Institutional Property Advisors Adds Retail Investment Specialist to its Expanding Team in Southern California
August 20, 2026
LOS ANGELES, Aug. 20, 2026 – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today that Max Unger, a retail real estate investment advisor with more than 20 years of institutional experience has joined IPA as a managing director in Los Angeles. Unger will advise institutional and major private clients on retail investment transactions in partnership with IPA’s Tom Lagos and Patrick Toomey.
“Max’s addition strengthens our ability to help investors navigate increasingly complex retail investment opportunities across the Western United States and complete large multi-tenant retail transactions nationally,” said Michael Puline, national director of IPA’s retail division. “His institutional experience, strategic perspective and deep understanding of retail real estate will enhance our ability to deliver outstanding outcomes for clients.”
Unger’s experience includes advising public companies, institutional investors, private equity firms, family offices and developers on complex commercial real estate transactions, portfolio strategy, and value creation initiatives. His experience spans acquisitions, dispositions, joint ventures, recapitalizations, mixed-use development, tax-efficient structuring, and investment advisory across retail, mixed-use, and institutional real estate sectors. Previously, Unger was with Unibail-Rodamco-Westfield for 14 years where, as senior vice president and director of U.S. tax and investments, he helped lead mergers and acquisitions valued at over $60 billion, closed $3.6 billion in divestments, and reduced a 70-property portfolio to 15 properties.
“Max brings a rare combination of institutional transaction experience, financial expertise and advanced tax knowledge,” said Lagos. “This multidisciplinary perspective enables him to identify opportunities beyond traditional investment sales and help clients structure transactions more efficiently, unlock additional value and achieve stronger long-term investment outcomes.”
“Max’s addition strengthens our ability to help investors navigate increasingly complex retail investment opportunities across the Western United States and complete large multi-tenant retail transactions nationally,” said Michael Puline, national director of IPA’s retail division. “His institutional experience, strategic perspective and deep understanding of retail real estate will enhance our ability to deliver outstanding outcomes for clients.”
Unger’s experience includes advising public companies, institutional investors, private equity firms, family offices and developers on complex commercial real estate transactions, portfolio strategy, and value creation initiatives. His experience spans acquisitions, dispositions, joint ventures, recapitalizations, mixed-use development, tax-efficient structuring, and investment advisory across retail, mixed-use, and institutional real estate sectors. Previously, Unger was with Unibail-Rodamco-Westfield for 14 years where, as senior vice president and director of U.S. tax and investments, he helped lead mergers and acquisitions valued at over $60 billion, closed $3.6 billion in divestments, and reduced a 70-property portfolio to 15 properties.
“Max brings a rare combination of institutional transaction experience, financial expertise and advanced tax knowledge,” said Lagos. “This multidisciplinary perspective enables him to identify opportunities beyond traditional investment sales and help clients structure transactions more efficiently, unlock additional value and achieve stronger long-term investment outcomes.”
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.