CBC Advisors Acquired by Global Firm Colliers International
Salt Lake City—Coldwell Banker Commercial Advisors has been acquired by the global commercial real estate firm Colliers International Group. Brandon Fugal, founder and chairman of CBC Advisors, announced the acquisition at the start of the firm’s summit, Elevating Commercial Real Estate 2018, on Tuesday.
Prior to the acquisition, CBC Advisors had become the largest commercial real estate firm in the Utah market. Founded by Fugal and partners in 1998, the company also grew to become the largest commercial brokerage firm in the Coldwell Commercial Banker organization and the top-performing Coldwell Banker affiliate globally.
With Tuesday’s announcement, the Utah, Idaho, Alaska and Glendale, Cali., operations of the company now join Colliers International, a publicly traded company (Nasdaq: CIGI) with operations in 69 countries. Brandon Fugal will continue to lead the operations as chairman of Colliers International’s Utah market (Colliers Utah).
Fugal said Colliers International “is truly a global force and it will bring resources to this state and this region in a significant way.”
Colliers International is the fastest-growing commercial real estate firm globally, with more than 15,000 associates, $2.7 billion in revenue and 2 billion square feet of property under management.
“This addition is the latest in a series of strategic acquisitions that we have completed in the U.S., all of which have strengthened and diversified our operations to better serve our clients,” said Dylan Taylor, president and COO of Colliers International. “Our objective continues to be elevating the Colliers International platform as the global firm of choice for successful organizations anywhere they do business, and for professionals who thrive within an enterprising and entrepreneurial culture.”
Not only is Colliers International a top four global commercial real estate firm, said Fugal, “but they are the only one that has a global footprint and resources that embodies the same entrepreneurial spirit that we built CBC Advisors on. Having the same core principles and cultural dynamics has been important to us as we have aligned ourselves for the next evolutionary step in our business, and frankly, in our market.”
He added that bringing the global firm’s presence to Utah will benefit the entire market. “This historic acquisition and partnership will propel greater economic development and bring a global audience to Utah in a way that we haven’t seen before,” he said.
In a related transaction, CBC Advisors sold its operations in New York, New Jersey, Colorado, Texas, Arizona and several Southern California communities to First Capital, a privately held commercial and residential real estate finance firm.