrey Goldberg and Robert Landin, acquired both properties in 2015 as part of a 1,075-unit portfolio it bought for $120 million, or $112,000/unit.

4/07/21 – Central Fla. Rental Complexes Listed Milestone Group is separately shopping two apartment properties in Central Florida with a combined value of about $111 million. The 280-unit Summit at Metrowest in Orlando is on the block for roughly $58 million, or $207,000/unit. Newmark has the listing.

The 252-unit Legends at Champions Gate, in the Orlando suburb of Champions Gate, Fla., is being offered for around $53 million, or $210,000/unit. Dallas-based Milestone has given that listing to Marcus & Millichap’s Institutional Property Advisors.

6 | Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021

5/05/21 – Benderson Bags Large Supermarket Portfolio Benderson Development has paid Kroger about $625 million for a portfolio of 28 big-box stores in the largest retail-property trade since 2019.

The deal, which closed last week, totaled 4.5 million sf, mostly in the Pacific Northwest, that Kroger operates under its Fred Meyer brand. The grocery giant leased back the stores on an absolute triple-net basis for 25 years, at a combined starting base rent of $25 million.

Marcus & Millichap’s Institutional Property Advisors unit ran the marketing process, which attracted a pool of about 20 bidders that pushed pricing past initial expectations of $600 million. Benderson, of University Park, Fla., will see an initial annual yield of under 4%, stingier than anticipated, according to market pros. Although the exact price couldn’t be learned, that capitalization rate translates to at least $625 million.

The deal is a rare piece of positive news in the retail sector, which has seen sales plummet since the pandemic hit early last year. It also illustrates how net-leased assets, especially those with strong tenants in essential retail businesses, have emerged as a bright spot amid the disruption.

The sale follows another big net-lease retail deal in March, which had been the largest struck during the pandemic. Inland Real Estate paid $295 million for a portfolio of 11 New England supermarkets, totaling 748,000 sf, fully occupied by grocer Stop & Shop under 20-year leases. JLL brokered that sale for a partnership between Winstanley Enterprises of Concord, Mass., and Surrey Equities of Eatontown, N.J. That sales price also exceeded initial expectations.

Benderson’s acquisition from Kroger is the largest retail trade since December 2019, when Realty Income paid $1.2 billion to buy a nearly 5 million-sf portfolio from CIM Group, represented by Eastdil Secured.

The marketing campaign touted the Kroger properties as having “high-quality locations and long-term investment grade tenancy.” Kroger, one of the largest retailers in the U.S., is rated Baa1/BBB by Moody’s and S&P. Fred Meyer, a unit of the Cincinnati-based company since 1998, helped pioneer the superstore concept — offering grocery and pharmacy departments, banking services and products including clothing, jewelry, home goods electronics and sporting goods.

The portfolio acquired by Benderson includes 15 properties in Oregon — three in Salem, two in Eugene and one each in Albany, Beaverton, Corvallis, Dalles, Medford, Oregon City, Portland, Roseburg, Springfield and Tualatin.

There are 10 stores in Washington: two in Tacoma and the others in Bellingham, Everett, Longview, Lynnwood, Puyallup, Richland, Shoreline and Vancouver.

The remaining stores are in Anchorage, Alaska, and Garden City and Nampa, Idaho.

Benderson, which also invests in office, industrial and hotel properties, has remained aggressive during the pandemic, making six purchases worth over $1.5 billion, including the Kroger deal. Founded in 1949, it owns more than 800 properties totaling 45 million sf in 40 states, according to its website.

5/26/21 – Buyer Interest In Downtown Rentals Reviving Renters are returning to downtown apartments, and investors are following their lead.

After plunging last year at the outset of the pandemic, occupancy rates and rents in some of the worst-hit cities have begun to recover. As Covid-19 vaccinations become increasingly widespread, and as restaurants, bars and entertainment venues reopen, tenants once again are gravitating toward city living.

As a result, buyers are warming to urban apartment listings, bid-ask gaps are narrowing, and capitalization rates are tightening — to historic lows in some markets, particularly in the Sun Belt.

Brokers report tenant tours and lease signings have rebounded in recent weeks from their year-ago depths, and rents have stabilized in most — although not all — major urban markets.

For example, “some assets in Midtown Miami are signing 50 to 80 leases a month, three times what you would expect in a normal lease-up,” said Matthew Lawton, executive managing director of capital markets at JLL. “It’s dramatic. The economy is opening back up. People are moving back downtown to the urban cores, and workers are re-engaging at the office.”

Atlanta’s in-town submarkets “started turning a corner” last month, said Paul Berry, a vice chairman in CBRE’s multi-family institutional properties group. “We started seeing leasing velocity really ramp up.”

Berry said that while most complexes in Atlanta’s suburbs “didn’t miss a beat” at the height of the public health crisis, it was a different story in the city. As late as this year’s first quarter, urban apartments were averaging a net increase of just three to four leases per week, he said.

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“Today, properties with similar characteristics are doing around eight net leases a week or more, and some are up in the neighborhood of 20 leases a week,” he said. “This strong rebound in leasing velocity is gaining the attention of investors who are saying, ‘Wow, these urban markets are coming back’ — and subsequently, they’re bidding aggressively for the assets.” Where an urban listing six months ago might have drawn 80 signed confidentiality agreements, “in May that number is closer to 150,” Berry said.

And while suburban properties accounted for 70% of CBRE’s Atlanta-area sales in the first quarter, the balance has tipped in the second quarter, with urban properties accounting for 65% of closed sales so far, Berry said. He added that the current listing pipeline appears split about 5050. Greater Atlanta was the second-most active apartment market last year, according to Real Estate Alert’s Deal Database, and CBRE has been the leading multi-family sales broker there since 2009.

Brokerage executives say the outlook is improving to varying degrees in urban markets across the country.

“We are definitely seeing signs of life,” said Marcus & Millichap president and CEO Hessam Nadji. “We’re seeing apartment leases being signed pretty aggressively in New York and Seattle, and also San Francisco and Los Angeles to a lesser degree. There is definitely life emerging in downtown urban markets.”

6/23/21 – Fla. Grocery-Center Portfolio Shown A partnership between Jamestown and Weingarten Realty is pitching a portfolio of grocery-anchored shopping centers in South Florida expected to fetch $400 million, which would be the second-highest price for a U.S. retail trade since 2019.

The package comprises five properties, all anchored by Publix, Florida’s dominant grocer. The portfolio totals 1.2 million sf that’s 98.8% leased. At the estimated value, a buyer’s initial annual yield would be 4.9%, an indication of how grocery-anchored properties continue to draw strong investor demand as the economy rebounds from the pandemic.

JLL is handling the marketing campaign for Jamestown, of Atlanta, and Houston-based REIT Weingarten.

portfolio of big-box stores, mostly in the Pacific Northwest. Benderson Development of University Park, Fla., bought the 28 properties from Cincinnati-based Kroger, which continues to operate them. Marcus & Millichap’s IPA division brokered the deal, which closed about two months ago.

The marketing campaign for the Publix-anchored properties is touting the chain’s strong sales at the locations, which average $857/sf. There are 153,000 people with an average household income of $81,000 living within 3 miles of each property, according to marketing materials.

The Jamestown/Weingarten team also is emphasizing population and job growth in South Florida. There was a 69% increase in inbound migration to Florida in 2020, according to marketing materials, with 1,000 people per day moving to the state. Some 85% of the new residents have six-figure incomes, and there was a 122% increase in sales of homes worth at least $1 million in 2020.

Weingarten and Kimco Realty of Jericho, N.Y., announced in April that they will merge. The deal is slated to close in the second half.

The shopping centers in the portfolio are: Hollywood Hills Plaza 1 & 2 (378,000 sf, fully leased), 3251 Hollywood Boulevard, Hollywood. Other tenants: Target, Chewy, Memorial Healthcare. Net operating income: $5.4 million.

Pembroke Commons, (306,000 sf, 99.7% leased), 600 North University Drive, Pembroke Pines. Other tenants: Ross Dress for Less, Marshalls, LA Fitness. Net operating income: $5.4 million.

Northridge Shopping Center (235,000 sf, 97.1% leased), 1003 East Commercial Boulevard, Oakland Park. Other tenants: Ross Dress for Less, Petco, Party City. Net operating income: $4.2 million.

Flamingo Pines Shopping Center (132,000 sf, 95% leased), 170 South Flamingo Road, Pembroke Pines. Other tenants: Local shops. Net operating income: $2.4 million.

Tamiami Trail Shops (111,000 sf, fully leased), 13850 SW Eighth Street, Miami. Other tenants: CVS, Ace Hardware.

Net operating income: $2.1 million.

The retail offering is one of the largest ever in South Florida and could be the biggest local trade in the sector in nearly a decade, according to Real Estate Alert’s Deal Database. Nationally, the biggest recent deal was the $625 million sale-leaseback of a 4.5 million-sf 8 | Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021

8/04/21 – Mich. Multi-family Portfolio For Sale Two apartment properties in suburban Detroit are on the market as a value-added play.

The portfolio, totaling 712 units, has an estimated value of $120 million, or $169,000/unit. Marcus & Millichap’s IPA unit is representing the seller, a family developer that has owned the properties since it built them in 1987 and 1988.

The package consists of the 448-unit Fountain Park Westland, in Westland, and the 264-unit Fountain Park Novi, in Novi. The properties are available as a package or separately.

The complexes are 99% occupied. Their one- and two-bedroom units average 936 sf and command an average rent of $1,151, or $1.23/sf. That’s $50 to $300 less than competing properties in the area, according to marketing materials.

Most of the units still have their original finishes. All units have private entrances, patios or balconies and washer/dryers. Amenities at both properties include a pool, a clubhouse and carports.

Marketing materials note that both properties are in top-rated school districts.

The older complex, Fountain Park Westland, consists of 28 two-story buildings plus a leasing office. Its units average 926 sf. The property is at 37410 Fountain Park Circle, 25 miles west of downtown Detroit and about the same distance northeast of Ann Arbor. Major employers nearby include Amazon, McKesson Pharmacy Systems, Roush Industries, Storch Magnetics, Trinity Health and Yazaki.

Fountain Park Novi consists of 18 two-story buildings with an average unit size of 952 sf. It is at 42101 Fountain Park Drive North, 30 miles northwest of downtown Detroit and about the same distance northeast of Ann Arbor. It also is within a few miles of the Farmington Hills Office and Industrial Corridor, one of metro Detroit’s largest business centers.

8/18/21 – Retail Deals Rebound; JLL Takes Lead Sales of large retail properties improved in the second quarter as momentum continues to build, and JLL took a commanding lead in the brokerage race.

Some $6.22 billion of retail properties worth at least $25 million changed hands through June 30, up 25.5% from $4.95 billion of sales in the same period last year, according to Real Estate Alert’s Deal Database. However, first-half activity was down 35.6% from the $9.65 billion logged in the first six months of 2019 and a whopping 66.2% lower than

the $18.4 billion first-half peak achieved in 2015. Virtually all of the recent trades involved shopping centers, with just four malls changing hands for a combined $313.4 million.

JLL, which finished third in 2020, jumped out to a big lead, closing $1.52 billion worth of sales for a 27.5% share of brokered trades. Defending champ Eastdil Secured fell to second, with $978.4 million of sales and a 17.7% market share. Marcus & Millichap IPA had the sharpest gain, jumping to third place from sixth. After working on just $79 million of sales in the first half of 2020, it boosted volume to $859.7 million in the first six months of this year for a 15.5% market share.

CBRE was the only major brokerage to see a drop in volume, with its sales falling 34.7% to $753.9 million. It dropped to fourth from second with a 13.6% market share. Newmark placed fifth, handling $667 million of sales for a 12% market share, and Cushman & Wakefield took sixth, with $375.6 million in sales for a 6.8% market share.

After five consecutive years of declining volume, the first quarter saw just $1.46 billion of retail-property sales — the worst start since 2009, during the Great Recession. However, as investor confidence in the sector’s recovery from the pandemic grew, some $4.76 billion traded in the second quarter. Market pros expect the pace to increase in the second half.

“Retail has survived a 100-year storm, and that is one of the things that brought investors back to the market so quickly,” said Chris Angelone, co-leader of JLL’s national retail group.

“The pandemic in many ways validated the essential nature and durability of retail.”

While store closures and social-distancing restrictions left owners unsure about whether tenants could pay rent last year, fundamentals held up well and store sales increased following wide distribution of the Covid-19 vaccine. Grocery-anchored centers, which had remained open as “essential retail,” led the way, but sales at other stores improved as well.

William Gerrity, founder and chief executive of Gerrity Group, which owns retail properties in the Western U.S., said that “necessity retail centers performed well in the most severe parts of the pandemic,” proving they will be part of the expanding economy during the recovery.

“Investor confidence has increased dramatically this year, in line with increased confidence and optimism from tenants, lenders and owners,” he said. “Certainty, confidence and optimism are fuel for the transaction market, and I expect the volume of deals to continually increase through this year and into 2022.”

Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021 | 9

One of the biggest trends of the first half was the repopulation of the buyer pool. Many institutional investors, for example, had abandoned the sector in recent years as e-commerce grew and numerous retailers declared bankruptcy.

Now, with capitalization rates hitting rock-bottom lows in sectors such as multi-family and industrial, they are attracted by the comparatively higher yields.“The recovery has been led by private capital of all types — from individuals to family offices to private-equity firms,” said Chris Decoufle, chief of CBRE’s national retail capital-markets team. “We are finding now that institutional capital — pension funds, advisors and insurance companies — are starting to pile back in. You are going to see more of that.”

That said, JLL’s Angelone said that many investors are changing their approach given the turmoil the sector has experienced in recent years.

“Retail is not for tourists,” Angelone said. “Even generalist investors have now begun to recognize the benefit of having a retail specialty within their generalist shop, or they are partnering with best-in-class operators on retail.”

The average deal size in the first half was $62 million, up from the $59 million average for 2020, but still far from the peak in the first quarter of 2015, when trades averaged $126 million. Only 12 sales topped $100 million in the first half of 2021. Market pros said they expect bigger deals in the second half as portfolios and larger assets hit the block to meet demand from big investors. That also is expected to drive an increase in volume.

“You have some investors of scale in the market for retail today,” Angelone said. “And they can’t just acquire $25 million properties at a time.”Early in the recovery, owners balked at putting properties up for grabs when valuations were still murky. But those who eventually took the leap scored solid pricing, encouraging others to follow suit. CBRE’s Decoufle said that capitalization rates have dropped 10 bp to 20 bp each month this year. Investors are widening their scope in terms of property type, geography and the risk curve.

