UCR Joins CBRE Group, Inc.
January 16 2015 - 5:00PM
Business Wire
CBRE Enhances Retail Services
Offering
CBRE Group, Inc. (NYSE:CBG) today announced that it has acquired
United Commercial Realty (UCR), a Dallas, Texas-based commercial
real estate firm specializing in retail services. UCR, known as one
of the most innovative and successful retail real estate advisors
in the U.S., manages retail properties for institutional investors
nationally and provides brokerage services for them and for leading
retailers across Texas and other markets.
“The UCR professionals are a wonderful addition to our team in
Texas and our national retail brokerage and property management
business,” said Michael Caffey, executive managing director, Texas
Region, CBRE. “UCR has a reputation for premier service, creative
marketing concepts, innovative retail strategies and exceptional
client outcomes. They fit perfectly into our culture and will
enable us to expand the range of services we can provide to retail
clients.”
UCR was founded in 1988. In 1991 Mickey Ashmore joined the
company as its leader and eventually became a primary owner. Today,
UCR provides leasing, property management, asset management and
investment sales services for retail investors and tenants. The
company manages approximately eight million sq. ft. of retail
properties across the U.S. for institutional investors such as
Prudential Real Estate Investors, Deutsche Asset and Wealth
Management, Invesco, Heitman and Miller Capital Advisory. In
addition, UCR and its urban leasing division serve as leasing agent
for 20 million sq. ft. of shopping centers nationally, including
many premier mixed-use properties and lifestyle and regional
shopping centers. On the tenant representation side, UCR currently
represents over 200 retailers and restaurants, including Target,
Capital One, Sprouts, Sur La Table, Victoria’s Secret, Athleta, the
Gap and Starbucks. As part of this transaction, CBRE is also
acquiring UCR’s affiliate office in Austin.
“We are very pleased to join with CBRE,” said Mr. Ashmore. “I am
sure that this union will enable us to meet the needs of our
clients more completely, and in more markets, than ever before.
This is the natural evolution for our company.”
UCR’s staff of more than 100 professionals will join CBRE,
including Mr. Ashmore and Asset Services (property management)
leader Scott Weaver. Mr. Ashmore will become Vice Chairman, Retail
Services for CBRE, with responsibility for directing key national
retail strategies for the firm, while overseeing CBRE’s retail
operations throughout the state of Texas. Mr. Weaver will become a
Senior Managing Director in CBRE’s Asset Services team, with
responsibility for Retail Asset Services nationally, while also
driving new retail business across the U.S.
“Our institutional retail investor clients will greatly benefit
from our joining CBRE’s global platform while continuing to receive
the laser-like focus our professionals bring to providing superior
quality service and creating value,” said Mr. Weaver.
UCR is the second regional retail real estate firm CBRE has
acquired in the past 16 months, following its purchase of Fameco in
September, 2013. “The UCR acquisition reflects our strategy to
strengthen our position in the retail real estate sector
nationally,” said Cal Frese, chief executive officer, Americas, for
CBRE. “We see considerable opportunity to enhance the depth and
breadth of our service offering to retail investors and occupiers
across the country, and this transaction advances this strategic
agenda and helps ensure we have the best retail platform in the
Americas.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500
company headquartered in Los Angeles, is the world’s largest
commercial real estate services and investment firm (in terms of
2013 revenue). The Company has approximately 44,000 employees
(excluding affiliates), and serves real estate owners, investors
and occupiers through approximately 350 offices (excluding
affiliates) worldwide. CBRE offers strategic advice and execution
for property sales and leasing; corporate services; property,
facilities and project management; mortgage banking; appraisal and
valuation; development services; investment management; and
research and consulting. Please visit our website at
www.cbre.com.
“Safe Harbor” Statement Under the U.S. Private Securities
Litigation Reform Act of 1995
Certain of the statements in this release regarding the
acquisition of United Commercial Realty (“UCR”) that do not concern
purely historical data are forward-looking statements within the
meaning of the "safe harbor" provisions of the U.S. Private
Securities Litigation Reform Act of 1995. These forward-looking
statements involve risks and uncertainties, including, but not
limited to, the ability of the parties to successfully integrate
UCR with CBRE’s existing operations, as well as other risks and
uncertainties discussed in CBRE’s filings with the U.S. Securities
and Exchange Commission (SEC). Any forward-looking statements speak
only as of the date of this release and, except to the extent
required by applicable securities laws, CBRE expressly disclaims
any obligation to update or revise any of them to reflect actual
results, any changes in expectations or any change in events. If
CBRE does update one or more forward-looking statements, no
inference should be drawn that it will make additional updates with
respect to those or other forward-looking statements. For
additional information concerning factors that may cause actual
results to differ from those anticipated in the forward-looking
statements, and risks to CBRE’s business in general, please refer
to CBRE’s SEC filings, including its Annual Report on Form 10-K for
the fiscal year ended December 31, 2013 and its Quarterly Report on
Form 10-Q for the quarter ended September 30, 2014. Such filings
are available publicly and may be obtained off the Company's
website at www.cbre.com or upon request from the CBRE Investor
Relations Department at investorrelations@cbre.com.
CBRE Group, Inc.Steve IacoInvestor Relations212-984-6535orRobert
McGrathCorporate Communications212-984-8267
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