The Steffner Commercial Real Estate, an affiliate of Newmark Grubb Knight Frank and operates as Newmark Grubb Memphis, has been acquired by BGC Partners, Inc. through its Newmark Grubb Knight Frank business.
"The power of NGKF's full-service global platform has been a key differentiator and the root of great success throughout our partnership, and I look forward to working with NGKF's leadership to grow our operations across the Mid-South. I am thrilled to solidify our relationship and the full-service offering of NGKF's platform to our clients in Memphis and across the region, as well as nationally and globally," said Joe Steffner, founder of Steffner Commercial Real Estate. Mr. Steffner will assume the role of senior vice president and regional managing director of the Mid-South region for NGKF.
According to their press release in PR News Wire, the acquisition of Newmark Grubb Memphis will serve as the foundation in the plan of Newmark Grubb Knight Frank to expand its presence across the Mid-South region that comprises of Tennessee, Kentucky, Mississippi, Alabama, Arkansas and Louisiana.
"Newmark Grubb Memphis has well-established roots and a strong track record in the Memphis market. Our longstanding partnership has provided NGKF with deep knowledge of this region, in which commercial activity is reaching a tipping point across all property types," stated Barry Gosin, chief executive officer of Newmark Grubb Knight Frank. "The acquisition of Newmark Grubb Memphis solidifies the foundation from which NGKF plans to build a dominant presence in the Mid-South, as part of our continued strategy to expand across major markets nationwide."
Newmark Grubb Memphis is a full-service commercial real estate advisory practice in the metropolitan Memphis region that specializes in the leasing, sale and management of office, industrial, retail, medical, multi-family and investment properties. The company was founded in 2004 by Joe Steffner as Steffner Commercial Real Estate. In 2006, the firm partnered with Grubb & Ellis, becoming Grubb and Ellis Memphis, and in 2013 the company went on to partner with Newmark Grubb Knight Frank as Newmark Grubb Memphis.