“At the beginning of the year, investors had a very tight strike zone of what they would acquire — largely the very best grocery-anchored centers,” Decoufle said. “That has dramatically changed, and you have the widening of that strike zone, on the equity side and the debt side as well.”Despite compressing cap rates, yields are still attractive compared with other asset classes. “Rent growth will likely not be as dramatic as industrial or life-science properties, but the cashflow is stable and the initial yields are generally much more attractive,” Gerrity said.

Market pros expect second-half volume to easily eclipse the $3.4 billion of trades in the final six months of 2020 and

rival the $10.8 billion in the latter half of 2019. CBRE and JLL alone say they have nearly $12 billion of retail properties combined on the market or under contract, though some of that could spill into 2021 closings.

8/25/21 – CBRE, JLL, Eastdil Take Overall Lead at Midyear CBRE is on track to retain its title as the most active broker of commercial-property sales valued at $5 million and up, according to Real Estate Alert’s Deal Database.

The brokerage received league-table credit for $30.36 billion of trades across the five major property types in the first half, good for a 20.2% market share (see Rankings on Page 7). That’s down from the 25% share the firm achieved in 2020, and essentially flat with 2019.

CBRE was the top broker in the multi-family and industrial sectors. Eastdil Secured took the office title, JLL was the top retail broker and hotel specialist Hodges Ward Elliott took the crown as that sector’s busiest broker in the first half.

While CBRE easily remained in first place, the race behind it tightened.

JLL retained its second-place ranking at midyear, with $23.94 billion of sales and a 15.9% market share. But Eastdil— which brokered just one sale below $25 million in the first half — jumped to third from fifth place. The firm worked on $23.2 billion of sales, and its market share rose to 15.4% from 11.4% at the end of 2020.

Newmark slipped one notch from yearend to fourth place, and Cushman & Wakefield dropped one spot to fifth.

Marcus & Millichap remained in sixth in the overall ranking.

Berkadia, an apartment-focused brokerage, moved into seventh from ninth place. It rode the red-hot multi-family market to a 246.9% year-over-year increase in sales. Berkadia bought fellow apartment-advisory firm Moran & Co.in January, but Moran had no reported first-half sales.

Colliers, Walker & Dunlop and Hodges rounded out the top 10.

The Deal Database, which has captured deals of $25 million and up since 2001, began tracking deals of $5 million and up in 2019. Rankings of advisors on deals valued from $5 million to $25 million are detailed in a 24-pagesupplement to this issue. Deals were counted if they closed in the first half of 2021. Sales of both full and partial takes are

10 | Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021

counted, as long as they meet the minimum threshold. In deals for partial stakes, only the ownership interests that changed hands are counted.

Portfolio transactions are included if the total value of the portfolio is at least $5 million. When multiple brokers share a listing, the dollar credit is divided evenly, but each broker is credited with one transaction. Only brokers for sellers receive credit.

8/25/21 Special Report – Smaller Sales Surpass 2019; CBRE Remains Top Broker Sales of properties valued between $5 million and $25 million in the first six months of the year easily outpaced firsthalf 2019 and 2020 volume, with CBRE on course to take the league-table crown for the second year running.

Some $28.11 billion of smaller properties sold in the first half, up 60.2% year over year, according to Real Estate Alert’s inaugural midyear review of the private-capital marketplace. That roughly mirrors the hefty 62.3% rise in the institutional segment of deals over $25 million, reflecting a pandemic-induced slump in investment sales in the first half of 2020. Compared with the first half of 2019, however, smaller trades jumped 22.5% in the first half of this year, while aggregate sales over $25 million were up just 2.5%.

CBRE held its top spot by advising on $4.75 billion of trades, up 23.1% year over year and good for a market share of 19.3%. The firm also brokered the most sales in the office, industrial and hotel sectors. JLL brokered the largest amount of retail property sales, while Marcus & Millichap was the most active broker for apartment sales.

Overall, Cushman & Wakefield remained in second place, working on $3.78 billion of sales and taking a market share of 15.3%. JLL climbed three places to third, with $3.18 billion of sales and a 12.9% share, its highest in three years.

Marcus & Millichap dropped one notch to fourth ($2.76 billion, 11.2%), Colliers remained in fifth place ($2.52 billion, 10.2%), and Newmark fell to sixth from fourth ($2.18 billion, 8.8%). The Big Six brokerages accounted for 77.7% of brokered sales, down from 82.5% at yearend.

The rankings (beginning at Page 12) are based on responses from 39 brokerages to a nationwide survey, with additional data drawn from Real Estate Alert’s reporting, property records, published reports, press releases and other sources.

The newsletter’s Deal Database began tracking sales valued at $5 million and up in 2019. It has tracked transactions of $25 million and above since 2001.

Year over year, sales between $5 million and $25 million rose among every property type — not surprising given the market’s sharp slowdown amid the coronavirus outbreak a year earlier.Industrial trades jumped 98.9% in the first half, to $7.96 billion. Multi-family sales were up 68.5% over that period, rising to $8.61 billion. Smaller apartment trades were in line with those in the $25 million-and-over category, but larger industrial deals jumped 120.9%.Retail deals increased 50.6%, to $5.28 billion. Led by sales of properties leased long-term to single tenants, that sector easily outperformed the over-$25 million marketplace, which saw just a 25.5% improvement in the first half.

Office sales, which continue to lag as owners and tenants weigh whether and when personnel should return to work in person, saw a 29.5% increase in first-half sales to $5.11 billion. In the institutional space, deals rose 26.5%.

Smaller hotel trades had the lowest increase among all asset classes above and below $25 million, with just a 17.3% rise to $1.15 billion.

Market pros said private capital’s nimbleness partly explains why the overall market has bounced back so quickly.

“The momentum is strong,” said John Chang, a senior vice president and national director of research services at Marcus & Millichap. “Even with this spike of rising pandemic levels, barring a major lockdown, the private investors that I’ve spoken to are aggressively trying to place capital. I think that carries us through the remainder of this year and into next year.”

Brokers agree that low financing rates continue to support sales activity, particularly in the multi-family and industrial sectors and for niche property types such as medical office, life science and single-tenant, net-leased office and retail.

Many are choosing to refinance their properties rather than sell. David Gaines, a JLL managing director and leader of its private-capital group, said that while the firm’s investment sales are up year over year, refinancing activity compared with 2019 is up 173%. “There is a tremendous amount of refinancing going on right now,” he said. “A lot of what would normally be sales volume [is] turning into short-term refinances.”

One major factor influencing the market is the potential elimination of Section 1031 of the IRS code, which allows investors to defer capital-gains taxes on the sale of one property by reinvesting the proceeds in a similar property within 180 days. President Joe Biden has proposed ending 1031 exchanges to help fund his proposed childcare and family-leave legislation. There also are ongoing talks over increasing capital-gains taxes, which would hurt institutional owners more but would still cut into private-capital profits.

Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021 | 11

The exchanges are an important tool for the private-capital marketplace, largely the domain of wealthy individuals, family offices and local and regional real estate firms seeking to generate strong cashflow and to create generational wealth. Those investors use the tax-deferred exchanges to realize equity gains while keeping taxes low.

Some owners are choosing to sell now before doing so would incur taxes. Others are waiting to see what happens with the tax code, said executive managing director Sean Fulp, who leads Newmark’s private-capital group. “We definitely have owners and investors that have opted not to go to market,” even after selecting Newmark to shop their property, he added.

Added Chang: “There is the short game and the long game. The short game says, ‘I’m thinking of taking chips off the table and I’m going to sell now to take advantage of the tax rates today.’ There’s the long game that says, ‘I’ll wait, and the way things have gone in recent years, maybe taxes change again, and I can sell later.’ ” If wealthy individuals lose the favorable tax treatment, they are less likely to sell properties moving forward, brokers agree. Whereas institutional investors typically focus on a net return over a specific holding period, private capital can hold assets indefinitely. Owners whose cost of capital increases because of harsher tax treatment likely will hold properties longer.

Kevin Aussef, CBRE’s global chief operating officer for capital markets, noted that while prior administrations have suggested ending 1031 exchanges, chances are better now that it will happen. “The threat is real,” he said. “One of the differentiators this time is the amount of stimulus that has been pumped into the economy, and, not surprisingly, policymakers are looking for revenue to offset the debt that has been created.”

Part of the issue is “the misnomer that 1031 is a loophole and a tax-avoidance strategy,” he said. Rather, he argued that deferring taxes leads to higher deal flow, which spurs economic activity. “If capital is not redeployed, it becomes more expensive,” Aussef added. “The reason we’re seeing liquidity in the market on all fronts is the wall of capital that comes in and recycles the market every three to five to seven years.

If you lock investors into their properties ... you’re going to have a higher cost of capital.”

Marcus & Millichap’s Chang agreed that sales activity is currently higher than it would be as many investors are positioning themselves for the risk of the government cutting 1031 exchanges and raising capital-gains taxes. “We are talking about the government, and it doesn’t always have to make sense to everybody to become policy,” he said.

Another potential headwind is the highly contagious delta variant of the coronavirus. The spike in cases, hospitalizations and deaths in recent months also has delayed many large companies’ return-to-office plans, including those of Apple, Facebook, Google and major banks such as J.P. Morgan and Wells Fargo. Brokers don’t expect a full shutdown as occurred in spring 2020, but companies may tap the brakes on reentry.

If shutdowns or severe restrictions are implemented in the fall, private-capital investors likely would be positioned better than their institutional counterparts to continue buying, brokers said. In fact, Chang said, those buyers are more nimble, flexible and adaptive — and they like not having to compete with major investors. “They almost rejoice if institutions go pencils down,” he said.

“Private capital is able to step up in a downturn and take on more risk where they perceive good opportunities,” JLL’s Gaines said. “Institutional capital can’t just take uncalculated risk, where if a private investor feels the opportunity is right and the opportunity will be there in three or five years out … we see them getting more aggressive in a down market.”

Continued inflation also could pose a hurdle to sales volume, but Chang believes that ultimately could be a boon for property values and sales. “It’s increasing the appeal of commercial real estate assets in general,” he said, noting that many of the factors pointing to longer-term inflation are indicators of a recovering economy. “It’s not ‘bad inflation’ but it does create some challenges in the broader economy,” he said. “But historically, real estate has performed well during inflationary periods.”

For Newmark’s Fulp, the year has been a success so far, especially considering the concerns around 1031 exchanges and the emergence of the delta variant. While he noticed a lull in engagement over the past few weeks — as investors took longer-than-normal vacations and the supply of property listings slowed — he doesn’t expect that to last.

That said, investors are still waiting for clarity on value for the hardest-hit asset classes, which will require more trades. That’s particularly true for multi-tenant assets, value-added deals and properties with potential short-term lease rollovers. “When it comes to this fall, we will see sellers’ appetite meet the market,” Fulp said. “At some point, investors are going to have to venture out on the risk spectrum. That’s where the price discovery is going to be.”

12 | Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021

2021 Rankings 25+M Brokers

Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021 | 13

Rankings - 2021 Overall Brokers $25M+ Brokers representing sellers in deals of at least $25 million. Figures in millions of dollars. *Green Street's News vertical is not a product of Green Street's advisory business. It is an independent business unit of Green Street. Green Street maintains information barriers to ensure the independence of the News unit and the research and advisory services provided by Green Street.

Broker

Multi-Family ($M)

Office ($M) Industrial ($M)

Retail ($M) Hotel ($M)

1H 2021 Total ($M)

Market Share

2020-2021 Δ

1

CBRE

10,890

5,468

7,129

754

1,363

25,605

20.4%

32.6%

2

Eastdil Secured

5,227

9,474

6,758

978

745

23,182

18.5%

142.3%

3

JLL

6,945

5,766

5,600

1,523

927

20,761

16.5%

38.5%

4

Newmark

9,388

5,189

1,875

667

406

17,526

14.0%

43.6%

5

Cushman & Wakefield

4,992

4,465

3,178

376

84

13,095

10.4%

63.7%

6

Marcus & Millichap IPA

3,988

163

130

860

28

5,169

4.1%

130.4%

7

Berkadia

4,096

0

4

0

57

4,156

3.3%

312.5%

8

Walker & Dunlop

3,997

101

0

0

0

4,097

3.3%

143.5%

9

Colliers International

809

184

1,215

88

26

2,322

1.8%

7.1%

10

Hodges Ward Elliott

95

69

0

0

2,124

2,287

1.8%

182.6%

11

Citigroup

0

1,715

0

0

0

1,715

1.4%

-

12

Northmarq Capital

1,321

0

0

0

0

1,321

1.1%

521.0%

13

Transwestern

486

42

0

0

0

527

0.4%

24.2%

14

Savills

0

365

0

0

44

409

0.3%

102.5%

15

Avison Young

41

123

149

0

31

344

0.3%

118.2%

16

Capstone Apartment Partners

304

0

0

0

0

304

0.2%

-34.6%

17

Kidder Mathews

26

94

154

0

0

273

0.2%

87.1%

18

JBM Properties

250

0

0

0

0

250

0.2%

-

19

Rosewood Realty

245

0

0

0

0

245

0.2%

34.4%

20

ABI Multifamily

197

0

0

0

0

197

0.2%

417.8%

21

Meridian Capital

187

0

0

0

0

187

0.1%

442.0%

22

Greystone Brown Real Estate Advisors

169

0

0

0

0

169

0.1%

-

23

Voit Real Estate Services

0

26

70

67

0

163

0.1%

-

24

Bluegate Partners

145

0

0

0

0

145

0.1%

-

25

Mid-America

0

0

0

139

0

139

0.1%

84.4%

26

Lee & Associates

0

0

47

0

91

138

0.1%

-42.6%

27

NAI Global

45

0

66

0

0

111

0.1%

-

28

Mogharebi Group

107

0

0

0

0

107

0.1%

-15.2%

29

Kislak Co.

96

0

0

0

0

96

0.1%

9.7%

30

Pinnacle Realty

0

0

93

0

0

93

0.1%

-

31

Hunter Hotel Advisors

0

0

0

0

90

90

0.1%

-

32

Berkeley Capital Advisors

0

0

0

86

0

86

0.1%

-67.1%

33

Trinity Partners

0

61

13

0

0

74

0.1%

-

14 | Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021

Broker

Multi-Family ($M)

Office ($M) Industrial ($M)

Retail ($M) Hotel ($M)

1H 2021 Total ($M)

Market Share

2020-2021 Δ

34

Brax Realty

0

53

0

0

0

53

0.0%

-

35

Foundation Group

0

0

39

0

0

39

0.0%

-

36

Skyline Properties

0

35

0

0

0

35

0.0%

-

Rankings - 2021 Overall Brokers $25M+

Brokers representing sellers in deals of at least $25 million. Figures in millions of dollars.

