Former managing partner Gary Saykaly, Von Barron, Lynne Leonard, Cherie Hubble and Jan Annis are resigning Friday to open NewBridge Retail Advisors April 1. Saykayly and Barron will be principals of the new firm; Leonard, Hubble and Annis will be vice presidents.
In an exclusive interview with GlobeSt.com, Saykaly says his team is "simply adding more arrows to our quiver." The group wants to broaden its consulting scope, says Saykayly, who will lead the new venture. "The second half of the last decade was a trading environment," Saykayly tells GlobeSt.com.
"Transaction volume was high and representing sellers on an exclusive basis was a viable strategy," he says. "But this decade will be different. There will be increased off-market and direct transactions; acquisitions of partial interests and more JVs, insider or quiet sales; increased momentum in the syndication market because of IRS 1031 exchange regulations regarding the tenants in common ownership structure, greater retailer consolidation, more of a focus by institutions on acquisitions vs. dispositions; and special servicing activity."
NewBridge will focus on the same products as its principals did at CBRE--strip centers, grocery anchored, power centers, enclosed malls and freestanding retail in the Southeast and Mid-Atlantic states.
The team's departure doesn't mean it will sever all ties with CBRE, Saykayly says. "We will continue to work with a number of CBRE's retail investment specialists that are 'best in class' in their specific markets," he says. "However, our team has always acted as an investment advisor more so than a broker. Our entire platform has been developed to address these market needs on a value-added basis."
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