"This provides us with a major market presence in two key markets--New York and Chicago," explains George Slusser, president of the Parsippany, NJ-based Coldwell Banker Commercial. "We've been strong in secondary and tertiary markets. Affiliating with WexTrust allows us to utilize their expertise in the investment area."
"We're excited about affiliating with the Coldwell Banker brand," adds Steve Byers, WexTrust Capital's president and CEO. "We were impressed with the commercial talent and expertise. And it was advantageous to not have set-up costs." He expects to bring on between 25 to 30 employees over the next 18 months in New York, Chicago, Naperville, IL and Norfolk, VA, to help the effort. So far, it's paying off--they've already created close to $30 million by Coldwell Banker Commercial.
WexTrust, is a private investment firm based in New York and Chicago with more than $250 million in assets.
The partnership will focus on the key areas of commercial real estate including multifamilies, industrial, retail and mid-size office properties.
Slusser notes that though, he can't speak of specifics yet, he expects this to the first of a number of affiliations Coldwell Banker Commercial makes in the coming months.
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