37 Kiser Group 32 0 0 0 0 32 0.0% *Green Street's News vertical is not a product of Green Street's advisory business. It is an independent business unit of Green Street. Green Street maintains information barriers to ensure the 38 Kassin Sabbagh Realty 0 0 30 0 0 30 0.0% independence of the News unit and the research and advisory services provided by Green Street.

39 Matthews Real Estate Investment Services 26 0 0 0 0 26 0.0% -

Broker

Multi-Family ($M)

Office ($M) Industrial ($M)

Retail ($M) Hotel ($M)

1H 2021 Total ($M)

Market Share

2020-2021 Δ

40 1 2 3 4 5

Gebroe-Hammer Associates CBRE OTHERS Eastdil Secured Brokered Total JLL No Broker Newmark Total Cushman & Wakefield

25 10,890 0 5,227 54,129 6,945 5,903 9,388 60,032 4,992

0 5,468 0 9,474 33,391 5,766 3,365 5,189 36,756 4,465

0 7,129 0 6,758 26,549 5,600 1,723 1,875 28,271 3,178

0 754 0 978 5,537 1,523 680 667 6,217 376

0 1,363 0 745 6,015 927 473 406 6,488 84

25 25,605 0 23,182 125,620 20,761 12,144 17,526 137,764 13,095

0.0% 20.4% 0.0% 18.5% 100.0% 16.5% 14.0% 10.4%

-81.3% 32.6% -100.0% 142.3% 64.8% 38.5% 40.4% 43.6% 62.3% 63.7%

6

Marcus & Millichap IPA

3,988

163

130

860

28

5,169

4.1%

130.4%

7

Berkadia

4,096

0

4

0

57

4,156

3.3%

312.5%

8

Walker & Dunlop

3,997

101

0

0

0

4,097

3.3%

143.5%

9

Colliers International

809

184

1,215

88

26

2,322

1.8%

7.1%

10

Hodges Ward Elliott

95

69

0

0

2,124

2,287

1.8%

182.6%

11

Citigroup

0

1,715

0

0

0

1,715

1.4%

-

12

Northmarq Capital

1,321

0

0

0

0

1,321

1.1%

521.0%

13

Transwestern

486

42

0

0

0

527

0.4%

24.2%

14

Savills

0

365

0

0

44

409

0.3%

102.5%

15

Avison Young

41

123

149

0

31

344

0.3%

118.2%

16

Capstone Apartment Partners

304

0

0

0

0

304

0.2%

-34.6%

17

Kidder Mathews

26

94

154

0

0

273

0.2%

87.1%

18

JBM Properties

250

0

0

0

0

250

0.2%

-

19

Rosewood Realty

245

0

0

0

0

245

0.2%

34.4%

20

ABI Multifamily

197

0

0

0

0

197

0.2%

417.8%

21

Meridian Capital

187

0

0

0

0

187

0.1%

442.0%

22

Greystone Brown Real Estate Advisors

169

0

0

0

0

169

0.1%

-

23

Voit Real Estate Services

0

26

70

67

0

163

0.1%

-

24

Bluegate Partners

145

0

0

0

0

145

0.1%

-

25

Mid-America

0

0

0

139

0

139

0.1%

84.4%

26

Lee & Associates

0

0

47

0

91

138

0.1%

-42.6%

27

NAI Global

45

0

66

0

0

111

0.1%

-

28

Mogharebi Group

107

0

0

0

0

107

0.1%

-15.2%

29

Kislak Co.

96

0

0

0

0

96

0.1%

9.7%

30

Pinnacle Realty

0

0

93

0

0

93

0.1%

-

31

Hunter Hotel Advisors

0

0

0

0

90

90

0.1%

-

32

Berkeley Capital Advisors

0

0

0

86

0

86

0.1%

-67.1%

33

Trinity Partners

0

61

13

0

0

74

0.1%

-

Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021 | 15

Rankings - 2021 Office Brokers $25M+ *Green Street's News vertical is not a product of Green Street's advisory business. It is an independent business unit of Green Street. Green Street maintains information barriers to ensure the independence of the News unit and the research and advisory services provided by Green Street.

U.S.

Broker

1H 2021 Amount ($M)

No. of Properties

Market Share

1H 2020 Amount ($M)

No. of Properties

Market Share

2020-2021 Δ

1

Eastdil Secured

9,474

95

28.5%

5,283

40

21.1%

79.3%

2

JLL

5,724

102

17.2%

4,890

79

19.5%

17.1%

3

CBRE

5,393

109

16.2%

5,346

93

21.3%

0.9%

4

Newmark

5,189

60

15.6%

5,080

66

20.3%

2.1%

5

Cushman & Wakefield

4,465

83

13.4%

3,342

48

13.3%

33.6%

6

Citigroup

1,715

14

5.2%

0

-

0.0%

-

7

Savills

365

4

1.1%

136

2

0.5%

168.9%

8

Colliers International

184

6

0.6%

370

10

1.5%

-50.2%

9

Marcus & Millichap IPA

163

4

0.5%

45

1

0.2%

261.3%

10

Avison Young

123

4

0.4%

26

1

0.1%

379.4%

11

Walker & Dunlop

101

1

0.3%

0

-

0.0%

-

12

Kidder Mathews

94

3

0.3%

0

-

0.0%

-

13

Hodges Ward Elliott

69

1

0.2%

100

1

0.4%

-31.2%

14

Trinity Partners

61

6

0.2%

0

-

0.0%

-

15

Brax Realty

53

1

0.2%

0

-

0.0%

-

16

Transwestern

42

2

0.1%

154

2

0.6%

-73.0%

17

Skyline Properties

35

1

0.1%

0

-

0.0%

-

18

Voit Real Estate Services

26

3

0.1%

0

-

0.0%

-

-

OTHERS

0

-

0.0%

295

5

1.2%

-100.0%

-

Brokered Total

33,274

475

100.0%

25,067

345

100.0%

32.7%

-

No Broker

3,365

67

-

3,895

34

-

-13.6%

-

Total

36,639

542

-

28,962

379

-

26.5%

Atlanta Broker

1H 2021 Amount ($M)

No. of Properties

Market Share

1H 2020 Amount ($M)

No. of Properties

Market Share

2020-2021 Δ

1

CBRE

557

7

52.5%

131

5

36.5%

326.1%

2

Cushman & Wakefield

330

8

31.1%

106

3

29.7%

210.1%

3

JLL

135

3

12.7%

79

1

22.1%

70.6%

4

Avison Young

38

1

3.6%

0

-

0.0%

-

-

OTHERS

0

-

0.0%

42

1

11.7%

-100.0%

-

Brokered Total

1,060

19

100.0%

358

10

100.0%

196.3%

Austin

Broker

1H 2021 Amount ($M)

No. of Properties

Market Share

1H 2020 Amount ($M)

No. of Properties

Market Share

2020-2021 Δ

1

Cushman & Wakefield

660

5

47.8%

0

-

0.0%

-

16 | Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021

Rankings - 2021 Multifamily Brokers $25M+ Brokers representing sellers in deals of at least $25 million *Green Street's News vertical is not a product of Green Street's advisory business. It is an independent business unit of Green Street. Green Street maintains information barriers to ensure the independence of the News unit and the research and advisory services provided by Green Street.

U.S.

Broker

1H 2021 Amount ($M)

No. of Properties

Market Share

1H 2020 Amount ($M)

No. of Properties

Market Share

2020-2021 Δ

1

CBRE

10,890

177

20.1%

8,766

144

26.8%

24.2%

2

Newmark

9,388

169

17.4%

6,074

120

18.6%

54.6%

3

JLL

6,910

116

12.8%

6,127

122

18.7%

12.8%

4

Eastdil Secured

5,227

63

9.7%

1,436

23

4.4%

264.1%

5

Cushman & Wakefield

4,992

143

9.2%

2,654

66

8.1%

88.1%

6

Berkadia

4,096

82

7.6%

897

25

2.7%

356.5%

7

Walker & Dunlop

3,997

58

7.4%

1,648

29

5.0%

142.6%

8

Marcus & Millichap IPA

3,988

82

7.4%

2,017

43

6.2%

97.7%

9

Northmarq Capital

1,321

20

2.4%

213

5

0.7%

521.0%

10

Colliers International

809

23

1.5%

456

17

1.4%

77.5%

11

Transwestern

486

7

0.9%

183

3

0.6%

165.3%

12

Capstone Apartment Partners

304

9

0.6%

465

18

1.4%

-34.6%

13

JBM Properties

250

4

0.5%

0

-

0.0%

-

14

Rosewood Realty

245

11

0.5%

154

2

0.5%

59.3%

15

ABI Multifamily

197

5

0.4%

38

1

0.1%

417.8%

16

Meridian Capital

187

2

0.3%

35

1

0.1%

442.0%

17

Greystone Brown Real Estate Advisors

169

4

0.3%

0

-

0.0%

-

18

Bluegate Partners

145

2

0.3%

0

-

0.0%

-

19

Mogharebi Group

107

3

0.2%

126

4

0.4%

-15.2%

20

Kislak Co.

96

2

0.2%

88

2

0.3%

9.7%

21

Hodges Ward Elliott

95

1

0.2%

0

-

0.0%

-

22

NAI Global

45

3

0.1%

0

-

0.0%

-

23

Avison Young

41

1

0.1%

68

1

0.2%

-40.1%

24

Kiser Group

32

1

0.1%

0

-

0.0%

-

25

Matthews Real Estate Investment Services

26

1

0.0%

0

-

0.0%

-

26

Kidder Mathews

26

1

0.0%

0

-

0.0%

-

27

Gebroe-Hammer Associates

25

1

0.0%

134

15

0.4%

-81.3%

-

OTHERS

0

-

0.0%

1,115

22

3.4%

-

-

Brokered Total

54,094

982

100.0%

32,692

660

100.0%

65.5%

-

No Broker

5,863

196

-

2,728

51

-

114.9%

-

Total

59,956

1178

-

35,419

711

-

69.3%

Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021 | 17

7

Northmarq Capital

82

1

3.3%

0

-

0.0%

-

8

Capstone Apartment Partners

45

2

1.8%

129

4

8.2%

-65.0%

-

Other

0

-

0.0%

59

2

3.8%

-

Rankings - Brokered 2021 Multifamily Brokers $25M+ Total 2,483

32

100.0%

1,565

20

100.0%

58.7%

Brokers representing sellers in deals of at least1H $252021 million Amount Atlanta Broker ($M)

No. of Properties

Market Share

1H 2020 Amount ($M)

No. of Properties

Market Share

2020-2021 Δ

*Green Street's News vertical is not a product of Green Street's advisory business. It is an independent business unit of Green Street. Green Street maintains information barriers to ensure the independence of the News unit and the research and

by Green Street.

1 CBRE 1,634advisory services provided 24 29.4% 576 13 26.9% 183.6% 2

U.S. 1 2 3 4

3 4 5 6

Cushman & Wakefield

Broker

Newmark CBRE Walker & Dunlop Newmark Berkadia JLL Greystone Brown Real Estate Advisors Eastdil Secured

1H1,319 2021 Amount ($M)

No. of Properties

25

Market Share

23.7%

1,020 10,890 876 9,388 310 6,910 169 5,227

13 177 14 169 8 116 4 63

18.3% 20.1% 15.7% 17.4% 5.6% 12.8% 3.0% 9.7%

1H586 2020 Amount ($M)

No. of Properties

17

Market Share

27.4%

2020-2021 Δ

125.0%

255 8,766 431 6,074 104 6,127 0 1,436

5 144 6 120 3 122 23

11.9% 26.8% 20.2% 18.6% 4.8% 18.7% 0.0% 4.4%

300.1% 24.2% 103.3% 54.6% 198.6% 12.8% 264.1%

57

Eastdil Secured Cushman & Wakefield

107 4,992

2 143

1.9% 9.2%

0 2,654

66-

0.0% 8.1%

88.1%

68

Colliers International Berkadia

34 4,096

821

0.6% 7.6%

0 897

25-

0.0% 2.7%

356.5%

79

Marcus& Dunlop & Millichap IPA Walker

32 3,997

581

0.6% 7.4%

31 1,648

291

1.5% 5.0%

1.8% 142.6%

8 10

JLL & Millichap IPA Marcus

27 3,988

821

0.5% 7.4%

60 2,017

4312

2.8% 6.2%

-56.2% 97.7%

9 11

Capstone Capital Apartment Partners Northmarq

21 1,321

201

0.4% 2.4%

35 213

52

1.6% 0.7%

-38.4% 521.0%

1012

Transwestern Colliers International

19 809

231

0.3% 1.5%

0 456

17-

0.0% 1.4%

77.5%

11-

Other Transwestern

0 486

7-

0.0% 0.9%

60 183

31

2.8% 0.6%

165.3%

12-

BrokeredApartment Total Capstone Partners

5,567 304

9 95

100.0% 0.6%

2,138 465

1860

100.0% 1.4%

160.3% -34.6%

13

JBM Properties

250

4

0.5%

0

-

0.0%

-

14

Rosewood Realty

1H 2021 Amount No. of Properties Market Share 245($M) 11 0.5%

151

CBRE ABI Multifamily

197868

5 13

55.6% 0.4%

3873

11

29.8% 0.1%

1,097.5% 417.8%

162

Transwestern Meridian Capital

187184

2 2

11.8% 0.3%

350

1-

0.0% 0.1%

442.0%

3 17 4 18 5 19 6 20 7 21 8 22 23 24

Berkadia Greystone Brown Real Estate Advisors JLL Bluegate Partners Newmark Mogharebi Group Eastdil Secured Kislak Co. Cushman & Wakefield Hodges Ward Elliott Marcus & Millichap IPA NAI Global Other Avison Young Brokered Total Kiser Group

140 169 119 145 99 107 68 96 56 95 28 45 0 41 1,561 32

Baltimore Broker

Dallas Matthews Broker Real Estate

1H 2021 Amount

4 2 3 2 1 3 1

1 1 5 1 2 1 26

1

26($M)

1

1 26

Investment Services JLL Kidder Mathews

1,091 26

1

27

Gebroe-Hammer Associates

25

-

OTHERS

-

No. of Properties

9.0% 0.3% 7.6% 0.3% 6.3% 0.2% 4.3% 0.2% 3.6% 0.2% 1.8% 0.1% 0.0% 0.1% 100.0% 0.1%

Market Share

1H 2020 Amount No. of Properties Market Share 154($M) 2 0.5%

0

0 171

0

0 126 0 88 0 0 0 0 0 68 243 0

1H 2020 Amount

0.0%

0 ($M)

44.4% 0.0%

0

1

0.0%

134

0

-

0.0%

Brokered Total

54,094

982

-

No Broker

5,863

-

Total

59,956

25

4 2 1

3 4

-

No. of Properties

Market Share

-

-30.3%

-

-15.2% 9.7% -40.1% 541.6% -

2020-2021 Δ

0.0%

-

23.4% 0.0%

-

15

0.4%

-81.3%

1,115

22

3.4%

-

100.0%

32,692

660

100.0%

65.5%

196

-

2,728

51

-

114.9%

1178

-

35,419

711

-

69.3%

17

522

-

0.0% 0.0% 70.2% 0.0% 0.0% 0.4% 0.0% 0.3% 0.0% 0.0% 0.0% 0.0% 0.0% 0.2% 100.0% 0.0%

2020-2021 Δ

59.3%

-

10

18 | Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021

108.9%

10

CBRE

21

1

0.8%

711

12

31.9%

-97.1%

-

Other

0

-

0.0%

50

1

2.2%

-

Brokered Rankings - 2021 Total Multifamily Brokers2,455 $25M+

48

100.0%

2,232

50

100.0%

10.0%

1H$25 2021 Amount Brokers million Denverrepresenting Broker sellers in deals of at least ($M)

No. of Properties

Market Share

1H 2020 Amount ($M)

No. of Properties

Market Share

2020-2021 Δ

*Green Street's News vertical is not a product of Green Street's advisory business. It is an independent business unit of Green Street. Green Street maintains information barriers to ensure the 1 CBRE 31.4% 375 6 21.9% 214.3% independence of the News unit and the research1,178 and advisory services15provided by Green Street.

