Word on the street is that CBRE could be acquiring UCR for about $60M. Of course, neither side will say yay or nay (the Dallas Morning News reported the rumor last week), but insiders tell us it’s pretty much a done deal. We asked around and got some insights on what the move will mean to the market.
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The acquisition would make CBRE a major player in retail, for one, sources tell us. UCR would most likely become CBRE’s retail real estate team in Dallas, as they don’t really have a strong retail team here now, one source notes. The move would be synergistic for UCR (HQ pictured at 8080 Park Ln) and CBRE. Big picture: the commercial real estate world is shrinking and companies are simply getting bigger. For a well-operated company like UCR, which has built a great brand and served clients well, sources say, the move would be profitable for top dog Mickey Ashmore and the shareholders. For CBRE, it’s buying an income stream, we're told.
Sources also say the deal should close by year end, leaving some UCR brokers in a state of confusion because they’re not sure what this will mean for them. Word is CBRE (HQ pictured at 2100 McKinney Ave) has been trying to buy UCR for a long time. If the deal is done correctly, the UCR producers will stick around and make money on the move, another source says. The question remains if they can make a smooth transition. The challenge will come with the corporate culture change; for the staffers, it’s a whole new set of rules and regulations, sources point out. We'll keep you posted.
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