CALABASAS, Calif.--(BUSINESS WIRE)--May 14, 2026--
Marcus & Millichap (NYSE:MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today that commercial real estate executive Michael Puline has joined the firm as senior managing director and national director of its retail division. Puline will guide the strategic growth of Marcus & Millichap's and Institutional Property Advisors’ (IPA) retail divisions and lead the company’s retail advisory teams, helping to ensure seamless execution and client service delivery.
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“Michael is a strategic thinker and dynamic leader whose expertise in navigating complex private equity and institutional investment environments, operational leadership, and relationships with premier national retailers make him exceptionally well suited to lead the strategic growth of our retail divisions,” said Gregory A. LaBerge, Marcus & Millichap’s chief client officer. “His experience and relationships will be instrumental in helping our teams expand their business, deepen industry connections, and enhance the value we deliver across the platform.”
Over the course of his 25-plus-year career, Puline has executed more than 2,500 leasing and sale transactions totaling $8.5 billion and developed deep relationships with institutional investors, REIT executives, and major retailers. Prior to joining Marcus & Millichap, he held a senior leadership role with a Blackstone portfolio company, where he led national retailer strategy and research for a $9 billion, 19-million-square-foot retail portfolio.
“Expanding the Marcus & Millichap and IPA retail platform and working closely with the firm’s advisors across North America is a tremendous opportunity,” said Puline. “The strength of the company’s platform, market intelligence, and advisor network creates a powerful foundation for continued growth and client success in the retail sector.”
Marcus & Millichap’s retail division provides investment sales, advisory, and transaction services for all types of retail real estate, including net lease properties, ground-leased assets, sale-leaseback financing, and open-air shopping centers of all sizes. In 2025, the firm closed more than 3,400 retail transactions, approximately as many retail transactions as its next three closest competitors combined.
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. Marcus & Millichap closed 8,818 transactions with a sales volume of $50.8 billion in 2025. The company had 1,808 investment sales and financing professionals in more than 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate at year end. For additional information, please visitwww.MarcusMillichap.com.
Michael Puline Marcus & Millichap
SACRAMENTO, Calif. (AP) — California Gov. Gavin Newsom on Thursday proposed a revised budget proposal without a deficit for his last year of office and the next, laying out a $350 billion plan that includes little new spending but also avoids major cuts.
Newsom is eager to safeguard programs that have defined his tenure as the leader of the nation’s most populous state and one of the world’s largest economies. As he gears up for a possible presidential run in 2028, Newsom is promoting the budget as fiscally responsible because it protects California's progressive programs while also builds up the state's rainy day funds — a pointed rebuke to critics who say the state spends more than it has. The state’s spending has grown more than $100 billion since 2020, according to the legislative budget analysts.
“We’re cutting deficits. But we’re not cutting corners,” Newsom said.
Newsom can’t seek a third term and will leave office in January.
Revenues, driven mostly by the booming stock market and artificial intelligence industry, are $16.5 billion higher than projections in January, according to Newsom's office. That will help the state avoid a $2.9 billion deficit Newsom projected in January, guarantee no budget hole next year and cut the shortfall the following year in half, his office said.
It is a welcoming change for the state where revenues have not kept up with spending. California faced tens of billions in budget deficits several years in a row, forcing painful cuts last year such as a rollback on a promise to provide free health to low-income immigrants without legal status. Nonpartisan budget analysts projected the state will see budget holes upward of $20 billion each year in the next few years.
Still, Democrats are bracing for federal funding cuts and new costs for the state in healthcare and the impacts of high costs on everything from gas to energy because of the war in Iran. State officials repeatedly said California can't backfill all the federal monies.
Newsom used his presentation to blast President Donald Trump and his policies. Trump “doesn’t particularly give a damn about the financial situation of the average American," Newsom said.
The May budget proposal will officially kick off the final stretch of negotiations between Newsom and Democrats in the Legislature, who have to pass a spending plan by the end of June.
State lawmakers this year have pitched several proposals to increase taxes on corporations to help with budget problems, but Newsom has largely opposed the idea, arguing such proposals could drive businesses and wealthy people away. He has instead proposed to cut fees for new small businesses and limit some tax credits that could generate $850 million a year starting 2027. He is against a ballot initiative for a one-time tax on billionaires that will likely go before voters in November.
He also proposed to increase the monthly premiums for adult patients without legal status in the state-funded healthcare program, up to $50 from $30. The premiums were part of last year budget set to take effect July 2027 for adults under 60 years old. Newsom estimated the change would save the state $427 million in the first year of implementation. But Democratic lawmakers will likely fight against it.
California has a progressive tax system that relies on rich people, meaning it gets about half its revenues from just 1% of the population. When the economy is good, rich people pay more in taxes and revenues can soar quickly. When the economy is bad, they pay less and revenues can drop just as fast.
The state could also see a revenue boost from expected upcoming initial public offerings by several major AI companies, which are expected to be the largest IPOs in history. But legislative budget experts warned last year of a potential AI bubble that could worsen the state's finances.
Newsom’s Thursday proposal also includes a $300 million plan to backfill some of the loss of government-sponsored health subsidies, a $5 billion education grant for teacher training and $100 million to help Los Angeles-area homeowners rebuild after the devastating wildfires last year.
Gov. Gavin Newsom speaks about his state budget proposal Thursday, May 14, 2026, in Sacramento, Calif. (AP Photo/Jeff Chiu)
Gov. Gavin Newsom speaks about his state budget proposal Thursday, May 14, 2026, in Sacramento, Calif. (AP Photo/Jeff Chiu)
Gov. Gavin Newsom speaks about his state budget proposal Thursday, May 14, 2026, in Sacramento, Calif. (AP Photo/Jeff Chiu)
