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REAL ESTATE
Witten & Nolletti Sold to Calif. Firm
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Business New Haven
7/12/1999
By:
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The Branford real estate firm of Witten & Nolletti has been acquired by the Palo Alto, Calif.-based real estate investment brokerage firm of Marcus & Millichap, it was announced July 1. The deal is consistent with M&M's plans for major U.S. expansion over the next three years, with a special focus on the Northeast, according to Mitchell R. LaBar, the California firm's senior vice president/Northeast divisional manager.
"This acquisition is consistent with our objective of acquiring strong local and regional firms that will strengthen our national presence," LaBar said. "Witten & Nolletti is a leading apartment brokerage firm with a strong reputation for a high level of excellence and professionalism."
Founded in the early '90s to work primarily in the analysis, marketing and sale of regional investment properties, Witten & Nolletti have come to focus primarily on medium to large apartment complexes. Annual sales, according to the firm, were about $125 million last year. The 28-year-old M&M reported sales of $5.1 billion last year, a record.
The companies say that Witten & Nolletti founders Steve Witten and Victor Nolletti will remain with M&M. Said Nolletti: "This is a natural progression for Witten & Nolletti, and it's a positive development for both companies which together have business synergy. Marcus & Millichap provides the national transactional depth that is attractive to institutional investors, and Witten & Nolletti dominates the apartment market in Connecticut."
The firm plans to move from Branford to New Haven in several months, and says it will add agents focusing on retail, senior housing and hospitality specialties.
Terms of the sale were not disclosed.
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