Colliers adds further scale to U.S. property management business
Leading diversified professional services and investment management firm Colliers (NASDAQ and TSX: CIGI) today announced it will acquire a controlling interest in Arcadia Management Group, Inc. (“Arcadia”), a leading commercial real estate property management firm focused in the Southwest U.S. Arcadia’s senior leadership will retain a direct equity stake in the business and continue to drive operations going forward under Colliers’ unique partnership model. Arcadia will rebrand as Colliers immediately following closing. Details of the transaction were not disclosed.
Founded in Phoenix in 1986, Arcadia and its 150 professionals provide property management, property accounting services, and project management to over 60 million square feet of office, retail, and industrial properties in 24 states.
“Our strategic investment in Arcadia positions Colliers as the leading property management firm in the important and fast-growing Southwest U.S. market,” said Karen Whitt, President, Real Estate Management Services of Colliers | U.S. “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 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,” said Gary Shaw, Regional Managing Director and Partner of Colliers Real Estate Management Services, Arizona, Utah and Austin. “Both leadership teams recognized early in the process that we share an entrepreneurial and collaborative culture. We look forward to enhancing client service and helping our professionals leverage the benefits of this world-class organization.”