Moses Tucker Real Estate Inc. and Newmark Grubb Arkansas announced Wednesday that the companies have merged, creating Moses Tucker Partners of Little Rock.
Chris Moses, who was president and CEO of Moses Tucker Real Estate, is president and CEO of the combined company. Paul Esterer, who was CEO of Newmark Grubb Arkansas, is president of the company's division in northwest Arkansas.
"Our companies share a commitment to the communities where we live, work and play, and we have been fortunate to contribute to the exciting growth and commercial development we've seen in places like downtown Little Rock, North Little Rock's Argenta District and northwest Arkansas," Chris Moses said in a news release. "This merger gives our new company a true statewide presence, and with the merger we create additional opportunities for success for our clients and our employees."
Financial terms of the deal were not disclosed. The companies said the merger makes the combined firm the second-largest commercial brokerage and management firm in the state with 5.8 million SF of commercial space under management, and about 100 brokers and employees among four offices: Little Rock, North Little Rock, Bentonville and Fayetteville.
Jimmy Moses, the founder and chairman of Moses Tucker Real Estate, and Rett Tucker, co-chairman, are co-chairmen of the combined company. Fletcher Hanson, former CEO and principal broker of Newmark Grubb Arkansas, is principal broker for the new company. The company said it would keep its presence in Conway through an existing brokerage team led by Greg Nabholz, senior managing director of Newmark Grubb Arkansas. Nabholz Properties' brokerage services division joined Newmark Grubb Arkansas in 2013.
The driving force behind Little Rock's River Market District renaissance, Moses Tucker Real Estate was ranked No. 3 on Arkansas Business' most recent list of largest commercial property management firms, with 4.2 million SF under management. Projects include the Mann on Main Building, the Regions Center, the Museum Center, First Security Center, the Arkansas Capital Commerce Center, River Market Tower and the 300 Third building, all in Little Rock.
Newmark Grubb Arkansas ranked No. 9 on the list, with 1.5 million SF under management. Projects include Argenta Place in North Little Rock; the Windriver Building in Little Rock; Bryant Commons & Shoppes; Cabot Commons and CR Retail; Medical Park Place I & II in Benton; Texarkana MOB; and the 8W Center and 8th Street Market, both in Bentonville.
The combined company will affiliate with Newmark Knight Frank of New York City, a global commercial real estate firm.
The companies said the merger is effective immediately but that "both entities will work independently for the next 60 to 90 days as legal and logistical terms are finalized."