CBRE Acquires UCR
It's been rumored for months and now it's final. The acquisition is just part of CBRE's current growth with retail at the top of the expansion efforts, says CB Texas region executive managing director Michael Caffey (left with UCR’s Mickey Ashmore, Jim Reid, Rodger Anderson, Scott Weaver and Anthony Buono at a meeting on Friday). Michael says UCR’s service lines will enhance and build on what CB already has. The idea is to have the top market share in retail, he says. And the integration of UCR and CBRE has already started. UCR will remain in its offices off Central Expressway and likely operate as CBRE UCR for now. UCR Austin is also part of the acquisition.
UCR’s staff of more than 100 professionals will join CBRE, including Mickey (pictured, delivering flowers to UCR ladies in October) and asset services (property management) leader Scott Weaver. Mickey will be vice chairman, retail services for CB. He’ll direct national retail strategies while overseeing CB’s retail operations throughout the state. Scott will become a senior managing director on CB’s asset services team, with responsibility for retail asset services nationally, while also driving new retail business across the US. UCR manages 8M SF of retail properties across the US for institutional investors. In addition, UCR and its urban leasing division serve as leasing agent for 20M SF of shopping centers nationally. On the tenant rep side, UCR reps more than 200 retailers and restaurants. Last month, CB also acquired CBRE | Oklahoma, a commercial real estate services firm that has served as its affiliate in Oklahoma City and Tulsa and in Northwest Arkansas.