(Crystal Proenza is associate editor of Real Estate Florida.)
FORT LAUDERDALE, FL-Real estate veteran Larry Emmons has joined the local office of Marcus & Millichap as senior associate. The industrial investment specialist will also serve as director of the firm's national office and industrial properties group. Emmons previously served as senior investment officer for First Industrial Realty Trust, where he was responsible for the sourcing and acquisition of industrial projects throughout Florida.
"When my position was eliminated in October, I spent several weeks looking for a new platform where I could continue to invest or work on a service provider's side," Emmons tells GlobeSt.com. At Marcus & Millichap Emmons hopes to increase the firm's market share in industrial real estate transactions, focused on REITs, institutions and special assets or REOs.
"Larry combines his real estate transaction skills, legal education and business development expertise to assist his clients with acquisitions and dispositions," says Gregory Matus, regional manager of Marcus & Millichap's Fort Lauderdale office. "He brings more than 20 years of industrial and investment sales experience to his new position." Emmons is also a graduate of the University of Michigan and the University of Detroit Mercy School of Law.
"The coming few months and years are going to be an unprecedented time to buy and trade in commercial real estate in this country, and most especially in Sunbelt states like Florida," says Emmons. "The state has two basic fundamentals that drive commercial real estate--a land-constrained market and a growing population. About 60% of industrial real estate is still owned by corporate America and that represents a tremendous amount of capital that can be put back under the balance sheets in the form of cash," he says, adding that he expects to see a large number of sale-leasebacks in the state once financing becomes available to those corporations again.
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