2

JLL

1,106

7

29.5%

354

3

20.7%

212.7%

U.S.

Broker

Newmark

1H 2021 Amount ($M) 666

No. of Properties

Market Share 17.8%

1H 2020 Amount ($M) 930

No. of Properties

Market Share

2020-2021 Δ

41

CBRE Berkadia

10,890 371

6177

20.1% 9.9%

08,766

-144

26.8% 0.0%

-24.2%

52

Newmark Eastdil Secured

9,388 242

2169

17.4% 6.5%

06,074

-120

18.6% 0.0%

-54.6%

36

JLL Transwestern

6,910 134

116 1

12.8% 3.6%

6,127 0

122 -

18.7% 0.0%

12.8% -

47

Eastdil ColliersSecured International

5,227 29

63 1

9.7% 0.8%

1,436 0

23 -

4.4% 0.0%

264.1% -

58

Cushman & Wakefield Marcus & Millichap IPA

4,992 26

143 1

9.2% 0.7%

2,654 51

66 1

8.1% 3.0%

88.1% -49.5%

6-

Berkadia Other

4,096 0

82 -

7.6% 0.0%

897 0

25 -

2.7% 0.0%

356.5% -

7-

Walker & Dunlop Brokered Total

3,997 3,751

58 42

7.4% 100.0%

1,648 1,709

29 25

5.0% 100.0%

142.6% 119.4%

8

Marcus & Millichap IPA

3,988

2,017

3

9

15

54.4%

-28.4%

Los Broker Capital 9 Northmarq Angeles

1H 2021 Amount 1,321 ($M)

82

7.4%

6.2%

97.7%

Market Share 2.4%

1H 2020 Amount 213 ($M)

43

No. of Properties 20

No. 5 of Properties

Market 0.7% Share

2020-2021 521.0% Δ

110

Colliers International Eastdil Secured

809 1,041

23 5

1.5% 43.1%

456 191

17 12

1.4% 17.3%

77.5% 446.1%

211

Transwestern Marcus & Millichap IPA

486 458

714

0.9% 19.0%

183 98

3

0.6% 8.9%

165.3% 366.8%

312

Capstone Berkadia Apartment Partners

304 284

93

0.6% 11.8%

465 92

118

1.4% 8.4%

-34.6% 208.0%

413

JBM Properties Walker & Dunlop

250 274

43

0.5% 11.3%

0

-

0.0%

-

514

Rosewood Realty CBRE

245 132

11 3

0.5% 5.4%

154 122

2

0.5% 11.1%

59.3% 8.1%

615

ABI Multifamily Northmarq Capital

197 84

52

0.4% 3.5%

38 0

-1

0.1% 0.0%

-417.8%

716

Meridian Capital JLL

187 74

21

0.3% 3.1%

35 302

31

0.1% 27.4%

442.0% -75.4%

817

Greystone Real Estate Cushman &Brown Wakefield Advisors Other Bluegate Partners Brokered Total Mogharebi Group

70 169

41

2.9% 0.3%

00

--

0.0% 0.0%

--

0 145 2,418 107

2 32 3

0.0% 0.3% 100.0% 0.2%

295 0 1,099 126

5 26 4

26.8% 0.0% 100.0% 0.4%

119.9% -15.2%

20 Kislak Phoenix BrokerCo.

1H 2021 Amount 96

2No. of Properties

0.2% Market Share

1H 2020 Amount 88

2 of Properties No.

0.3% Share Market

9.7% 2020-2021 Δ

21 1 22 2 23 3 24 4Phoenix

95 1,735 45 1,221 41 437 32 1H 2021 Amount 378 ($M)

1 22 3 21 1 10 1 7No. of Properties

0.2% 33.9% 0.1% 23.9% 0.1% 8.5% 0.1% Market Share 7.4%

0.0% 47.2% 0.0% 24.6% 0.2% 3.4% 0.0% Market Share 3.7%

149.4% 236.5% -40.1% 766.8% 2020-2021 Δ 598.5%

26 363

1 9

0.0% 7.1%

0 696 0 363 68 50 01H 2020 Amount 54 ($M)

13 6 1 1 1No. of Properties

25 5

Hodges Ward Elliott CBRE NAI Global Marcus & Millichap IPA Avison Young Newmark Kiser Group Broker & Wakefield Cushman Matthews Real Estate Investment NorthmarqServices Capital

($M)

0 153

4

0.0% 10.3%

138.2%

626

Kidder Mathews Berkadia

26 356

18

0.0% 7.0%

037

1-

0.0% 2.5%

870.8%

727

Gebroe-Hammer ABI Multifamily Associates

25 197

15

0.0% 3.8%

134 38

115

0.4% 2.6%

-81.3% 417.8%

8-

OTHERS JLL

0175

-2

0.0% 3.4%

1,115 85

222

3.4% 5.8%

105.9%

9-

Brokered Total Colliers International

54,094 141

982 4

100.0% 2.8%

32,692 0

-660

100.0% 0.0%

-65.5%

10

No Broker Eastdil Secured

5,863 90

196 1

-1.8%

2,728 0

-51

0.0%

-114.9%

11

Total Bluegate Partners

59,956 19

1178 1

-0.4%

35,419 0

-711

0.0%

-69.3%

-

Other

0

-

0.0%

0

-

0.0%

-

-

Brokered Total

5,112

90

100.0%

1,475

29

100.0%

246.5%

18 19

($M)

South Broker Florida

1H 2021 Amount 2020 Amount Real Estate Editorial | 1H Marcus & Millichap | JanuaryMarket 2021Share – August2020-2021 2021 | 19 No. ofAlert Properties MarketCoverage Share No. of Properties Δ ($M) ($M)

1

1,050

Newmark

15

45.4%

346

6

37.0%

203.5%

Rankings - 2021 Industrial Brokers $25M+ Brokers representing sellers in deals of at least $25 million *Green Street's News vertical is not a product of Green Street's advisory business. It is an independent business unit of Green Street. Green Street maintains information barriers to ensure the independence of the News unit and the research and advisory services provided by Green Street.

U.S.

Broker

1H 2021 Amount ($M)

No. of Properties

Market Share

1H 2020 Amount ($M)

No. of Properties

Market Share

2020-2021 Δ

1

CBRE

7,034

233

26.7%

3,775

180

32.0%

86.3%

2

Eastdil Secured

6,758

275

25.6%

1,883

120

16.0%

258.9%

3

JLL

5,572

271

21.1%

1,841

44

15.6%

202.7%

4

Cushman & Wakefield

3,114

89

11.8%

1,682

38

14.3%

85.1%

5

Newmark

1,875

78

7.1%

697

8

5.9%

169.1%

6

Colliers International

1,215

42

4.6%

1,271

95

10.8%

-4.4%

7

Kidder Mathews

154

5

0.6%

146

2

1.2%

5.2%

8

Avison Young

149

4

0.6%

35

1

0.3%

324.3%

9

Marcus & Millichap IPA

130

6

0.5%

102

3

0.9%

27.2%

10

Pinnacle Realty

93

1

0.4%

0

-

0.0%

-

11

Voit Real Estate Services

70

5

0.3%

0

-

0.0%

-

12

NAI Global

66

2

0.3%

0

-

0.0%

-

13

Lee & Associates

47

3

0.2%

115

3

1.0%

-59.3%

14

Foundation Group

39

2

0.1%

0

-

0.0%

-

15

Kassin Sabbagh Realty

30

1

0.1%

0

-

0.0%

-

16

Trinity Partners

13

2

0.1%

0

-

0.0%

-

-

OTHERS

4

1

0.0%

257

6

2.2%

-

-

Brokered Total

26,361

1013

100.0%

11,804

441

100.0%

123.3%

-

No Broker

1,758

44

-

925

22

-

90.1%

-

Total

28,119

1057

-

12,729

463

-

120.9%

20 | Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021

Rankings - 2021 Retail Brokers $25M+ Brokers representing sellers in deals of at least $25 million *Green Street's News vertical is not a product of Green Street's advisory business. It is an independent business unit of Green Street. Green Street maintains information barriers to ensure the independence of the News unit and the research and advisory services provided by Green Street.

U.S.

Broker

1H 2021 Amount ($M)

No. of Properties

Market Share

1H 2020 Amount ($M)

No. of Properties

Market Share

2020-2021 Δ

1

JLL

1,523

48

27.5%

828

19

20.4%

83.9%

2

Eastdil Secured

978

191

17.7%

875

12

21.6%

11.8%

3

Marcus & Millichap IPA

860

33

15.5%

79

2

2.0%

988.2%

4

CBRE

754

42

13.6%

1,155

83

28.5%

-34.7%

5

Newmark

667

31

12.0%

355

5

8.8%

87.6%

6

Cushman & Wakefield

376

9

6.8%

321

6

7.9%

17.0%

7

Mid-America

139

3

2.5%

75

1

1.9%

84.4%

8

Colliers International

88

2

1.6%

71

2

1.8%

23.6%

9

Berkeley Capital Advisors

86

5

1.6%

263

11

6.5%

-67.1%

10

Voit Real Estate Services

67

1

1.2%

0

-

0.0%

-

-

OTHERS

0

-

-

29

1

-

-

-

Brokered Total

5,537

365

-

4,051

142

-

36.7%

-

No Broker

680

13

-

901

15

-

-24.6%

-

Total

6,217

378

-

4,952

157

-

25.5%

Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021 | 21

Rankings - 2021 Lodging Brokers $25M+ Brokers representing sellers in deals of at least $25 million *Green Street's News vertical is not a product of Green Street's advisory business. It is an independent business unit of Green Street. Green Street maintains information barriers to ensure the independence of the News unit and the research and advisory services provided by Green Street.

U.S.

Broker

1H 2021 Amount ($M)

No. of Properties

Market Share

1H 2020 Amount ($M)

No. of Properties

Market Share

2020-2021 Δ

1

Hodges Ward Elliott

2,124

26

35.3%

709

10

27.2%

199.4%

2

CBRE

1,363

12

22.7%

265

5

10.2%

415.4%

3

JLL

927

10

15.4%

1,309

32

50.3%

-29.2%

4

Eastdil Secured

745

9

12.4%

90

1

3.5%

724.4%

5

Newmark

406

4

6.8%

0

-

0.0%

-

6

Lee & Associates

91

1

1.5%

0

-

0.0%

-

7

Hunter Hotel Advisors

90

5

1.5%

0

-

0.0%

-

8

Cushman & Wakefield

84

1

1.4%

0

-

0.0%

-

9

Berkadia

57

3

0.9%

110

2

4.2%

-48.8%

10

Savills

44

2

0.7%

0

-

0.0%

-

11

Avison Young

31

1

0.5%

0

-

0.0%

-

12

Marcus & Millichap IPA

28

1

0.5%

0

-

0.0%

-

13

Colliers International

26

1

0.4%

0

-

0.0%

-

-

OTHERS

0

-

0.0%

120

1

4.6%

-

-

Brokered Total

6,015

75

100.0%

2,603

51

100.0%

131.1%

-

No Broker

473

9

-

203

5

-

133.5%

-

Total

6,488

84

-

2,806

56

-

131.2%

22 | Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021

2020 Rankings $5 - $25M Brokers

Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021 | 23

Rankings - 2020 Overall Brokers $5-$25M Brokers representing sellers in deals between $5-25 million. *Green Street's News vertical is not a product of Green Street's advisory business. It is an independent business unit of Green Street. Green Street maintains information barriers to ensure the independence of the News unit and the research and advisory services provided by Green Street.

Broker

Multi-Family ($M)

Office ($M)

Industrial ($M)

Retail ($M)

Hotel ($M)

2020 Total ($M)

Market Share

2019-2020 Δ

1

CBRE

1,973

2,073

2,382

1,267

254

7,948

22.5%

-33.1%

2

Cushman & Wakefield

1,878

1,552

1,900

846

43

6,219

17.6%

-18.4%

3

Marcus & Millichap IPA

1,818

372

381

1,279

264

4,115

11.6%

-29.1%

4

Newmark

1,330

1,001

962

550

0

3,843

10.9%

-5.4%

5

Colliers International

984

813

1,333

540

117

3,787

10.7%

0.9%

6

JLL

646

694

1,247

507

165

3,258

9.2%

-35.1%

7

Berkadia

1,030

15

11

0

62

1,118

3.2%

-42.7%

8

Avison Young

117

313

350

60

155

995

2.8%

-18.2%

9

Kidder Mathews

214

132

275

121

46

788

2.2%

51.2%

10

Hunter Hotel Advisors

0

0

0

0

473

473

1.3%

-27.6%

11

Hanley Investment Group

0

14

0

237

0

250

0.7%

-32.6%

12

Walker & Dunlop

246

0

0

0

0

246

0.7%

24.0%

13

Northmarq Capital

212

0

0

0

0

212

0.6%

23.1%

14

Transwestern

68

42

39

38

0

187

0.5%

-38.4%

15

Kislak Co.

