Garibaldi Acquires NAI Summit

Garibaldi Acquires Lehigh Valley Based Firm, NAI Summit

The Garibaldi Group (TGG) announced today the acquisition of Allentown-based commercial real estate and property management firm, NAI Summit by CEO Jeff Garibaldi and President Jeffrey Garibaldi Jr. 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.

“This acquisition has been a deliberate and considered decision,” said Jeff Garibaldi. “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 renowned for its robust property management division and a powerful team of brokers with a strong track record in acquisition, disposition, and leasing, particularly within the industrial sector. NAI Summit has been a long-time member of NAI Global, a leading global commercial real estate brokerage firm whose members are independently owned and operated. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 325 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 5,800 local market professionals, managing in excess of 1.1 billion square feet of property and facilities. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.

TGG first established its presence in the Lehigh Valley in 2001 and has maintained an office in the region ever since. Led by Michael Bartolacci, a 30-year veteran in the Lehigh Valley commercial real estate industry and respected industrial/office broker, the firm worked with numerous prestigious clients over the years, but it was Arcadia Properties that served as the catalyst for opening an office in the Lehigh Valley. TGG recognizes the immense value the Lehigh Valley market has to offer to both brokerage firms and the clients that they serve.

“We saw opportunity in the Valley over 20 years ago,” remarked Jeff 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 unfortunate passing of one of its principals, John Crampsie, a respected figure in the Lehigh Valley real estate community. 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.

“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” explained, Jeffrey Garibaldi Jr. “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. It just felt like the perfect fit.”

In support of young Garibaldi’s perspective, while TGG was widely known throughout the 2010’s as the exclusive office brokers for Bell Works in Holmdel, they were also steadily expanding their corporate services business. This venture strategically 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. TGG executed significant industrial deals across the nation and globally, providing services unique for a company of its size.

Then, in 2019, TGG announced that they were taking their 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,” says Jeff 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.”

“The commercial agents, management team, and staff at NAI Summit are some of the most experienced professionals in the industry”, stated Jay Olshonsky, CEO & President of NAI Global, “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, PA”

With a brokerage team lead by industrial power broker Mike Adams, as well as the multi-faceted rising star 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, “says Jeffrey Garibaldi Jr., “offering us a glimpse into the future of where this newly diversified business can take us.”