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I had no idea that they were doing an IPO. You’d think everyone would be talking about it but I guess if it’s not a large, unprofitable tech company IPO, who cares?
I saw it all over The Real Deal. I think it will be interesting to see how it plays out. But you put up a good point- most people outside of RE won't even know what C&W, and anyone who reads the headline "Commercial Real Estate Firm" will probably think of open houses and their cousin/aunt/uncle who is a Realtor. Interesting that NKF had a weak IPO too. In SoCal they seem to be growing a lot. A little ancillary and not enough to affect an IPO, but this one broker named Jay Luchs is absolutely killing it. He has the most badass lease listings and for sale listings in retail in the Westside (Beverly Hills, West Hollywood, nearby area).
I just checked out The Real Deal. Nice website with good info. Funny you bring up the whole realtor thing. Whenever I tell people my aspirations in real estate they say “oh you want to be a realtor?” No thanks. I think a large part of the population doesn’t understand real estate and I’m glad of it.
I have a feeling the IPO's have been weak in this niche space primarily for the two following reasons (although this is mainly from observation/2nd hand discussions and not from any quantifiable data):
1) Investment shops that own the brokerage shops have thrown on a ton of leverage; 2) It's tough to assign good multiples/ratio pricing to these types of firms given where we are in the cycle.
These factors probably lead would-be investors to the conclusion that it's a very risky proposition since the operating income could be volatile in the next few years which will drastically change the DSCR.... But again, just my $0.02. Brokers typically make money in both up and down markets, and only really get hurt when it stagnates, so this is probably a mis-perception anyway.
They also took on Kevin Shannon when it comes to investment sales transactions per year he is way up there. and some other Debt broker that they poached I cant think of his name.
The NKF in SoCal has really upped their game by taking everyone else around.
Let's not forget Kevin Shannon in the West Coast/LA office of NKF. He is absolutely killing it and has been for years now.
Jay Luchs is an absolute horse. Has top retail listings not only in the Westside but nationally (NYC, Miami, etc).
As a side-note, I hate working with these guys in my markets. Not good actors from what I have observed (meaning C&W).
What do you mean by not good actors? Are they selling clients a dream that they can't make good on?
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