132

12

0

12

0

156

0.4%

-39.3%

16

Meridian Capital

138

0

0

15

0

153

0.4%

-

17

Voit Real Estate Services

0

34

98

8

0

141

0.4%

-50.5%

18

Eastdil Secured

0

32

48

35

21

136

0.4%

-37.3%

19

Mid-America

0

0

0

133

0

133

0.4%

-60.7%

20

Savills

0

37

46

31

8

122

0.3%

-24.3%

21

Rosewood Realty

93

6

0

7

0

106

0.3%

-45.2%

22

Boston Realty Advisors

81

7

8

0

0

96

0.3%

108.5%

23

Hodges Ward Elliott

18

0

0

0

77

95

0.3%

-33.9%

24

Ariel Property Advisors

67

11

6

0

0

83

0.2%

3.0%

25

Pinnacle Real Estate

32

23

0

20

5

80

0.2%

-43.5%

26

NAI Global

0

50

14

9

0

73

0.2%

-50.1%

27

Gebroe-Hammer Associates

62

0

0

0

0

62

0.2%

-

28

Alpha Realty

49

0

0

0

0

49

0.1%

-

29

Madison Partners

0

42

0

6

0

48

0.1%

30.2%

30

Lee & Associates

0

10

29

0

0

39

0.1%

-

31

Cignature Realty

38

0

0

0

0

38

0.1%

-11.2%

32

South Coast Commercial

37

0

0

0

0

37

0.1%

-

33

JBM Properties

33

0

0

0

0

33

0.1%

81.2%

24 | Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021

Rankings - 2020 Office Brokers $5-$25M Brokers representing sellers in deals between $5-25 million. *Green Street's News vertical is not a product of Green Street's advisory business. It is an independent business unit of Green Street. Green Street maintains information barriers to ensure the independence of the News unit and the research and advisory services provided by Green Street.

U.S.

Broker

2020 Amount ($M) No. of Properties

Market Share

2019 Amount ($M) No. of Properties

Market Share

2019-2020 Δ

1

CBRE

2,073

195

28.4%

3,547

297

30.3%

-41.6%

2

Cushman & Wakefield

1,552

135

21.2%

2,337

206

20.0%

-33.6%

3

Newmark

1,001

82

13.7%

1,185

100

10.1%

-15.5%

4

Colliers International

813

80

11.1%

1,075

101

9.2%

-24.3%

5

JLL

694

55

9.5%

1,333

93

11.4%

-47.9%

6

Marcus & Millichap IPA

372

40

5.1%

534

58

4.6%

-30.4%

7

Avison Young

313

35

4.3%

411

40

3.5%

-23.9%

8

Kidder Mathews

132

15

1.8%

63

8

0.5%

110.7%

9

NAI Global

50

5

0.7%

75

8

0.6%

-33.8%

10

Madison Partners

42

2

0.6%

37

3

0.3%

13.5%

11

Transwestern

42

4

0.6%

170

17

1.5%

-75.4%

12

Savills

37

3

0.5%

78

6

0.7%

-52.2%

13

Voit Real Estate Services

34

2

0.5%

102

8

0.9%

-66.3%

14

Eastdil Secured

32

13

0.4%

0

-

0.0%

-

15

Pinnacle Real Estate

23

2

0.3%

6

1

0.0%

317.6%

16

Berkadia

15

1

0.2%

0

-

0.0%

-

17

Hanley Investment Group

14

1

0.2%

11

1

0.1%

22.0%

18

Hayes Commercial Group

13

1

0.2%

0

-

0.0%

-

19

Kislak Co.

12

3

0.2%

6

1

0.1%

88.1%

20

Ariel Property Advisors

11

1

0.1%

15

2

0.1%

-28.1%

21

Lee & Associates

10

2

0.1%

0

-

0.0%

-

21

TOLD Partners

10

2

0.1%

0

-

0.0%

-

23

Boston Realty Advisors

7

1

0.1%

0

-

0.0%

-

24

Rosewood Realty

6

1

0.1%

0

-

0.0%

-

-

OTHERS

0

-

0.0%

712

51

6.1%

-100.0%

-

Brokered Total

7,309

672

100.0%

11,697

997

100.0%

-37.5%

-

No Broker

560

44

-

593

60

-

-5.7%

-

Total

7,869

716

-

12,291

1057

-

-36.0%

Boston Broker

2020 Amount ($M) No. of Properties

Market Share

2019 Amount ($M) No. of Properties

Market Share

2019-2020 Δ

1

CBRE

104

8

32.0%

159

14

43.3%

-34.7%

2

JLL

79

5

24.2%

10

1

2.6%

721.4%

3

Newmark

59

4

18.3%

44

5

11.8%

36.5%

Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021 | 25

Avison Young 24 3 7.4% 24 2 6.6% -2.0% -4 Brokered Total 7,309 672 100.0% 11,697 997 100.0% -37.5% 5 Cushman & Wakefield 23 1 7.0% 59 4 16.1% -61.4% Cushman 23 1 59 4 -61.4% -5 No Broker& Wakefield 560 44 -7.0% 593 60 -16.1% -5.7% 6 Colliers International 21 2 6.6% 41 6 11.1% -47.7% Colliers 21 2 41 6 -47.7% Rankings - 2020International Office Brokers $5-$25M -6 Total 7,869 716 -6.6% 12,291 1057 -11.1% -36.0% 7 Marcus & Millichap IPA 8 1 2.3% 0 0.0% 7 Marcus & Millichap IPA 8 1 2.3% 0 0.0% Brokers representing sellers in deals between2020 million.($M) No. Boston Broker 2019 2019-2020 Δ 8 Boston Realty Advisors 7$5-25Amount 1 of Properties Market 2.2% Share 0 Amount ($M) No. - of Properties Market 0.0% Share 8 Boston Realty Advisors 7 1 2.2% 0 0.0% *Green News vertical is not a product of0104 Green Street's advisory CBRE 32.0% business unit 159of Green Street. Green 43.3% barriers to ensure -34.7% the -1 Street's Other -8 business. It is an independent 0.0% 31 214 Street maintains information 8.5% -100.0% independence of the News unit and the research0and advisory services- provided by Green Street.

Other 0.0% 31 2 8.5% -100.0% JLL 79 5 24.2% 10 1 2.6% 721.4% -2 Brokered Total 325 25 100.0% 368 34 100.0% -11.8% Brokered Total 325 Amount ($M) No. 25 of Properties Market 100.0% Share 368 Amount ($M) No. 34 of Properties Market 100.0% Share -11.8% Δ U.S. Broker 2020 2019 2019-2020 Boston Δ Search everything...

3 59 4 18.3% 44 5 11.8% North America N.A. 36.5%    Newmark Denver Broker 2020 Amount ($M) No. of Properties Market Share 2019 Amount ($M) No. of Properties Market Share 2019-2020 Δ 14Denver Avison CBRE 2,073 195 28.4% 3,547 297 30.3% -41.6% 24 7.4% Share 24 Amount ($M) No. 2 of Properties Market 6.6% Share -2.0% BrokerYoung 2020 Amount ($M) 3No. of Properties Market 2019 2019-2020 Δ 152 1 263 2

CBRE Cushman & Wakefield CBRE Newmark Newmark Colliers International Newmark

374 3 485 4

5-6 5 --7 -

Cushman & Wakefield Colliers &International Marcus Millichap IPA Cushman & Wakefield Pinnacle Real Estate JLL Realty Boston Advisors Pinnacle Real Estate JLL Marcus & Millichap IPA Other JLL

-8 -Denver 9Los 1 Los Angeles 10 Angeles 2 1 111 3 2 212 4 3 313 5 4 414 5 515 6 616 7Los 717 Angeles 8 18 81 9 9219 10 20 10 3 11 21 11 4 11 21 511 23 624 78Orange Orange County -County 9 1 -1 10 2 -2 11 3 3 11 Boston 4 4 -1 5 5 -2 6 6 3Orange County 12 3 4

Other Avison Young Brokered Total Other Brokered Total Kidder Mathews Brokered Total

135 1,552 23 135 60 1,001 21 60

13 1135 13 6282 6

47.7% 21.2% 7.0% 47.7% 21.2% 13.7% 6.6% 21.2%

240 2,337 59 240 79 1,185 41 79

16 4206 16 66100 6

49.7% 20.0% 16.1% 49.7% 16.4% 10.1% 11.1% 16.4%

-43.5% -33.6% -61.4% -43.5% -24.1% -15.5% -47.7% -24.1%

13 0372 13 0325 0313

1-40 1 -25 -35

4.4% 5.1% 0.0% 4.4% 0.0% 4.3% 100.0% 0.0%

32 534 31 32 31 411 368 31

3258 3 534 540

6.6% 4.6% 8.5% 6.6% 6.4% 3.5% 100.0% 6.4%

-60.5% -30.4% -100.0% -60.5% -100.0% -23.9% -11.8% -100.0%

53 8813 53 23 7694 23

4180 4 2155 2

18.7% 11.1% 2.3% 18.7% 8.1% 9.5% 2.2% 8.1%

96 01,075 96 601,333 6

9-101 9 1-93 1

19.9% 9.2% 0.0% 19.9% 1.1% 11.4% 0.0% 1.1%

-44.7% --24.3% -44.7% 317.6% --47.9% 317.6%

NAI Global CBRE Broker Broker Partners Madison Newmark CBRE Transwestern CBRE Cushman & Wakefield Newmark Savills Newmark Pinnacle Real Estate Madison Partners Voit Real Estate Services Madison Partners JLL JLL Eastdil JLL Secured Other Avison Young Pinnacle Real Estate Avison Young Brokered Total Marcus & Millichap IPA Berkadia Marcus & Millichap IPA Cushman & Wakefield Hanley Group BrokerInvestment Cushman & Wakefield Hanley Investment Group Hayes Commercial Group Hanley CBRE Investment Group Hayes Commercial Group Kislak Co. Hayes Commercial Group Newmark Savills Ariel Property Advisors Savills Madison Partners TOLD Partners Lee & Associates TOLD JLL Partners Lee & Associates TOLD Lee &Partners Associates Avison Young Other Boston Realty Advisors Other Marcus & Millichap IPA Brokered Total Rosewood Realty Brokered Total Cushman & Wakefield OTHERS Hanley Investment Group Broker Broker Total Brokered Hayes Commercial Group CBRE No Broker CBRE Savills Cushman & Wakefield Total Cushman & Wakefield TOLD Partners Kidder Mathews Kidder Mathews Lee & Associates Broker JLL JLL Other CBRE Avison Young Avison Young Brokered Total JLL Marcus & Millichap IPA Marcus & Millichap IPA Newmark Other Broker Other Brokered Total Brokered Total CBRE

284 132 284 2020 Amount ($M) 50 135 2020 Amount ($M) 2020 Amount ($M) 42 60 243 42 243 53 129 37 129 23 42 34 42 13 28 32 28 0 27 23 27 284 21 15 21 20 14 2020 Amount ($M) 20 14 13 14 243 13 12 13 129 10 11 10 42 10 10 10 28 10 10 10 27 0 70 21 567 6567 20 0 14 Amount ($M) 2020 2020 Amount ($M) 7,309 13 152 560 152 10 52 7,869 52 10 21 21 10 2020 20 Amount ($M) 20 0 104 7 7 567 79 6 6 59 0 2020 0 Amount ($M) 257 257 152

26 15 26 No. of Properties 5 13 No. of Properties 2No. of Properties 6 24 424 4 10 310 2 2 22 1 2 13 2 4 24 26 2 12 3 13No. of Properties 1 11 24 1 31 10 1 11 2 2 22 2 2 22 4 12 54 154 3 1 of Properties No. No. of Properties 672 1 11 44 11 1 5 716 5 2 2 2 2 No. 1 of Properties 1 811 5154 1 4No. - of Properties 21 21 11

100.0% 1.8% 100.0% Market Share 0.7% 47.7% Market Share Market Share 0.6% 21.2% 42.9% 0.6% 42.9% 18.7% 22.8% 0.5% 22.8% 8.1% 7.4% 0.5% 7.4% 4.4% 4.9% 0.4% 4.9% 0.0% 4.7% 0.3% 4.7% 100.0% 3.6% 0.2% 3.6% 3.5% 0.2% Market Share 3.5% 2.4% 0.2% 2.4% 42.9% 2.3% 0.2% 2.3% 22.8% 1.8% 0.1% 1.8% 7.4% 1.8% 0.1% 1.8% 4.9% 1.8% 0.1% 1.8% 4.7% 0.0% 0.1% 0.0% 3.6% 100.0% 0.1% 100.0% 3.5% 0.0% 2.4% Share Market Market Share 100.0% 2.3% 59.3% -59.3% 1.8% 20.1% -20.1% 1.8% 8.0% 8.0% 1.8% Market 7.8% Share 7.8% 0.0% 32.0% 2.6% 2.6% 100.0% 24.2% 2.2% 2.2% 18.3% 0.0% Market 0.0% Share 100.0% 100.0% 59.3%

483 63 483 2019 Amount ($M) 75 240 2019 Amount ($M) 2019 Amount ($M) 37 79 314 170 314 96 199 78 199 6 37 102 37 32 12 012 31 15 615 483 52 052 108 11 2019 Amount ($M) 108 0 00 314 0 60 199 34 15 34 37 0 00 12 0 00 15 78 078 52 848 0848 108 712 0 Amount ($M) 2019 2019 Amount ($M) 11,697 0 140 593 140 34 47 12,291 47 0 0 0 0 2019 5 Amount ($M) 5 78 159 0 0 848 10 0 0 44 192 2019 192 Amount ($M) 384 384 140

40 8 40 No. of Properties 8 16 of Properties No. No. 3 of Properties 6 28 17 28 9 15 6 15 1 3 38 3 1 15 2 21 40 4 49 1 of Properties 9No. -28 1 -15 2 232 125 45 69 969 51 -No. of Properties No. of Properties 997 12 60 12 2 3 1057 3 -No. of Properties 1 1 514 69 1513 No. 13 of Properties 29 29 12

100.0% 0.5% 100.0% Market Share 0.6% 49.7% Share Market Market 0.3% Share 16.4% 37.0% 1.5% 37.0% 19.9% 23.5% 0.7% 23.5% 1.1% 4.4% 0.9% 4.4% 6.6% 1.4% 0.0% 1.4% 6.4% 1.7% 0.0% 1.7% 100.0% 6.2% 0.0% 6.2% 12.8% 0.1% Share Market 12.8% 0.0% 0.0% 0.0% 37.0% 0.0% 0.1% 0.0% 23.5% 4.0% 0.1% 4.0% 4.4% 0.0% 0.0% 0.0% 1.4% 0.0% 0.0% 0.0% 1.7% 9.2% 0.0% 9.2% 6.2% 100.0% 0.0% 100.0% 12.8% 6.1% 0.0% Market Share Market Share 100.0% 0.0% 36.4% -36.4% 4.0% 12.3% -12.3% 0.0% 0.0% 0.0% 0.0% Market 1.3% Share 1.3% 9.2% 43.3% 0.0% 0.0% 100.0% 2.6% 0.0% 0.0% 11.8% 50.0% Market 50.0% Share 100.0% 100.0% 36.4%

-41.2% 110.7% -41.2% 2019-2020 Δ -33.8% -43.5% Δ 2019-2020 2019-2020 Δ 13.5% -24.1% -22.4% -75.4% -22.4% -44.7% -35.0% -52.2% -35.0% 317.6% 13.5% -66.3% 13.5% -60.5% 136.6% 136.6% -100.0% 79.2% 317.6% 79.2% -41.2% -60.6% -60.6% -81.8% 22.0% 2019-2020 Δ -81.8% --22.4% 88.1% --35.0% -68.9% -28.1% -68.9% 13.5% -136.6% -79.2% 0.0% 0.0% -60.6% -33.2% -33.2% -81.8% -100.0% -2019-2020 Δ 2019-2020 Δ -37.5% 8.8% -5.7% 8.8% -68.9% 9.4% -36.0% 9.4% -2019-2020 Δ 300.0% 300.0% 0.0% -34.7% -33.2% 721.4% 36.5% -100.0% 2019-2020 -100.0% Δ -33.2% -33.2% 8.8%

Cushman & Wakefield

52

5

20.1%

47

3

12.3%

9.4%

Kidder Mathews

21

2

8.0%

0

-

0.0%

-

JLL

20

1

7.8%

5

1

1.3%

300.0%

Broker

26 | Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021

4

JLL

30

2

7.4%

91

7

13.5%

-67.0%

5

Newmark

15

2

3.6%

37

3

5.4%

-60.2%

6

Marcus & Millichap IPA

10

1

2.6%

0

-

0.0%

-

Rankings - 2020 Office Brokers $5-$25M

Brokers representing $5-25 million.

