Newmark Group Inc., which operates commercial real estate firm Newmark Knight Frank (NKF), acquired Overland Park, Kan.-based Hopkins Appraisal Services for an undisclosed amount, NKF announced in a release.
Hopkins Appraisal Services is a valuation service provider of restaurants and gas stations. It has valued more than 100,000 gas stations and restaurants throughout the U.S. and Canada, according to the release about the acquisition.
The company employs about 40 people.
NKF intends to expand its 3-year-old valuation and advisory practice and hopes to become a leading valuation service provider in the Americas, according to the release. The company has increased this practice in the past three years.
“Hopkins is a recognized leader in restaurant and retail petroleum valuation space. We are thrilled to add them to the V&A specialty practice lines we’ve created under the formidable leaders we’ve brought to NKF,” Newmark Knight Frank President John Busi said in the release. “As our company continues to transform to a data-driven, expert-based, professional services firm, we were also attracted to the deep retail database that Hopkins brings to NKF.”
Hopkins President David Hatutian and Chief Operating Officer Brock Rule will lead the restaurant/retail petroleum specialty practice for Newark Knight Frank, according to the release.
Hopkins Appraisal Services was founded 45 years ago by David Hopkins, who pioneered valuation techniques used industrywide.