In January, Prudential CRES entered the San Francisco market when it franchised its Prudential-CRES banner to Belvedere Associates Inc., an independent brokerage. The company paid a franchise fee and agreed to pay monthly fees ranging from 3% to 4.5% of gross revenues. Prudential provides funding to upgrade their information systems.
Now Prudential CRES is seeking to expand to the East Bay and San Jose. Every new office will open as a separate franchise using the Prudential CRES name. The company will seek new offices in the Bay Area through acquisitions of small firms and existing brokerages.
According to Prudential CRES officials, the company will concentrate on investments and plans to add retail and traditional representative leasing in mid-size and small office and industrial properties.
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