7 NAI Globalsellers in deals between 10 2 2.5% 0 0.0% Phoenix Broker 2020 Amount ($M) No. of Properties Market Share 2019 Amount ($M) No. of Properties MarketNorth ShareAmerica N.A. 2019-2020 Δ  Search everything...    *Green Street's News vertical is not a product of Green Street's advisory business. It is an independent business unit of Green Street. Green Street maintains information barriers to ensure the

Other 0 0.0% 1 Cushman & Wakefield 55.8% independence of the News unit and the research226 and advisory services15 provided by Green Street.

Brokered Total 406 34 100.0% 2 CBRE 61 7 15.0%

U.S.

Broker

2020 Amount ($M) No. of Properties Market Share 54 2020 Amount 5 13.2% 2,073 195No. of Properties 28.4% Market Share ($M)

67 247 674 191

10 24 58 11

31.1% -41.6% 2019-2020 Δ 7 13.5% -67.0% 206 20.0% -33.6% 8 26.0% 62.3% 3 5.4% -60.2% 100 10.1% -15.5% 1 2.3% 1,033.0% 0.0% 101 9.2% -24.3% 9 31.1% -45.6% 0.0% 93 11.4% -47.9% 4 13.5% -11.4% 10 10.0% -100.0% 58 4.6% -30.4% 1 8.1% 25.6% 58 100.0% -39.8% 40 3.5% -23.9% 3 19.0% -100.0% 8 0.5% 110.7% 26 of Properties Market 100.0% Share 7.8% No. 2019-2020 Δ 8 0.6% -33.8% 8 26.0% 62.3% Market Share 2019-2020 Δ 3No. of Properties 0.3% 13.5% 1 2.3% 1,033.0% 17 1.5% -75.4% 15 41.6% -27.1% 9 31.1% -45.6% 68 0.7% -52.2% 23.1% -14.3% 4 13.5% -11.4% 83 0.9% -66.3% 4.0% 80.8% 1 8.1% 25.6% -3 0.0% --17.5% 5.1% 3 19.0% -100.0% 12 0.0% 317.6% 4.5% North -27.4% America N.A. No. of Properties Market Share 2019-2020 26 100.0% 7.8% Δ  -2 0.0% 7.2% -62.5% 3 14.4% 134.1% 14 0.1% 22.0% 6.1% Share -74.4% Δ No. of Properties Market 2019-2020 5 30.6% -22.3% -3 0.0% --100.0% 8.4% 15 41.6% -27.1% 0.0% 140 0.1% 88.1% 100.0% -30.9% 83 23.1% -14.3% 13.3% -100.0% 2 0.1% -28.1% 320 4.0% 80.8% 100.0% 41.0% Market Share -No. of Properties 0.0% -2019-2020 Δ 3 5.1% -17.5% -9 0.0% --0.6% 35.9% No. of Properties Market Share 2019-2020 Δ 2 4.5% -27.4% -4 0.0% 15.7% -10.7% 2 13 7.2% -62.5% 28.4% -4.8% -5 0.0% --23.0% 16.4% 4 4 6.1% -74.4% 13.1% 33.9% 51 6.1% -100.0% 1 2.0% 445.8% 3 3 8.4% -100.0% 8.5% 38.8% 997 100.0% -37.5% 2 7.0% -25.3% 40 4 100.0% -30.9% 16.4% -42.7% 60 -22.9% -5.7% 5 -100.0% 0.0% 1057 -36.0% 26 of Properties -Market 100.0% Share -21.4% Δ No. 2019-2020 7 23.3% -74.6%

2019 Amount ($M) No. of Properties Market Share 412019 Amount 3 6.1% 3,547 297 No. of Properties 30.3% Market Share ($M)

3 Colliers International 1 CBREBroker Sacramento 4 JLL 2 Cushman & Wakefield 1 Cushman & Wakefield 5 Newmark 3 Newmark 2 Newmark 6 Marcus & Millichap IPA 4 Colliers International 3 CBRE 7 NAI Global 5 JLL 4 Colliers International Other 6 Marcus & Millichap IPA 5 JLL Brokered Total 7 Avison Young Other 8 Kidder Mathews Brokered Total Sacramento Broker 9 NAI Global 1 Cushman & Wakefield San Broker Partners 10 Diego Madison 2 Newmark 11 Transwestern 1 CBRE 3 CBRE 12 Savills 2 Cushman & Wakefield 4 Colliers International 13 Voit 3 Voit Real Real Estate Estate Services Services 5 JLL 14 Eastdil Secured 4 Colliers International Other 15 Pinnacle Real Estate Silicon 5 JLL Search everything...

Broker   Brokered Total Valley 16 Berkadia 6 Newmark 3 Colliers International 17 Hanley Group 7San Marcus & Millichap IPA Broker Investment 4Diego Cushman & Wakefield 18 Hayes Other Commercial Group 15 CBRE Kidder Mathews 19 Kislak Co.Total Brokered 2Cushman Other & Wakefield 20 Ariel Property Advisors 3South Voit Real Estate Brokered Total Services Broker 21 & Associates Florida Lee 4 Colliers International 21 TOLD Partners Central/Northern 1 Cushman &Broker Wakefield 5Florida JLL 23 Boston Realty Advisors 2 Avison Young Newmark CBRE 16 24 Rosewood Realty IPA 3 Marcus & Millichap Marcus & Millichap IPA 27 Colliers International -4 OTHERS CBRE Other 3Marcus & Millichap IPA -5 Brokered Total Colliers International Brokered Total 4JLL No Broker Other 5 NAI Global -South Total Brokered Total Broker Florida 6 Cushman & Wakefield

30 2 7.4% 1,552 135 21.2% 102 9 39.2% 15 2 3.6% 1,001 82 13.7% 64 5 24.6% 10 1 2.6% 813 80 11.1% 41 5 15.7% 10 2 2.5% 694 55 9.5% 29 9 11.1% 0 0.0% 372 40 5.1% 25 1 9.4% 406 34 100.0% 313 35 4.3% 0 0.0% 132 2020 Amount 15 1.8% 261 29 of Properties Market 100.0% Share No. ($M) 50 5 0.7% 102 9 39.2% 2020 Amount ($M) 2No. of Properties 0.6% Market Share 42 64 5 24.6% 42 414 0.6% 143 43.9% 41 5 15.7% 37 39 0.5% 94 28.6% 29 9 11.1% 34 22 0.5% 34 10.5% 25 1 9.4% 32 13 0.4% 20 2 6.1% 0 0.0% 23 15 Amount ($M) 2No. 1 of Properties 0.3% 4.7% Share 2020 Market 261 29 100.0% 15 11 0.2% 13 3.9% 73 5 23.9% 14 72020 Amount ($M) 11No. of Properties 0.2% 2.3% Market Share 52 6 16.9% 13 1 0.2% 0 0.0% 143 14 43.9% 6 1 2.0% 12 330 0.2% 327 100.0% 94 928.6% 0 0.0% 11 1 0.1% 34 226 10.5% 307 100.0% Share 2020 Amount ($M) 2No. of Properties 0.1% Market 10 20 2 6.1% 10 0.1% 107 2020 Amount26 45.4% No. of Properties 15 1 4.7% Market Share ($M) 742 14 0.1% 17.9% 13 1 3.9% 33.9% 91 8 638 13 0.1% 16.1% 7 1 2.3% 22.0% 59 4 033 -4 0.0% 13.9% 0 0.0% 14.8% 40 4 7,309 672 100.0% 16 2 6.7% 327 32 30 3 100.0%11.8% 560 44 -0.0% 0 20 2 7.6% 7,869 235 Amount ($M) 716 19 of Properties -Market 100.0% Share 2020 No. 20 3 7.4%

91 2,337 63 37 1,185 6 0 1,075 75 0 1,333 33 67 534 20 674 411 46 632019 Amount 242 ($M) 75 63 2019 Amount ($M) 37 6 170 197 75 78 109 33 102 19 20 024 46 621 2019 242Amount ($M) 034 31 11 29 Amount ($M) 2019 67 040 197 0 6473 109 29 15 19 218 02019 Amount ($M) 24 0107 2019 Amount 21 ($M) 047 34 96 049 29 44 712 6 40 29 11,697 21 473 56 593 69 0 12,291 299 Amount ($M) 2019 79

1Silicon Broker Cushman &Avison Wakefield 7Boston Young Broker

2020 ($M) No. 107 Amount 6 of Properties 7 1 2020 Amount ($M) No. of Properties

2019 107 Amount ($M) No. 9 of Properties 20190Amount ($M) No.- of Properties

Valley

-12 1 -23 2 34

CBRE Avison Young Other CBRE JLL Marcus & Millichap BrokeredIPA Total Newmark Newmark CBRE

104 42 101 79 38 74 59 33

5

Colliers International

16

-

Other

0

-

Brokered Total

235

Silicon Broker Valley

0 270

84 8 53 6 4

Market 45.4% Share Market2.6% Share

10.0% 36.6% 100.0% 28.4%

Market 35.9% 0.0% Share Market Share

-100.0% -8.3% -39.8% -68.3%

2019-2020 Δ

2019-2020 Δ -0.6% 2019-2020 Δ

32.0% 17.9%0.0% 33.0% 24.2% 16.1%100.0% 24.3% 18.3% 13.9%

159 47 35 66 10 49 339 25 44 6

14 4 4 6 15 35 3 51

43.3% 15.7% 10.4% 30.4% 2.6% 16.4% 100.0% 11.3% 11.8% 2.0%

-34.7% -10.7% -100.0% 52.8% 721.4% -23.0% -20.3% 201.5% 36.5% 445.8%

2

6.7%

21

2

7.0%

-25.3%

-

0.0%

69

5

22.9%

-100.0%

19

100.0%

299

26

100.0%

-21.4%

Market Share

2019 Amount ($M) No. of Properties

Market Share

2019-2020 Δ

25

Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021 | 27

2020 Amount ($M) No. of Properties

Rankings - 2020 Multifamily Brokers $5-$25M Brokers representing sellers in deals between $5-25 million. *Green Street's News vertical is not a product of Green Street's advisory business. It is an independent business unit of Green Street. Green Street maintains information barriers to ensure the independence of the News unit and the research and advisory services provided by Green Street.

U.S.

Broker

2020 Amount ($M) No. of Properties

Market Share

2019 Amount ($M) No. of Properties

Market Share

2019-2020 Δ

1

CBRE

1,973

165

17.3%

2,846

251

18.8%

-30.7%

2

Cushman & Wakefield

1,878

139

16.5%

2,587

189

17.1%

-27.4%

3

Marcus & Millichap IPA

1,818

187

15.9%

2,869

300

19.0%

-36.6%

4

Newmark

1,330

107

11.6%

1,138

73

7.5%

16.8%

5

Berkadia

1,030

92

9.0%

1,803

143

11.9%

-42.8%

6

Colliers International

984

91

8.6%

774

72

5.1%

27.1%

7

JLL

646

49

5.7%

1,159

89

7.7%

-44.3%

8

Walker & Dunlop

246

14

2.2%

198

13

1.3%

24.0%

9

Kidder Mathews

214

18

1.9%

178

17

1.2%

20.6%

10

Northmarq Capital

212

15

1.9%

172

13

1.1%

23.1%

11

Meridian Capital

138

18

1.2%

0

-

0.0%

-

12

Kislak Co.

132

18

1.2%

242

28

1.6%

-45.3%

13

Avison Young

117

9

1.0%

165

15

1.1%

-29.4%

14

Rosewood Realty

93

9

0.8%

179

16

1.2%

-48.2%

15

Boston Realty Advisors

81

5

0.7%

46

4

0.3%

75.4%

16

Transwestern

68

4

0.6%

48

8

0.3%

41.2%

17

Ariel Property Advisors

67

6

0.6%

45

13

0.3%

47.9%

18

Gebroe-Hammer Associates

62

3

0.5%

0

-

0.0%

-

19

Alpha Realty

49

13

0.4%

0

-

0.0%

-

20

Cignature Realty

38

8

0.3%

42

2

0.3%

-11.2%

21

South Coast Commercial

37

2

0.3%

0

-

0.0%

-

22

JBM Properties

33

2

0.3%

18

1

0.1%

81.2%

23

Pinnacle Real Estate

32

4

0.3%

99

11

0.7%

-68.1%

24

Keller Williams Realty

24

1

0.2%

0

-

0.0%

-

25

Mogharebi Group

22

1

0.2%

0

-

0.0%

-

26

Capstone Apartment Partners

21

1

0.2%

0

-

0.0%

-

27

KW Global

19

1

0.2%

0

-

0.0%

-

28

Hodges Ward Elliott

18

3

0.2%

12

1

0.1%

55.2%

29

Interra Realty

17

1

0.1%

0

-

0.0%

-

30

Unique Properties

13

1

0.1%

0

-

0.0%

-

31

Matthews Real Estate Investment Services

6

1

0.1%

0

-

0.0%

-

-

OTHERS

0

-

0.0%

478

36

3.2%

-100.0%

28 | Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021

-

Brokered Total

11,418

987

100.0%

15,099

1293

100.0%

-24.4%

-

No Broker

426

29

-

279

25

-

52.6%

1016

-

15,378

1318

-

-23.0%

Market Share

2019 Amount ($M) No. of Properties

Market Share

2019-2020 Δ

Rankings - 2020 Multifamily Brokers11,844 $5-$25M Total

Brokers sellers in deals between $5-25 million.

