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Friday, January 23, 2015
CBRE Acquires United Commercial Realty (UCR)
DALLAS--On Friday,CBRE Group Inc.announced that it had acquired United Commercial Realty (UCR), the Dallas-based commercial real estate firm which specializes in retail services.GlobeSt.com’s Anna Caplanrecently askedMichael Caffey, CBRE’s executive managing director/Texas region, five questions about the deal.
GlobeSt.com: Why was UCR so appealing?
Caffey: UCR is the retail industry leader in Texas and is seen as one of the most innovative and successful retail real estate advisors in the country. Their professionals are well known for their first-class service, creative marketing and exceptional client outcomes. They share our corporate values and are a great fit with our culture.
GlobeSt.com: What does the acquisition mean for your day-to-day operations?
Caffey: Integrating the UCR team into the CBRE family will allow both of us to meet the needs of our clients more comprehensively and in more markets. This will be a big win for everyone, especially the clients we serve.
GlobeSt.com: How will UCR's strengths benefit CBRE?
Caffey: Joining with UCR will allow us to build further advantage for our retailer and retail investor clients in Texas as well as across the country. This acquisition supports CBRE’s goal to become the premier retail real estate service firm in the country.
GlobeSt.com: In what ways are you excited (personally, professionally) about this merger/acquisition?
Caffey: Personally, I have great admiration for Mickey Ashmore [CBRE’s new vice chairman, retail services] and Scott Weaver [CBRE’s new senior managing director, asset services]. I’m looking forward to the opportunity to work more closely with them as we continue to build on the CBRE retail platform.
GlobeSt.com: What does the future hold for CBRE in Texas?
Caffey: We have and will continue to support the growth of CBRE in Texas, as this regional economy is one of the strongest in the U.S. We have market-leading teams made of the most talented professionals in the industry in place in Austin, San Antonio, El Paso, Houston, Fort Worth and Dallas. As such, we are well positioned to serve our valued customers in Texas.