Stoll, an investment sales and receivership assignment specialist, has been in the commercial real estate industry for 36 years. His recent project activity includes the sale of a former Coca Cola plant that was sold as a redevelopment site. In addition to his brokerage career, he has been a transactional real estate attorney and commercial litigator. Before Ritchie Commercial, he was a vice president at CB Richard Ellis in San Francisco. Scimemi has been in the industry for 20 years, specializing in office and industrial real estate in the Bay Area.
Seattle-based Kidder Mathews entered the San Francisco market in 2006 by acquiring Whitney Cressman, which operated out of a single office in Downtown San Francisco. Last week, GVA initiated its entrance into the Silicon Valley by announcing an agreement to acquire Wayne Mascia Associates. The acquisition, slated to become effective at the end of the year, would nearly double Kidder Mathews' presence in the Bay Area, taking it to 59 brokers from 29 brokers in that market. The company has a total of 195 brokers in nine offices in Washington State, Oregon and California and says it brokers $2.5 million in transactions annually.
Wayne Mascia, founder of Wayne Mascia Associates, told GlobeSt.com last week that Kidder Mathews' brokerage compensation platform, "through aggressive commissions and the opportunity to earn stock ownership," was a big part of the decision. Stoll was not immediately available Friday afternoon for comment.
The GVA Kidder Mathews platform offers its executives, managers and top brokerage professionals the opportunity to purchase stock in the company and lets its brokers keep 90% of the commission once they top $125,000. GVA/KM chief executive Jeff Lyon told GlobeSt.com last week that the company has spun off the company's Northern California operations and will allow top professionals the opportunity to buy stock in the Northern California operations of GVA/KM.
"When you show people the long-term opportunity, that's what gets them excited," Lyon told GlobeSt.com. "It's something unique that nobody else is doing; it will allow us to attract top-notch professionals."
Mascia told GlobeSt.com last week he plans to buy stock in the GVA/KM Northern California and will stick around as an SVP for at least a few years. He expects most of his brokers to stay on through the merger as well considering they stand to make a lot more money. Under the current platform, his brokers don't get to a 90%-10% commission split until they do $450,000 in business.
"Somebody needed to bring in a different platform and they have done it; it's a good deal" he said. "The idea is they don't have large offices, they have productive offices, and they tend to keep everybody and they recruit well because of the split and the stock option."
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