Cassidy Turley Lands 7.8 MSF Industrial-Portfolio Management Contract
- Jul 13, 2011
July 13, 2011
By Barbra Murray, Contributing Writer
Talk about a big fish. Commercial real estate services provider Cassidy Turley has been tapped by IndCor Properties, an affiliate of Blackstone Real Estate Advisors, to manage a 7.8-million-square-foot portfolio of industrial assets spread across key cities in the central United States. The assignment marks a big step in Cassidy Turley’s growth plan.
The group of facilities includes assets from a 23 million square-foot portfolio that Blackstone acquired from leading distribution center provider ProLogis as part of a multi-faceted $1 billion deal in late 2010. With locations in in Chicago, Cincinnati, Columbus, Denver, Indianapolis, Kansas City and Louisville, the IndCor portfolio will benefit from Cassidy Turley’s local market acumen. The firm already has a solid presence in the Central U.S., and brings to the table a background in managing sizable industrial portfolios. Securing additional multi-property management assignments is high on the agenda.
“There are a lot of large national portfolios we’re pursuing right now,” Dean Mueller, Cassidy Turley’s president of investor services, told Commercial Property Executive. “We launched our company last year to pursue those opportunities. We still win a lot of business in our local marketplaces but pursuing national portfolios is part of our growth strategy.”
Additional IndCor management deals are a possibility. “We hope to get more contracts from them as they grow their portfolio by servicing their needs,” Mueller said. Cassidy Turley will also handle leasing for some of the IndCor properties involved in its new management agreement.
The firm’s expansion endeavors extend well beyond the industrial sector and the central region of the U.S. In May, Cassidy Turley signed on to acquire the brokerage and property management businesses of Carter, an Atlanta-based commercial real estate services company with a notable foothold in Atlanta and Tampa.