September 8, 2011
By Barbra Murray, Contributing Editor
Cassidy Turley has taken a major step in the expansion of its reach in the Southeast with the acquisition of the brokerage and property management businesses of Carter, a full-service commercial real estate services firm headquartered in Atlanta.
“Across the nation, Cassidy Turley is committed to being a leader in the commercial real estate industry,” Mark Burkhart CEO of Cassidy Turley, told Commercial Property Executive. “To achieve that goal we must have a strong presence in key markets, recruit top talent and deliver solutions that help our clients’ businesses grow. That said, our acquisition of Carter’s brokerage and property management businesses expands our presence in the Southeast.”
Carter, which originally operated as Pope & Carter, opened its doors in 1958, taking the title of the first pure commercial real estate brokerage firm in Atlanta. The firm entered the property management business in 1970, after which point it made its first steps beyond Georgia, expanding first into Charlotte, N.C., and later taking its services to Nashville, Tenn.; Birmingham, Ala., and top markets in Florida. Additional Carter offices are located as far west as California and as far east as Massachusetts. At the close of the Cassidy Turley transaction, the firm’s Asset Management division oversaw $2.5 billion of assets owned by third parties and Carter.
The purchase of Carter’s Brokerage Services and Property and Facility Management groups, which will now operate under the Cassidy Turley flag, provides Cassidy Turley with a substantial increase in its recognition in Atlanta and Florida practically overnight. The markets are high on the firm’s list, and for good reason.
In Atlanta’s office sector, leasing activity totaled 1.7 million square feet in the second quarter, allowing the market to outpace mid-year 2010 numbers by 70,000 square feet, according to a report by commercial real estate services firm CB Richard Ellis. As for the industrial sector, the city’s position as the Southeast’s regional logistics and distribution hub is expected to result in increased opportunity as industrial space users grow with the economy.
The future is bright for the Sunshine State as well. “As of mid-year 2011, we see a marked turning point for the Florida commercial real estate market that began late 2010,” CB Richard Ellis noted in a recent report. “Our outlook for Florida is a slow and steady recovery over the next five years. For each challenge our market faces today, a solution arises ready to counter negative impact. As our state continues to promote favorable conditions for employers, residents and tourists, we are confident a strong recovery is in place for Florida.”
“This acquisition is a win-win in every aspect,” Burkhart added. “The business lines of Carter that we have acquired are comprised of outstanding experts and real estate professionals who share our values and client service principles, making this transaction a great fit for Cassidy Turley. Ultimately, our clients will benefit the most by this transaction from the quality service and focus they will receive from us.”