SAN FRANCISCO-Longtime investment sales and capital markets specialist Mike Federle has joined NorthMarq as a senior vice president and senior managing director for investment sales to build Minneapolis-based NorthMarq's investment sales practice here. Federle, a 25-year veteran of Grubb & Ellis Co. who was one of its top retail investment sales leaders, tells GlobeSt.com that he will be developing "a small, high-end brokerage team with product-specific specialists" in the various commercial real estate property sectors.
"We're going to be bringing on, on a selective basis, some very senior talent," Federle says. He adds that NorthMarq's San Francisco operation has "a vast amount of talent here, people who have worked on the debt and equity side, so we already have experience in all of the property sectors."
Federle joins an existing NorthMarq Capital mortgage banking office, which has seven debt/equity producers, notes Jeffrey Weidell, executive vice president and senior managing director of NorthMarq Capital’s San Francisco office. San Francisco is the fifth NorthMarq office to add dedicated investment sales professionals, following the addition of investment sales teams earlier this year in Southern California and Philadelphia. The Washington, DC office opened in 2008; the Minneapolis office has been operating since the early 1990’s.
At Grubb & Ellis over the last 11 years, Federle's Institutional Capital Markets retail team closed 85% of all retail investment transactions above $10 million sold by Grubb & Ellis in the Northern California and Northern Nevada markets. Before that, he represented investors in all asset classes, including office, industrial and multifamily properties, providing property valuations, disposition, repositioning and financial modeling for investors since 1975. He has transacted more than $2.5 billion in retail, mixed-use, office and industrial property transactions.
Federle tells GlobeSt.com that the investment sales market today presents a mixed bag. "Core retail that is well located and leased―without problems―has continued to command eye-bulging prices," he says. On the other hand, "It’s still hard to get deals closed if they’re not core," he says, especially for properties that have problems or vacancies.
Although retail is his primary focus, Federle says, he will not be focusing exclusively on retail at NorthMarq, and his experience in other property types will stand him in good stead in his new post. He says that his clientele and relationships will complement the clientele and relationships that the seven debt-equity producers at the office have already developed.
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