CBRE Group, Inc. has announced the acquisition of one of the leading retail real estate services in the Midwest of the United States.
The acquisition of Sitehawk Retail Real Estate by CBRE Group Inc. was announced through a press release in Business Wire.
According to the report, the acquisition was done to enhance the retail real estate service in the Midwest.
John Merrill, managing director and market leader for the CBRE Indianapolis office, said that the acquisition of Sitehawk will significantly increase their "offering for retail clients across the Midwest."
"Sitehawk professionals are highly regarded across the region and, like CBRE, are known for excellence in client service," added Merrill.
Scott Gray from Sitehawk said that their company is excited to be joining CBRE. "Our team will benefit greatly from CBRE's extensive resources and national and global footprint, which will enable us to [serve] more of our clients' needs - in more markets - than ever before," said Gray.
"We are highly committed to building the premier retail real estate services offering in major markets across the U.S.," said Chief Executive Officer Cal Frese, Americas for CBRE. "Sitehawk's strong relationships and extensive market knowledge will greatly add to our expertise in the Midwest region and help us to build further advantage for our clients."
According to Street Insider, Sitehawk is a company based in Indianapolis, Indiana that helps leading retailers such as Costco, Ross Dress for Less, Hobby Lobby, JC Penney, Gap, LA Fitness, Darden Restaurants and hundreds of other retailers, plan and execute their real estate strategies on a local and regional basis. They also provide leasing and management services for investors who own retail property, as well as services a portfolio of approximately eight million square-feet. The company was founded in 1982 as The Linder Company of Indiana and renamed as Sitehawk in 2007. Sitehawk principals Larry Davis, Steve Delaney, Scott Gray and Mark Perlstein, will be joining CBRE in regional retail leadership roles.
This is the third acquisition of the premier retail real estate service companies by CBRE. The first is the Philadelphia-based Fameco in September 2013, followed by the Dallas-based United Commercial Realty in January 2015.
