Colliers acquired a controlling interest in Phoenix-based Arcadia Management Group for an unspecified sum. The deal represents an expansion of the real estate services giant into property management in the Southwest.

Arcadia provides property management, project management and other services to over 60M SF of office, retail and industrial properties. The company was founded in the mid-1980s.

"We just felt it was going to be the best opportunity strategically for us to expand what we've been doing all these years in the real estate management services world,” Gary Shaw, whose mother founded the business, told the Phoenix Business Journal. As a result of the deal, Shaw is now a regional managing director and partner at Colliers.

Arcadia senior executives will keep equity stakes in the business and will oversee day-to-day operations. The Arcadia name will disappear, however, rebranded as Colliers as soon as the deal closes.

The move represents another acquisition by a major CRE company whose aim is to offer more services and expertise under the same brand.

Earlier this year, Toronto-based Colliers acquired a 65% stake in real estate investment management firm Rockwood Capital for an unspecified price. Before the deal, Rockwood made equity and credit investments in multifamily, office, life sciences, hospitality and retail real estate in North America, with more than $12B of assets under management.

Colliers has about $87B of assets under management, and it manages about 2B SF of commercial properties worldwide.