Largest Coldwell Banker Commercial Affiliate Split Up, Sold
- Apr 05, 2018
First Capital Real Estate Investments Inc., of New York, has acquired some of the assets of Coldwell Banker Commercial Advisors, a privately held affiliate of Coldwell Banker Commercial, for an undisclosed price.
CBC Advisors reportedly had been both the largest commercial brokerage firm in the Coldwell Banker organization and the top-performing Coldwell Banker Commercial affiliate globally, with more than $4 billion in assets under management and a closed volume of more than $2 billion in 2017.
The 12 CBC Advisors offices that are now part of First Capital will operate under the name Advisors Commercial Real Estate. ACRE includes more than 150 brokers and other professionals in 12 offices, in New York; Hasbrouck Heights, N.J.; Denver; Houston, Fort Worth, Arlington and Irvine, Texas; Phoenix and Flagstaff, Ariz.; and Los Angeles, Irvine, El Segundo and Ontario in Southern California.
All 12 offices will remain in their current locations, with the same personnel. Former CBC Advisors President Rob Cord will lead the new company as president & CEO.
“CBC has distinguished itself as a boutique brokerage platform with custom-tailored solutions. Our approach to identifying unutilized value in dynamic secondary markets, coupled with the credibility and trust CBC Advisors has earned in the investment community, will greatly serve our investors and clients,” Suneet Singal, chairman of First Capital, said in a prepared statement.
First Capital did not respond to Commercial Property Executive’s request for additional information.
The rest of the story …
In the other piece of the transaction, Colliers International picked up, also under undisclosed terms, the four CBC Advisors offices in Utah, Alaska and Glendale, Calif., which now comprise Colliers International | Utah. Those locations will be headed by Chairman & Lead Partner Brandon Fugal, who had been chairman of CBC Advisors.
“This addition is the latest in a series of strategic acquisitions that we have completed in the U.S., all of which have strengthened and diversified our operations to better serve our clients,” Dylan Taylor, president & COO of Colliers International, said in that company’s prepared statement.
Some of those acquisitions have included the purchase of tenant rep specialists Serten Advisors, in the Virginia suburbs of Washington, D.C., last October; the acquisition in April 2017 of WelshCo LLC, of Minneapolis–St. Paul, and its brokerage, property management, facilities and architecture divisions; and the March 2017 acquisition of a Colliers affiliate in Holland, Mich.