Colliers Expands Property Management Business
By Andrew Coen October 12, 2022 4:05 pm
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Brokerage giant Colliers is further scaling its property management business in the Sun Belt by acquiring a controlling interest in Phoenix-based Arcadia Management Group, Commercial Observer has learned.
Under the agreement announced late Wednesday afternoon, Arcadia’s senior leadership will retain a direct equity stake in the business and rebrand as Colliers (CIGI) after the closing is completed at an unspecified date. Details of the transaction were not disclosed.
“Our strategic investment in Arcadia positions Colliers as the leading property management firm in the important and fast-growing Southwest U.S. market,” Karen Whitt, president of real estate management services at Colliers, said in a statement. “We are excited to welcome this talented group of professionals to our organization and look forward to helping them accelerate their success — and that of their clients — as part of Colliers.”
Arcadia, a commercial real estate property management company, has focused largely on the Southwest since its founding in 1986. It employs 150 professionals working with more than 60 million square feet of office, retail and industrial properties in 24 states.
“Arcadia has enjoyed tremendous success in our 36 years as an independent firm, and the natural next step for us was to partner with a leading global brand and operating platform with national and global capabilities and operating tools to better meet the needs of our clients,” Gary Shaw, regional managing director and partner of Colliers Real Estate Management Services for Arizona, Utah and Austin, Texas, said in a statement. “Both leadership teams recognized early in the process that we share an entrepreneurial and collaborative culture.”
Andrew Coen can be reached at acoen@commercialobserver.com.
