The company closed 356 deals valued at more than $500 million
It was another record-breaking year for Pinnacle Real Estate Advisors, which saw its sales and lease volume skyrocket 39 percent over the previous year’s $366 million record.
Pinnacle’s 39 brokers closed 356 deals valued at $508.6 million. The number of transactions also was up 16 percent from the 307 completed in 2014.
“Denver’s commercial real estate market is stronger than ever,” said Matt Ritter, principal and co-founder of Pinnacle. “Our stellar team of brokers was able to capitalize on the strong market, propelling Pinnacle to its best year ever.”
The lion’s share of the volume Pinnacle recorded came from sales. The company completed 245 transactions totaling 1.4 million square feet with a value of $461.8 million. It completed 111 leases for 315,819 square feet of space and a value of $46.7 million. Pinnacle, which will celebrate its 10th anniversary in 2016, also garnered more than half of the market share in the sales of apartment properties between five and 200 units in the five-county metro area.
Pinnacle’s rapidly growing business prompted Ritter and co-founder Jeff Johnson to create a new position to take the company to the next level, hiring real estate veteran James Mansfield as vice president managing director.
“We need someone to oversee Pinnacle’s day-to-day operations so we can focus on new initiatives,” Johnson said. “James has been a great addition to the team. He supports the brokers and staff and is charged with growing the organization in numbers, depth, geographic and specialty practice groups.”