Four-way Merger Creates New CRE Company in Idaho, Montana
- Nov 15, 2011
November 15, 2011
By Scott Baltic, Contributing Editor
Three leading commercial real estate firms in Montana and Idaho – Catalyst, of Bozeman, Mont; Idaho Commercial, of Boise, Idaho; and Hume Commercial, also in Boise – along with TSC Management, a full-service property management company in Boise, have combined to create a new company, also called Catalyst, the parties announced Monday. The combined company will offer comprehensive asset management, property management, tenant and landlord leasing representation, consulting and brokerage services.
The new Catalyst will be an independently owned and operated affiliate of Grubb & Ellis. LeAnn Hume, former designated broker at Hume Commercial, told Commercial Property Executive that the new company’s three partners are herself, Tim Reid of Idaho Commercial and Mike Elliott of the original Catalyst. Both of the other two partners, Hume explained, already had affiliations with Grubb & Ellis, and she has had good experiences working with other G&E personnel, so the decision to remain in the fold with the new entity was an easy one, she said.
Hume also expressed confidence that, despite the company’s turbulent recent history, going forward, the news from and about Grubb & Ellis will be good.
Grubb & Ellis announced last month that it was in negotiations regarding “a strategic transaction” with C-III Capital Partners LLC and that a C-III affiliate had agreed to expand G&E’s existing $18 million credit facility.
In number of licensed agents, Hume said, Catalyst will be the third-largest commercial-only real estate brokerage in Idaho. Of the new company’s 12 agents, six are women, she said, adding that they have a combined 55 years of experience in commercial real estate.
When the merger is complete – a move that’s scheduled for Jan. 1, 2012 – Hume said Catalyst will have one office in Bozeman and one in Boise.