National commercial real estate advisory firm Newmark Knight Frank is planning to purchase Milwaukee-based commercial real estate brokerage firm NAI MLG Commercialthis summer, according to multiple sources.
MLG Commercial will continue to operate an office in downtown Milwaukee and be locally managed, according to sources.
NAI MLG Commercial is led by Barry Chavin, Stephen Provancher, Bruce Westling, Brian Vanevenhoven, Jack Jacobson, John Malloy and Tim Janusz.
Representatives from New York-based Newmark and MLG could not immediately be reached for comment.
Newmark Knight Frank has more than 4,600 employees in more than 120 offices across the United States, according to the company's website.
Michael Mooney partnered with Pat LeSage, Phil Martin and Michael Zimmer to create Mooney LeSage & Associates, Ltd. in 1987. Two years later, Tim Wallen and Chavin joined what had become MLG.
Wallen now heads MLG Capital, a private equity firm that specializes in investing in small and mid-sized private real estate properties. In 2000, the company separated from NAI MLG Commercial. MLG Capital is not involved in the sale of NAI MLG Commercial.