CBRE's management fee wasn't disclosed in the firm's prepared statement.
The portfolio includes 50 buildings, mainly class A bulk distribution, office and flex properties. Premier will be developing an additional 1.2 million sf within the next two years. Premier's portfolio is located in Pompano Beach, Davie, Boynton Beach and Plantation.
Premier partner and director Jack Azout says in the statement the contract will enable Premier to focus on portfolio growth, asset acquisitions and leasing, while CB Richard Ellis handles personnel management and day-to-day operations of Premier's assets. The new relationship will help both firms advance their strategies.The transaction was orchestrated by Ed Mitchell, CB Richard Ellis' Managing Director for South Florida. Mitchell is former president of Premier Commercial Realty.
CB Richard Ellis, which had 2001 net revenue of $1.17 billion, began transitioning the Premier portfolio Aug. 1. The company will use this deal to test the benefits of similar arrangements with private-market development and investment companies in Florida, Mitchell says in the statement.
Sim Wilson, managing director/Florida for CBRE"s asset services division, worked with Mitchell in coordinating the deal.
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