CBRE Expands Midwest Presence by Acquiring Redstone Real Estate Advisors
- Mar 07, 2008
CB Richard Ellis Group Inc. has acquired Redstone Real Estate Advisors Inc., an Akron, Ohio-based boutique firm specializing in retail clients. Terms of the acquisition were not released.Redstone principals Tom Flynn and Dan Masteller will become senior vice presidents at CB Richard Ellis. The firm, founded in 2002, has five employees including Flynn and Masteller, a CB Richard Ellis spokesperson told CPN today. Redstone specializes in retail tenant representation in the Midwest, particularly Ohio, Michigan, Indiana and Kentucky. Main clients include Wal-Mart and Sam’s Club.“The Redstone acquisition significantly augments our retail tenant representation practice in the Midwestern United States,” Jim Reid, CBRE’s president of the Eastern Division, said today in a release. “Tom Flynn and Dan Masteller each have outstanding reputations in the marketplace among both tenants and owners, and their combination with CBRE underscores our commitment to having the industry’s best professionals on our team.”Redstone’s employees will be integrated into CBRE’s Akron office and will report to Dave Browning, managing director of the firm’s Cleveland office.Flynn noted in the release that “identifying and implementing precise solutions” for their clients had been the foundation of Redstone’s business. He added that with the CBRE services platform and brand behind them, “we can now serve our existing and new clients in more markets with strong on-the-ground resources and unparalleled market intelligence.”The acquisition closed Thursday. The firm also recently acquired three affiliated firms located in Salt Lake City; Fresno, Calif.; and Albuquerque, N.M., the spokesman said. Terms of those deals were not disclosed. Last month, CBRE acquired Eurisko Consulting SRL, a Romanian commercial real estate services firm, for approximately $35 million, according to a Feb. 8 CPN report. The commercial real estate services firm has over 29,000 employees and more than 300 offices around the globe, including affiliate offices.