North representing 2020 Amount ($M) No. of Properties Carolina Broker

*Green Street's News vertical is not a product of Green Street's advisory business. It is an independent business unit of Green Street. Green Street maintains information barriers to ensure the 1 Cushman & Wakefield 60.7% 337 23 52.4% -2.1% independence of the News unit and the research330 and advisory services22 provided by Green Street.

2U.S.

Newmark Broker

113 Amount ($M) No. 7 of Properties 2020

20.8% Share Market

58 Amount ($M) 4No. of Properties 2019

9.0% Market Share

95.1% 2019-2020 Δ

31

CBRE CBRE

31 1,973

2 165

5.7% 17.3%

21 2,846

2251

3.3% 18.8%

48.6% -30.7%

42

JLL Cushman & Wakefield

28 1,878

2 139

5.2% 16.5%

40 2,587

3189

6.2% 17.1%

-28.3% -27.4%

53

Avison&Young Marcus Millichap IPA

19 1,818

2 187

3.5% 15.9%

5 2,869

1300

0.8% 19.0%

280.5% -36.6%

64

Colliers International Newmark

11 1,330

1 107

2.1% 11.6%

0 1,138

-73

0.0% 7.5%

-16.8%

75

Marcus & Millichap IPA Berkadia

6 1,030

1 92

1.0% 9.0%

95 1,803

10 143

14.7% 11.9%

-94.1% -42.8%

86

Berkadia Colliers International

5 984

1 91

0.9% 8.6%

69 774

472

10.7% 5.1%

-92.7% 27.1%

-7

Other JLL

0 646

49

0.0% 5.7%

19 1,159

189

3.0% 7.7%

0.0% -44.3%

-8

Brokered Total Walker & Dunlop

544 246

38 14

100.0% 2.2%

644 198

48 13

100.0% 1.3%

-15.5% 24.0%

9 Kidder Mathews South Carolina Broker

214

18

1.9%

178

17

212 251 138 37 132 26 117 15 93 0 81 329 68

15 17 18 4 18 2 9 1 9 5 24 4

1.9% 76.3% 1.2% 11.4% 1.2% 7.8% 1.0% 4.6% 0.8% 0.0% 0.7% 100.0% 0.6%

172 236 0 56 242 28 165 24 179 0 46 345 48

13 12 6 28 2 15 1 16 4 21 8

10 1 11 2 12 3 13 4 14 15 16

Northmarq Capital Cushman & Wakefield Meridian Capital Berkadia Kislak Co. Marcus & Millichap IPA Avison Young CBRE Rosewood Realty Other Boston Realty Advisors Brokered Total Transwestern

2020 Amount ($M) No. of Properties

Market Share

2019 Amount ($M) No. of Properties

1.2%

Market Share

20.6%

2019-2020 Δ

1.1% 68.5% 0.0% 16.3% 1.6% 8.2% 1.1% 7.0% 1.2% 0.0% 0.3% 100.0% 0.3%

23.1% 6.2% -33.4% -45.3% -9.4% -29.4% -38.3% -48.2% 0.0% 75.4% -4.7% 41.2%

17 Ariel Property Advisors Atlanta Broker

67 2020 Amount ($M) 6No. of Properties

0.6% Market Share

45 13 of Properties 2019 Amount ($M) No.

0.3% Share Market

47.9% 2019-2020 Δ

118

Gebroe-Hammer Associates Cushman & Wakefield

62 369

329

0.5% 44.3%

0579

48

0.0% 39.1%

-36.2%

219

Alpha CBRE Realty

49 155

13 9

0.4% 18.6%

0203

15

0.0% 13.7%

-23.9%

320

Cignature Berkadia Realty

38 146

814

0.3% 17.5%

42 531

2 34

0.3% 35.8%

-11.2% -72.5%

421

South Commercial MarcusCoast & Millichap IPA

37 43

25

0.3% 5.1%

0101

8-

0.0% 6.8%

-57.7%

522

JBM Properties Colliers International

33 40

25

0.3% 4.8%

18 12

21

0.1% 0.8%

81.2% 245.2%

623

Pinnacle Real Estate JLL

32 38

43

0.3% 4.5%

99 34

211

0.7% 2.3%

-68.1% 10.2%

724

Keller Williams Realty Newmark

24 23

1

0.2% 2.7%

0

-

0.0%

-

825

Mogharebi Group Partners Capstone Apartment

22 21

1

0.2% 2.5%

0

-

0.0%

-

-26

Capstone Other Apartment Partners

21 0

1-

0.2% 0.0%

021

1-

0.0% 1.4%

0.0%

-27

KW GlobalTotal Brokered

19 834

167

0.2% 100.0%

01,481

110

0.0% 100.0%

-43.7%

28

Hodges Ward Elliott

18

3

12

1

29 1 30 2

0.2%

0.1%

55.2%

Boston Broker

17 82 13 81

1 7 1 5

Market Share

2019 Amount ($M) No. of Properties 0 59 0 28

4 3

Market Share

2019-2020 Δ

331

Interra Realty CBRE Unique Properties Boston Realty Advisors Matthews Real Estate Colliers International Investment Services

2020 Amount ($M) No. of Properties

6 52

41

0.1% 18.1%

0 79

6-

0.0% 30.0%

-33.6%

4-

Newmark OTHERS

24 0

1-

8.2% 0.0%

0478

-36

0.0% 3.2%

--100.0%

5

Walker & Dunlop

21

1

7.2%

53

3

20.3%

-61.2%

6

Marcus & Millichap IPA

19

3

6.6%

21

2

8.0%

-9.4%

0.1% 28.2% 0.1% 27.8%

0.0% 22.3% 0.0% 10.7%

39.1% 186.0%

Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021 | 29

6-

Brokered Total JLL

7

Newmark

289 38

22 3

23

1

100.0% 4.5% 2.7%

263 34

219

100.0% 2.3%

9.9% 10.2%

0

-

0.0%

-

Denver Broker

2020 Amount ($M) No. of Properties

Market Share

2019 Amount ($M) No. of Properties

Market Share

2019-2020 Δ

15 U.S.

JLL CBRE Broker

15 Amount ($M) No. 82 71 of Properties 2020

4.0% Share 28.2% Market

0 Amount ($M) No. 59 4- of Properties 2019

0.0% Share 22.3% Market

39.1% 2019-2020 Δ

216

Transwestern Boston Realty Advisors CBRE

15 81 1,973

1 5165

3.8% 27.8% 17.3%

11 28 2,846

4 3251

1.8% 10.7% 18.8%

37.0% 186.0% -30.7%

327

Unique Properties Colliers International Cushman & Wakefield

13 52 1,878

1 4139

3.4% 18.1% 16.5%

0 79 2,587

6189

0.0% 30.0% 17.1%

-33.6% -27.4%

438

Cushman & Wakefield Newmark Marcus & Millichap IPA

7 24 1,818

1187

1.8% 8.2% 15.9%

19 02,869

2 -300

3.2% 0.0% 19.0%

-63.5% --36.6%

54-

Other & Dunlop Walker Newmark

0 21 1,330

1107

0.0% 7.2% 11.6%

25 53 1,138

2 373

4.2% 20.3% 7.5%

0.0% -61.2% 16.8%

100.0% Share 8.0% 11.9% Market

-36.2% Δ -9.4% -42.8% 2019-2020

8 Capstone Apartment Partners 21 1 2.5% 0 0.0% Rankings - 2020 Multifamily Brokers173 $5-$25M 1 Newmark 13 45.8% 298 16 50.4% -42.0% Other 0 0.0% 21 1 1.4% 0.0% 2 CBRE 5 22.7% 104 8 17.6% -17.8% Brokers representing sellers in deals between86$5-25 million.

Brokered Total 834 67 100.0% 1,481 110 100.0% -43.7% 3 Marcus & Millichap IPA 4 business. It is an independent 10.1% business unit 44of Green Street. Green 4 Street maintains information 7.5% -13.5% the *Green Street's News vertical is not a product of38 Green Street's advisory barriers to ensure independence of the Real NewsEstate unit and the research2020 servicesNo.

by Green Street.

4 Pinnacle 32and advisory 4provided 8.3% Share 91 Amount ($M) No. 10 of Properties Market 15.4% Share -65.5% Δ Boston Broker Amount ($M) of Properties Market 2019 2019-2020

Brokered& Millichap Total IPA 6Boston Marcus 5Berkadia Broker

378 Amount ($M) 3No. 30 of Properties 19 1,030 92 2020

100.0% Share 6.6% 9.0% Market

592 Amount ($M) 2No. 46 of Properties 21 1,803 143 2019

76

984 12

191

8.6% 4.0%

0774

-72

0646

-49

ColliersYoung International Avison

Los Broker JLL -7Angeles Other

2020 Amount ($M) No. of Properties

Market Share

5.1% 0.0%

-27.1%

5.7% 0.0%

2019 Amount ($M) No. of Properties

1,159 23

189

Market Share

2019-2020 Δ

7.7% 8.8%

-44.3% 0.0%

18-

Marcus&&Dunlop Millichap IPA Walker Brokered Total

408 246 289

44 14 22

45.9% 2.2% 100.0%

542 198 263

64 13 19

48.4% 1.3% 100.0%

-24.8% 24.0% 9.9%

29

CBRE Mathews Kidder

129 214

15 18

14.5% 1.9%

192 178

24 17

17.1% 1.2%

-32.9% 20.6%

310 1 411 2 512 3 613 4 714 5 815 6 916 7 17 10 8 18 19 20

Berkadia Capital Northmarq Newmark Colliers International Meridian Capital CBRE Northmarq Kislak Co. Capital Marcus & Millichap IPA WalkerYoung & Dunlop Avison Pinnacle Real Estate Kidder Mathews Rosewood Realty JLL Keller Williams Realty Boston Realty Advisors Transwestern KW Global Transwestern Unique Properties Matthews RealAdvisors Estate Ariel Property Investment Services Cushman & Wakefield Gebroe-Hammer Associates Other Other Alpha Realty BrokeredTotal Total Brokered Cignature Realty

114 212 173 70 138 86 52 132 38 40 117 32 27 93 15 24 81 15 19 68 13 67 6 7 62 00 49 888 378 38

9 15 13 5 18 5 4 18 4 92 4 92 1 51 1 41 1 61 1 3 -13 84 30 8

12.8% 1.9% 45.8% 7.8% 1.2% 22.7% 5.8% 1.2% 10.1% 4.5% 1.0% 8.3% 3.0% 0.8% 4.0% 2.7% 0.7% 3.8% 2.1% 0.6% 3.4% 0.6% 0.7% 1.8% 0.5% 0.0% 0.0% 0.4% 100.0% 0.3%

85 172 298 0100 104 0 242 44 0 165 91 7 179 0 0 46 11 0 48 0 45 0 19 0 195 25 0 1,120 592 42

11 13 16 98 -28 4 -15 10 116 -4 4 -8 -13 2 15 2 124 46 2

7.6% 1.1% 50.4% 8.9% 0.0% 17.6% 0.0% 1.6% 7.5% 0.0% 1.1% 15.4% 0.6% 1.2% 0.0% 0.0% 0.3% 1.8% 0.0% 0.3% 0.0% 0.3% 0.0% 3.2% 0.0% 17.4% 4.2% 0.0% 100.0% 0.3%

34.9% 23.1% -42.0% -30.5% -17.8% --45.3% -13.5% --29.4% -65.5% 293.5% -48.2% -75.4% 37.0% -41.2% -47.9% -63.5% 0.0% -20.7% -36.2% -11.2%

Denver Broker

2020 Amount ($M) No. of Properties

Market Share

2019 Amount ($M) No. of Properties

Market Share

2019-2020 Δ

2020 Amount 2 No. of Properties 0.3% Market Share 37 2020 Amount ($M) No. of Properties Market Share ($M)

2019 Amount Properties Market MarketShare Share 02019 - No.ofofProperties 0.0% ($M)Amount ($M) No.

-2019-2020 ΔΔ 2019-2020

33 118 408 32 91 129 24 54 114 22 38 70 21 8 52 19 0 40 18 308 27 17 24 2020 Amount ($M) 13 19 206 6 6205

2 10 44 4 9 15 1 4 9 1 6 5 1 1 4 1 2 3 30 2 1 1 No. of Properties 1 1 19 1 1 14

0.3% 38.2% 45.9% 0.3% 29.5% 14.5% 0.2% 17.5% 12.8% 0.2% 12.3% 7.8% 0.2% 2.5% 5.8% 0.2% 0.0% 4.5% 0.2% 100.0% 3.0% 0.1% 2.7% Market Share 0.1% 2.1% 27.2% 0.1% 0.7% 27.1%

1847 542 9919 192 0 28 85 0 66 100 0 18 0 00 0 12178 7 0 0 2019 Amount ($M) 0 0 120 0 0 138

1 645 11 242 113 96 -2 -1 118 No. of Properties 11 13

0.1% 26.6% 48.4% 0.7% 10.8% 17.1% 0.0% 15.5% 7.6% 0.0% 37.0% 8.9% 0.0% 10.1% 0.0% 0.0% 0.0% 0.0% 0.1% 100.0% 0.6% 0.0% 0.0% Market Share 0.0% 0.0% 14.9% 0.0% 0.0% 17.2%

81.2% 148.3% -24.8% -68.1% 372.2% -32.9% -95.2% 34.9% --42.5% -30.5% --57.0% -0.0% 55.2% 72.9% 293.5% 2019-2020 Δ 72.0% 48.9%

-

JBM Properties Colliers International Marcus & Millichap IPA Pinnacle Real Estate CBREJLL KellerCushman Williams &Realty Wakefield Berkadia Mogharebi Group CBRE Colliers International Capstone Apartment Partners Marcus & Millichap IPA Northmarq Capital KW Global Other Walker & Dunlop Hodges Ward Elliott Brokered Total Kidder Mathews Interra Realty Keller Williams Realty Broker Unique Properties KW Global Marcus & Millichap IPA Matthews Real Estate Matthews Real Estate Investment Berkadia Services Investment Services OTHERS Other

0 0

-

0.0% 0.0%

478 195

36 15

3.2% 17.4%

-100.0% 0.0%

-

Brokered Total

888

84

100.0%

1,120

124

100.0%

-20.7%

2020 Amount 2019 Amount Minneapolis Broker No. of Properties Market Share 2021 No. of Properties 30 | Real Estate Alert Editorial($M) Coverage | Marcus & Millichap | January ($M) – August 2021

Market Share

2019-2020 Δ

1

Colliers International

118

10

38.2%

47

5

26.6%

148.3%

2

JLL

91

9

29.5%

19

2

10.8%

372.2%

Los Minneapolis 21 SouthBroker Coast Commercial Angeles Broker

22 1 23 2 24 3 25 4 26 5 27 628 729 8 Phoenix 30 9 1 31 210

8

Cushman & Wakefield

7

1

1.8%

19

2

3.2%

-63.5%

-

Other

0

-

0.0%

25

2

4.2%

0.0%

-

Brokered Total

378

30

100.0%

592

46

100.0%

-36.2%

Rankings - 2020 Multifamily Brokers $5-$25M

Brokers representing sellers in deals between $5-25 million.

