Allentown-based NAI Summit has been acquired by The Garibaldi Group (TGG), expanding TGG’s presence in Lehigh Valley, CEO Jeff Garibaldi Sr. and President Jeffrey Garibaldi Jr. said today.
This marks the culmination of a deal spanning over three years and signifies a notable shift in strategy for the NJ-based TGG, which historically focused on corporate office leasing, the two leaders of the commercial real estate and property management firm said.
“This acquisition has been a deliberate and considered decision,” said Garibaldi Sr. “Our initial discussions with Frank Smith, the long-time principal of NAI Summit, predate the COVID pandemic by several years. It took almost two years from our first conversation to finalize this agreement.”
NAI Summit has stood as a prominent player in the Lehigh Valley real estate market for more than four decades, particularly known for its property management division and team of brokers with a strong track record in acquisition, disposition, and leasing, particularly within the industrial sector. Garibaldi Sr. said.
NAI Summit has been a long-time member of NAI Global, a global commercial real estate brokerage firm whose members are independently owned and operated.
Garibaldi Sr. said NAI Global offices are leaders in their local markets and work in unison to provide clients with solutions to their commercial real estate needs. Annually, NAI Global completes over $20 billion in commercial real estate transactions worldwide.
TGG first established its presence in the Lehigh Valley in 2001. Led by Michael Bartolacci, a 30-year veteran in the Lehigh Valley commercial real estate industry, the firm worked with numerous clients over the years, but it was Arcadia Properties that served as the catalyst for opening an office in the Lehigh Valley.
Garibaldi Sr. said TGG recognizes the immense value the Lehigh Valley market offers to brokerage firms and the clients they serve.
“We saw opportunity in the Valley over 20 years ago,” Garibaldi Sr., “Since then, we have been eager to expand our footprint in that market. The Valley’s growth and potential are no longer a secret, and we believe the time has been right for us to expand our presence here.”
The discussions between TGG and NAI Summit coincided with a period of transition for NAI Summit, following the passing of one of its principals, John Crampsie, a respected figure in the Lehigh Valley real estate community, Garibaldi Sr. said.
TGG identified an opportunity to help fill the void left by Crampsie’s passing in the brokerage division. Additionally, TGG recognized the strength of NAI Summit’s property management operations, which it aimed to expand upon and replicate in New Jersey, he said.
“The key initiative we have been trying to follow at Garibaldi for the better part of the last decade is diversification, and creating a property management business was at the top of that priority list” Garibaldi Jr. said. “Our firm has been so office-leasing centric for so many years, that we knew change was not going to come easy nor was it going to come overnight.
“NAI Summit provided us an opportunity to own and operate a prestigious property management business with a significant industrial and medical-office portfolio and track record that we could then work to continue to grow in the local market and beyond,” he added. “It just felt like the perfect fit.”
TGG was widely known throughout the 2010’s as the exclusive office brokers for Bell Works in Holmdel and were steadily expanding their corporate services business. TGG said the venture managed over 25 million square feet of office and industrial real estate portfolios on behalf of mid-market corporations such as DRS Technologies, Clopay Building Products, and AMES True Temper.
Then, in 2019, TGG announced that it was taking its first step into the co-working business as they officially opened the doors to The Station, a co-working space in their hometown of Chatham, NJ. With two years under their belt in the flexible office arena, and twelve months navigating a pandemic, TGG then made the final decision to move forward with the acquisition of NAI Summit and to double down on the Lehigh Valley market.
“There is nothing not to like about NAI Summit,” said Garibaldi Sr. “It’s built upon similar principals as we are at Garibaldi, the operations are backed by an incredible team of detail oriented employes, many of whom have been there for decades, and the property management business is second to none in that market for its ability and size.”
Jay Olshonsky, CEO and president of NAI Global, said, “The commercial agents, management team, and staff at NAI Summit are some of the most experienced professionals in the industry. Now combined and strengthened by The Garibaldi Group, they will be a tremendous resource for NAI network clients across the country who are doing business in Lehigh Valley.”
With a brokerage team lead by industrial power broker Mike Adams, as well as Sarah-Finney, the Garibaldi’s see tremendous opportunity for collaboration and expansion.
“We strongly believe that aligning our strengths at Garibaldi with the strengths of NAI Summit will provide an enormous boost to both businesses, offering us a glimpse into the future of where this newly diversified business can take us,” Garibaldi Jr. said.
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