CBRE Tapped by IndCor to Manage 22 MSF Industrial Portfolio
- Jul 25, 2011
July 22, 2011
By Barbra Murray, Contributing Editor
CB Richard Ellis Inc. has had a busy week. Just days ago, CBRE announced it had been selected by the U.S. Postal Services to be the agency’s exclusive real estate services provider and now the commercial real estate services firm is revealing more big news. CBRE has been chosen by IndCor Properties Inc. to manage an industrial property portfolio totaling 22 million square feet across 10 states.
Speaking to Commercial Property Executive, a CBRE spokesperson said, “We believe it’s the largest real estate asset services outsourcing award in the U.S. this year.”
CBRE will manage 175 properties located in western and southern states: Arizona, California, Florida, Georgia, Nevada, North Carolina, Oregon, South Carolina, Tennessee and Texas. This is the firm’s second IndCor contract in nine months. In 2010, CBRE won an assignment to manage a 4 million square-foot national industrial portfolio for IndCor soon after the real estate investment company’s formation as an affiliate of Blackstone Real Estate Advisors. “IndCor is one of our key Strategic Accounts, and this major new assignment represents a significant expansion of our relationship,” Tony Long, CBRE’s president of Asset Services, said. “Our selection underscores the tremendous value that our people and platform can deliver for property owners with large multi-state portfolios who are looking to achieve operating efficiencies and enhance property performance.”
IndCor is not alone in its acknowledgement of CBRE’s knack for successfully managing multi-million square-foot property portfolios. In June, global real estate investment management firm PRUPIM picked the firm to provide management and accounting services for its 45 million square-foot U.K. portfolio, marking what PRUPIM described as “one of the largest outsourcing mandates to have come onto the UK market.”
The last couple of months have brought news of quite a few gargantuan management assignments in the commercial real estate services arena. In May, Forest City Enterprises Inc.’s third-party leasing management responsibilities ballooned by 2.2 million square feet after signing leasing and management contracts for two West Coast shopping centers. In June, Transwestern committed to managing a 4-million-square-foot group of industrial facilities in Florida for Cabot Industrial Properties. And earlier this month, Cassidy Turley signed on to oversee a 7.8-million-square-foot portfolio of industrial assets in the central U.S. for IndCor.