The latest industry news, market research, and thought leadership from NAI Capital. Court records show NAI Capital generated $36M and $35M in annual revenue before distributing commission in 2018 and 2019, respectively. Jackson said he could not discuss the lawsuit, saying only that “a director dispute is partially [a reason for the bankruptcy filing].” The filing comes nearly a month after a Los Angeles court ruled that NAI Capital had to pay a former CEO, Robert Scullin, $1.88M in unpaid wages and interest. NAI and Scullin have been bickering in court for several years over whether Scullin was owed a $250K annual salary as CEO during an eight-year period from 2007 to 2014.
Approximately 200 brokers, staff and management from each of the 15 office branches gathered at the event held at Convene in downtown Los Angeles to celebrate the awardees. Michael Zugsmith, who founded the company in 1979, and his wife, Rachel Howitt, own 50.5%, according to court records. After a back-and-forth battle, a Los Angeles court eventually ruled in favor of Scullin, saying the company must cover unpaid wages of $1.2M and $647K in interest, according to bankruptcy court records.
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We have the reputation for generating strong worldwide deal flow by its independent brokers, and this brand strength benefits the entire support structure, giving brokers a unique competitive advantage. The Los Angeles County office market is witnessing lower transaction volume, rising vacancy and slowed rent growth after spending Q under a COVID-19 shutdown. As the largest organization of independent commercial limefx courses scam real estate brokers in the world. Not only do brokers and clients have access to this web of relationships, it is a tightly-knit one, where culture and workforce connections are strong. The resources available to brokers is extensive, and the ability to collaborate with partner firms within the organizational structure greatly improves the ability to get deals done with quality, speed, and precision.
With an extensive network of like-minded brokers, our organization utilizes leadership, connectivity and brand strength to increase real deal flow, amplify your business prospects, and take you to the next level. NAI Capital is one of the largest privately held commercial brokerage firms in California. The company, which is part of the NAI Global family, operates 15 offices and employs 230 brokers in the state. With over 200 years of combined experience, our agents have established a tradition of exceptional service and possess extensive local market knowledge. This, too, shall pass, but the commercial real estate industry is set for a major reset where lots of money will be lost and also made.
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According to court records, NAI’s board of directors terminated Scullin for cause in 2014. Scullin, who joined the company in 1993 and climbed up the ladder as a broker to co-owner and CEO, sued for back wages after his departure. Wide-ranging coverage in primary, secondary and tertiary markets allows brokers to expand their presence https://limefx.vip/ while also collaborating with NAI Global partners to increase opportunities and deal value. The Inland Empire’s multifamily market remained at the peak in Q prior to the COVID-19 shutdown. On top of the Scullin judgment, NAI is entangled in several lawsuits with brokers regarding disputed commissions, according to court documents.
While leasing volume was subdued after spending an entire under the COVID19 shutdown, the Inland Empire office market saw upticks in the vacancy rate and the average asking rent. After an entire quarter under a COVID-19 shutdown, the Orange County office market experienced lower transaction volume, an uptick in vacancy and landlords propping up asking rents. NAI Global, a leading, global commercial real estate firm, earned the top third spot in the 2020 Lipsey Survey of Top 25 Commercial Real Estate Brands. The survey was conducted among 100,000 commercial real estate professionals using a combination of ballot voting, phone interviews and focus groups to identify the top global brands.
These sentiments that emerged with the recent pandemic are placing a heavy new responsibility on commercial real estate professionals. The industrial market in Ventura County was experiencing increased vacancy and flat rental rates, prior to the COVID-19 pandemic shutdown. NAI Capital Executive Managing Director Chris Jackson told Bisnow Friday that legal issues necessitated the Encino-based commercial real estate company’s bankruptcy filing on Jan. 31. The company has been embroiled in a long-standing dispute with a former CEO, as well having other legal issues. NAI Global is a leading commercial real estate firm powered by the largest organization of independent commercial real estate brokers in the world. With the economic risk involved with investing in physical real estate, trust and confidence in the brand brokering the process can make all the difference when choosing a partner.
Time-tested results, agile operations, and regional knowledge all combine to create a uniquely effective global commercial real estate firm with the ability to compete with anyone in the market. As we trudge forward with market recovery, everyone is looking towards the commercial space to see what new health regulations are going to emerge to combat the looming threat of COVID. No one will feel comfortable dwelling in a public building if the proper regulations are not put in place.