CBRE Goes Shopping in Midwest for Retail Help
- Nov 04, 2015
Terms of the acquisition were not disclosed. The Indianapolis-based firm has about 24 employees who will be joining CBRE. Firm principals Larry Davis, Steve Delaney, Scott Gray and Mark Perlstein will take on regional retail leadership roles at CBRE. Founded in 1982 as The Linder Company of Indiana, it provides leasing and management services for investors who own retail property, such as Kimco Realty, RPAI and VEREIT, and services a portfolio of approximately 8 million square feet. Sitehawk also helps retailers and restaurants like Costco, Ross Dress for Less, Hobby Lobby, JC Penney, Gap, LA Fitness and Darden Restaurants plan and execute their real estate strategies on a local and regional level.
“Our team will benefit greatly from CBRE’s extensive resources and national and global footprint, which will enable us to service more of our clients’ needs – in more markets – than ever before,” Gray said in a prepared statement.
John Merrill, managing director and market leader for the CBRE Indianapolis office, noted that the Sitehawk team is highly regarded across the region and known for its excellent client services.
“The addition of Sitehawk significantly enhances our offering for retail clients across the Midwest,” Merrill said in a prepared statement.
It is the third acquisition of a leading retail real estate services company for CBRE. Earlier this year, CBRE bought Dallas-based United Commercial Realty and in September 2013 CBRE acquired Fameco of Philadelphia.
“We are highly committed to building the premier retail real estate services offering in major markets across the U.S.,” Cal Frese, CEO, Americas, for CBRE, said in a prepared statement. “Sitehawk’s strong relationships and extensive market knowledge will greatly add to our expertise in the Midwest region and help us to build further advantage for our clients.”
Its previous acquisitions gave CBRE more retail real estate services expertise and leasing opportunities in the Mid-Atlantic region and in the Southwest. UCR had a staff of more than 100 professionals and oversaw a portfolio of about 8 million square feet for institutional investors like Prudential Real Estate Investors, Deutsche Asset and Wealth Management, Invesco, Heitman and Miller Capital Advisory. Its urban leasing division served as a leasing agent for 20 million square feet of shopping centers nationally, including many mixed-use properties and lifestyle and regional centers. On the tenant side, UCR, which also had an Austin office, represented over 200 retailers and restaurants including Target, Capital One, Sprouts, Victoria’s Secret and Starbucks.
At the time it was acquired, Fameco, which had over 100 employees, provided retailer representation, agency leasing, investment sales, land brokerage and property management in Pennsylvania, New Jersey and Delaware. CBRE added 250 shopping centers and retail properties totaling 20 million square feet to its leasing portfolio with the Fameco purchase. Fameco also had 20 million square feet of retail property management assignments and 75 retailers on its tenant representation roster.