Saturday , 1 October 2016
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CBRE Acquires UCR of Dallas

Michael Caffey, CBRE

Michael Caffey, CBRE

DALLAS – CBRE Group, Inc.  has acquired United Commercial Realty (UCR), a Dallas-based commercial real estate firm specializing in retail services. UCR manages retail properties for institutional investors nationally and provides brokerage services for them and for leading retailers across Texas and other markets.

“The UCR professionals are a wonderful addition to our team in Texas and our national retail brokerage and property management business,” said Michael Caffey, executive managing director, Texas Region, CBRE. “UCR has a reputation for premier service, creative marketing concepts, innovative retail strategies and exceptional client outcomes. They fit perfectly into our culture and will enable us to expand the range of services we can provide to retail clients.”

UCR was founded in 1988. In 1991 Mickey Ashmore joined the company as its leader and eventually became a primary owner. Today, UCR provides leasing, property management, asset management and investment sales services for retail investors and tenants. The company manages approximately eight million sq. ft. of retail properties across the U.S. for institutional investors such as Prudential Real Estate Investors, Deutsche Asset and Wealth Management, Invesco, Heitman and Miller Capital Advisory. In addition, UCR and its urban leasing division serve as leasing agent for 20 million sq. ft. of shopping centers nationally, including many premier mixed-use properties and lifestyle and regional shopping centers.

On the tenant representation side, UCR currently represents over 200 retailers and restaurants, including Target, Capital One, Sprouts, Sur La Table, Victoria’s Secret, Athleta, the Gap and Starbucks. As part of this transaction, CBRE is also acquiring UCR’s affiliate office in Austin.

UCR’s staff of more than 100 professionals will join CBRE, including Mr. Ashmore and Asset Services (property management) leader Scott Weaver. Mr. Ashmore will become Vice Chairman, Retail Services for CBRE, with responsibility for directing key national retail strategies for the firm, while overseeing CBRE’s retail operations throughout the state of Texas. Mr. Weaver will become a Senior Managing Director in CBRE’s Asset Services team, with responsibility for Retail Asset Services nationally, while also driving new retail business across the U.S.

“Our institutional retail investor clients will greatly benefit from our joining CBRE’s global platform while continuing to receive the laser-like focus our professionals bring to providing superior quality service and creating value,” said Mr. Weaver.

UCR is the second regional retail real estate firm CBRE has acquired in the past 16 months, following its purchase of Fameco in September, 2013. “The UCR acquisition reflects our strategy to strengthen our position in the retail real estate sector nationally,” said Cal Frese, chief executive officer, Americas, for CBRE.

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