Los Broker 2020 Amount ($M) No. of Properties Market Share 2019 Amount ($M) No. of Properties Market Share 2019-2020 Δ Angeles *Green Street's News vertical is not a product of Green Street's advisory business. It is an independent business unit of Green Street. Green Street maintains information barriers to ensure the

independence of the News unit and the research and advisory services provided by Green Street.

1 Marcus & Millichap IPA 408 44 45.9%

542

64

48.4%

-24.8%

2U.S.

Broker CBRE

2020 129 Amount ($M) No. 15 of Properties

Market 14.5% Share

2019 No. of Properties 192 Amount ($M) 24

Market Share 17.1%

2019-2020 Δ -32.9%

31

CBRE Berkadia

1,973 114

165 9

17.3% 12.8%

2,846 85

251 11

18.8% 7.6%

-30.7% 34.9%

42

Cushman & Wakefield Colliers International

1,878 70

139 5

16.5% 7.8%

2,587 100

9189

17.1% 8.9%

-27.4% -30.5%

53

Marcus & Millichap Northmarq CapitalIPA

1,818 52

187 4

15.9% 5.8%

2,869 0

-300

19.0% 0.0%

--36.6%

64

Newmark Walker & Dunlop

1,330 40

107 2

11.6% 4.5%

1,138 0

-73

7.5% 0.0%

-16.8%

75

Berkadia Kidder Mathews

1,030 27

92 2

9.0% 3.0%

1,803 7

1143

11.9% 0.6%

-42.8% 293.5%

86

Colliers International Keller Williams Realty

984 24

91 1

8.6% 2.7%

774 0

-72

5.1% 0.0%

-27.1%

97

JLL KW Global

646 19

49 1

5.7% 2.1%

1,159 0

-89

7.7% 0.0%

--44.3%

8 10 9 10 11

Walker & Dunlop Matthews Real Estate Investment Services Kidder Mathews Other Northmarq Capital Brokered Total Meridian Capital

246 6 214 0 212 888 138

14 1 18 15 84 18

2.2% 0.7% 1.9% 0.0% 1.9% 100.0% 1.2%

198 0 178 195 172 1,120 0

13 17 15 13 124 -

1.3% 0.0% 1.2% 17.4% 1.1% 100.0% 0.0%

24.0% 20.6% 0.0% 23.1% -20.7% -

12

Kislak Co.

132 2020 Amount

18

1.2%

242 2019 Amount

28

1.6%

-45.3%

13 1 14 2 15 3 16 4 17 5 18 19 20

Avison Young Colliers International Rosewood Realty JLL Boston Realty Advisors Cushman & Wakefield Transwestern CBRE Ariel Property Advisors Marcus & Millichap IPA Gebroe-Hammer Associates Other Alpha Realty Brokered Total Cignature Realty

117

9

1.0% 38.2% 0.8% 29.5% 0.7% 17.5% 0.6% 12.3% 0.6% 2.5% 0.5% 0.0% 0.4% 100.0% 0.3%

165 47 179 19 46 28 48 66 45 18 0 0 0 178 42

15 5 16 2 4 3 8 6 13 2 18 2

1.1% 26.6% 1.2% 10.8% 0.3% 15.5% 0.3% 37.0% 0.3% 10.1% 0.0% 0.0% 0.0% 100.0% 0.3%

-29.4% 148.3% -48.2% 372.2% 75.4% 95.2% 41.2% -42.5% 47.9% -57.0% 0.0% 72.9% -11.2%

Minneapolis Broker

93 81 68 67 62 49 38

($M) 118 91 54 38 8 0 308

9 5 4 6 3 13 8

No. of Properties 10 9 4 6 1 30

Market Share

($M)

No. of Properties

Market Share

2019-2020 Δ

Phoenix South BrokerCoast Commercial 21

2020 Amount ($M) 2No. of Properties 37

Market Share 0.3%

02019 Amount ($M) No. - of Properties

Market 0.0% Share

2019-2020 Δ -

122

Marcus & Millichap IPA JBM Properties

206 33

219

27.2% 0.3%

120 18

11 1

14.9% 0.1%

72.0% 81.2%

223

BerkadiaReal Estate Pinnacle

205 32

414

27.1% 0.3%

138 99

13 11

17.2% 0.7%

48.9% -68.1%

24

Keller Williams Realty

24

1

0.2%

0

-

0.0%

-

25

Mogharebi Group

22

1

0.2%

0

-

0.0%

-

26

Capstone Apartment Partners

21

1

0.2%

0

-

0.0%

-

27

KW Global

19

1

0.2%

0

-

0.0%

-

28

Hodges Ward Elliott

18

3

0.2%

12

1

0.1%

55.2%

29

Interra Realty

17

1

0.1%

0

-

0.0%

-

30

Unique Properties

13

1

0.1%

0

-

0.0%

-

31

Matthews Real Estate Investment Services

6

1

0.1%

0

-

0.0%

-

-

OTHERS

0

-

0.0%

478

36

3.2%

-100.0%

Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021 | 31

Rankings - 2020 Industrial Brokers $5-$25M Brokers representing sellers in deals between $5-25 million. *Green Street's News vertical is not a product of Green Street's advisory business. It is an independent business unit of Green Street. Green Street maintains information barriers to ensure the independence of the News unit and the research and advisory services provided by Green Street.

U.S.

Broker

2020 Amount ($M) No. of Properties

Market Share

2019 Amount ($M) No. of Properties

Market Share

2019-2020 Δ

1

CBRE

2,382

219

26.0%

2,585

249

29.2%

-7.9%

2

Cushman & Wakefield

1,900

178

20.7%

1,704

163

19.2%

11.5%

3

Colliers International

1,333

123

14.6%

1,282

121

14.5%

3.9%

4

JLL

1,247

109

13.6%

680

60

7.7%

83.4%

5

Newmark

962

84

10.5%

912

85

10.3%

5.4%

6

Marcus & Millichap IPA

381

43

4.2%

527

66

5.9%

-27.7%

7

Avison Young

350

52

3.8%

306

31

3.5%

14.5%

8

Kidder Mathews

275

31

3.0%

202

22

2.3%

35.9%

9

Voit Real Estate Services

98

11

1.1%

169

13

1.9%

-41.7%

10

Eastdil Secured

48

3

0.5%

114

7

1.3%

-57.7%

11

Savills

46

5

0.5%

44

5

0.5%

4.2%

12

Transwestern

39

3

0.4%

50

7

0.6%

-21.3%

13

Lee & Associates

29

4

0.3%

0

-

0.0%

-

14

DAUM Commercial

14

1

0.2%

0

-

0.0%

-

15

NAI Global

14

1

0.2%

6

1

0.1%

151.3%

16

Brydant Real Estate

12

1

0.1%

0

-

0.0%

-

17

Berkadia

11

1

0.1%

0

-

0.0%

-

18

Boston Realty Advisors

8

1

0.1%

0

-

0.0%

-

19

Ariel Property Advisors

6

1

0.1%

11

1

0.1%

-51.3%

-

OTHERS

0

-

0.0%

269

21

3.0%

-100.0%

-

Brokered Total

9,156

866

100.0%

8,862

849

100.0%

3.3%

-

No Broker

994

91

-

514

55

-

93.6%

-

Total

10,150

957

-

9,375

904

-

8.3%

32 | Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021

Rankings - 2020 Retail Brokers $5-$25M Brokers representing sellers in deals between $5-25 million. *Green Street's News vertical is not a product of Green Street's advisory business. It is an independent business unit of Green Street. Green Street maintains information barriers to ensure the independence of the News unit and the research and advisory services provided by Green Street.

U.S.

Broker

2020 Amount ($M) No. of Properties

Market Share

2019 Amount ($M) No. of Properties

Market Share

2019-2020 Δ

1

Marcus & Millichap IPA

1,279

158

22.1%

1,458

179

15.9%

-12.3%

2

CBRE

1,267

132

21.9%

2,327

237

25.4%

-45.5%

3

Cushman & Wakefield

846

99

14.7%

898

81

9.8%

-5.8%

4

Newmark

550

55

9.5%

771

66

8.4%

-28.6%

5

Colliers International

540

56

9.3%

570

62

6.2%

-5.3%

6

JLL

507

53

8.8%

1,494

118

16.3%

-66.1%

7

Hanley Investment Group

237

30

4.1%

360

41

3.9%

-34.3%

8

Mid-America

133

11

2.3%

340

25

3.7%

-60.7%

9

Kidder Mathews

121

14

2.1%

79

6

0.9%

54.1%

10

Avison Young

60

8

1.0%

173

19

1.9%

-65.0%

11

Transwestern

38

3

0.7%

36

2

0.4%

6.6%

12

Eastdil Secured

35

2

0.6%

34

2

0.4%

2.7%

13

Savills

31

2

0.5%

34

16

0.4%

-8.0%

14

SRS Real Estate Partners

24

1

0.4%

0

-

0.0%

-

15

Axiom Capital Advisors

20

1

0.4%

0

-

0.0%

-

16

Pinnacle Real Estate

20

2

0.3%

20

2

0.2%

1.8%

17

Meridian Capital

15

1

0.3%

0

-

0.0%

-

18

Kislak Co.

12

1

0.2%

0

-

0.0%

-

19

Neuman Commercial

9

1

0.2%

24

2

0.3%

-62.0%

19

NAI Global

9

1

0.2%

53

6

0.6%

-83.0%

21

Voit Real Estate Services

8

2

0.1%

7

1

0.1%

19.2%

22

Rosewood Realty

7

1

0.1%

14

2

0.2%

-52.5%

23

Madison Partners

6

1

0.1%

0

-

0.0%

-

-

OTHERS

0

-

0.0%

458

43

5.0%

-100.0%

-

Brokered Total

5,774

634

100.0%

9,149

907

100.0%

-36.9%

-

No Broker

520

50

-

381

39

-

36.5%

-

Total

6,294

684

-

9,529

946

-

-33.9%

Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021 | 33

Rankings - 2020 Lodging Brokers $5-$25M Brokers representing sellers in deals between $5-25 million. *Green Street's News vertical is not a product of Green Street's advisory business. It is an independent business unit of Green Street. Green Street maintains information barriers to ensure the independence of the News unit and the research and advisory services provided by Green Street.

U.S.

Broker

2020 Amount ($M) No. of Properties

Market Share

2019 Amount ($M) No. of Properties

Market Share

2019-2020 Δ

1

Hunter Hotel Advisors

473

88

28.0%

654

79

23.3%

-27.6%

2

Marcus & Millichap IPA

264

30

15.7%

414

49

14.7%

-36.1%

3

CBRE

254

28

15.0%

572

51

20.4%

-55.6%

4

JLL

165

12

9.8%

357

23

12.7%

-53.9%

5

Avison Young

155

16

9.2%

162

15

5.8%

-4.6%

6

Colliers International

117

11

6.9%

51

6

1.8%

126.6%

7

Hodges Ward Elliott

77

10

4.6%

132

11

4.7%

-41.7%

8

Berkadia

62

6

3.6%

139

11

4.9%

-55.6%

9

Kidder Mathews

46

3

2.7%

0

-

0.0%

-

10

Cushman & Wakefield

43

3

2.6%

99

9

3.5%

-56.3%

11

Eastdil Secured

21

1

1.2%

69

4

2.5%

-70.0%

12

Savills

8

1

0.5%

0

-

0.0%

-

13

Pinnacle Real Estate

5

1

0.3%

0

-

0.0%

-

-

OTHERS

0

-

0.0%

160

13

5.7%

-100.0%

-

Brokered Total

1,689

210

100.0%

2,809

271

100.0%

-39.9%

-

No Broker

52

5

-

0

-

-

-

-

Total

1,740

215

-

2,809

271

-

-38.0%

34 | Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021

Rankings - 2020 Land Brokers $25M+ Brokers representing sellers in deals of at least $25 million *Green Street's News vertical is not a product of Green Street's advisory business. It is an independent business unit of Green Street. Green Street maintains information barriers to ensure the independence of the News unit and the research and advisory services provided by Green Street.

U.S.

Broker

2020 Amount ($M) No. of Properties

Market Share

2019 Amount ($M) No. of Properties

Market Share

2019-2020 Δ

1

CBRE

1,925

47

34.7%

1,588

68

26.8%

21.2%

2

Cushman & Wakefield

1,059

36

19.1%

1,776

63

29.9%

-40.4%

3

RBC Capital Markets

667

1

12.0%

0

-

0.0%

-

4

JLL

459

22

8.3%

1,055

21

17.8%

-56.5%

5

Eastdil Secured

365

9

6.6%

260

7

4.4%

40.6%

6

Newmark

334

12

6.0%

217

10

3.7%

54.0%

7

Colliers International

298

17

5.4%

421

22

7.1%

-29.3%

8

Avison Young

221

8

4.0%

136

6

2.3%

62.3%

9

Marcus & Millichap IPA

97

5

1.8%

26

2

0.4%

276.7%

10

Meridian Capital

42

1

0.7%

0

-

0.0%

-

11

APR Investment

20

1

0.4%

0

-

0.0%

-

12

Ariel Property Advisors

17

1

0.3%

0

-

0.0%

-

13

Hanley Investment Group

15

1

0.3%

0

-

0.0%

-

14

Transwestern

14

1

0.3%

24

2

0.4%

-40.4%

15

Kidder Mathews

10

1

0.2%

49

6

0.8%

-79.1%

-

OTHERS

0

-

0.0%

382

13

6.4%

-100.0%

-

Total

5,542

163

100.0%

5,934

220

100.0%

-6.6%

Real Estate Alert Editorial Coverage | Marcus & Millichap | January 2021 – August 2021 | 35