Interior of a modern urban restaurant in the morning sunlight.
NEW YORK CITY – Newmark Group, Inc., an operator and full-service commercial real estate services firm under Newmark Knight Frank, has announced its acquired valuation company HVS, a subsidiary of Hopkins Appraisal Services. The acquisition will add restaurant and retail petroleum specialty asset classes to Newmark's valuation and advisory practice.
"Hopkins is a recognized leader in the restaurant and retail petroleum valuation space. We are thrilled to add them to the V&A specialty practice lines we've created under the formidable leaders we've brought to NKF," said NKF Valuation & Advisory President John Busi in a prepared statement. "As our company continues to transform to a data-driven, expert-based, professional services firm, we were also attracted to the deep retail database that Hopkins brings to NKF."
Hopkins President David Hatutian and COO Brock Rule will lead the new specialized vertical for NKF V&A. The new Restaurant/Retail Petroleum Specialty Practice will combine both business and real estate expertise to perform valuations of tangible and intangible multi-unit retail assets.
"Our specialty focus has enabled us to build a market-leading database and methodology in the retail petroleum and restaurant sectors," said Hatutian.
The new acquisition will expand NKF's valuation an advisory practice, which was launched three years ago. Hopkins is the most recent acquisition the firm has made to bulk up the practice, increasing its headcount by 500 employees in the past three years to a total of 525.
Headquartered in Overland Park, Kansas, Hopkins has a workforce of almost 40 professionals specialized in multi-unit retail. In business for approximately 45 years, the firm has valued more than 100,000 gas stations and restaurants in the United States and Canada.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
