Los Angeles-based real estate powerhouse CBRE Group Inc. is beefing up its retail brokerage services in the Midwest by acquiring Indianapolis-based Sitehawk Retail Real Estate.
CBRE announced the acquisition late Monday afternoon. Terms of the sale were not disclosed.
For CBRE, a full-service real estate firm, the addition of Sitehawk boosts its local retail division from two to 13 brokers. Overall, Sitehawk has 24 employees and is a major player in the local retail brokerage sector.
“The addition of Sitehawk significantly enhances our offering for retail clients across the Midwest,” John Merrill, managing director of the local CBRE office, said in a written statement. “Sitehawk professionals are highly regarded across the region and, like CBRE, are known for excellence in client service.”
Sitehawk is operated by principals Larry Davis, Steve Delaney, Scott Gray and Mark Perlstein, all of whom are joining CBRE in leadership roles. CBRE had been pursuing Sitehawk on and off for years, real estate sources said.
The four partners in 2005 purchased The Linder Co. from Gary Linder and renamed it Sitehawk.
Linder, 56, a local real estate pioneer, suffered a brain aneurysm and died in December 2007. He founded The Linder Co. in 1982, developing it from a one-man real estate brokerage into a 40-person operation with offices in three states.
“We are excited to be joining CBRE,” said Gray in written remarks. “Our team will benefit greatly from CBRE’s extensive resources and national and global footprint, which will enable us to service more of our clients’ needs—in more markets—than ever before.”
Sitehawk eventually will take the CBRE name, though its office will remain at 8500 Keystone Crossing on the north-east side. All employees are expected to stay with the firm.
CBRE brokers Donna Hovey and Gordon Hendry are listing space at the new Butler University parking garage, where Scotty’s Dawghouse is set to open in February, and space at Cummins Inc.’s downtown divisional headquarters, which under construction.
Sitehawk clients include Old Navy, Costco, J.C. Penney, Chase, LA Fitness, Darden Restaurants, Gap, Hobby Lobby and Panda Express, among hundreds of retailers.
The firm also provides leasing and management services for retail property owners and boasts a portfolio of about 8 million square feet.
With 36 licensed brokers, CBRE is the city’s largest real estate brokerage, according to IBJ statistics. Sitehawk’s 11 brokers rank it as the eighth-largest.
The acquisition of Sitehawk follows CBRE’s acquisitions of two other regional retail real estate companies: Dallas-based United Commercial Realty in January and Philadelphia-based Fameco in 2013.
“We are highly committed to building the premier retail real estate services offering in major markets across the U.S.,” Cal Frese, CEO Americas for CBRE, said in a written statement. “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.”