Commercial real estate services provider Cassidy Turley has agreed to acquire the brokerage and property management businesses of Atlanta-based Carter for an undisclosed sum. The two divisions consist of 250 employees out of Carter’s nearly 400 associates, according to The Atlanta Journal Constitution.
Carter maintains full-service offices in Atlanta and Tampa and various offices throughout the U.S. The real estate brokerage and property management businesses of Carter will operate under the Cassidy Turley name. Carter will retain its development, investment, strategic consulting and asset management businesses.
Cassidy Turley has 3,000 professionals in 60 offices nationwide. The firm manages 430 million sq. ft. of commercial real estate space for private, institutional and corporate clients and completed $17 billion in real estate transactions last year.
Outside of North America, Cassidy Turley partners with GVA, the founder and majority shareholder of GVA Worldwide.
“The addition of Carter will allow us to offer our full spectrum of services in two significant markets — Atlanta and Central Florida,” says Mark Burkhart, CEO of St. Louis-based Cassidy Turley.
Since its founding in 1958, Carter has acquired, repositioned or developed more than $5 billion of commercial real estate assets. During that time, Carter has amassed a property and asset management portfolio totaling 25 million sq. ft. in 11 states.
Carter is most widely recognized locally and nationally as a developer. In Midtown Atlanta, Carter developed the 20-story Campanile Building in 1987, and 1100 Peachtree, a 28-story office tower in 1991.
Carter currently is overseeing the development of The Banks project in Cincinnati, a public-private partnership with the city of Cincinnati and Hamilton County, Ohio.
Occupying 18 acres between the sports stadiums of the Cincinnati Reds and the Cincinnati Bengals, the multi-phase $600 million project includes 300 rental apartments, 80,000 sq. ft. of street-level retail space, two stand-alone restaurants, and an underground garage.
Carter also recently launched a non-traded real estate investment trust. Carter Validus Mission Critical REIT acquires data centers as well as medical and educational facilities. In late April, the REIT agreed to purchase a 20,000 sq. ft. data center in Richardson, Texas for $28.9 million, plus closing costs.
Cassidy Turley’s purchase of the brokerage and property management businesses of Carter is being billed as a win-win for the two companies.
“This move will allow us to grow and strengthen our service business by leveraging Cassidy Turley’s leading capital markets, leasing, property management and corporate services platforms,” said Bob Peterson, chairman and CEO of Carter.
“With Cassidy Turley’s national platform and service approach, we can better serve our clients with multi-market needs,” continues Peterson. “In addition, Cassidy Turley’s scale and reputation for workplace satisfaction will enable us to offer our professionals additional growth opportunities and a culture that complements Carter’s.”