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NEW YORK CITY-The newly crafted joint venture between locally based Cushman & Wakefield and sports retailer Orvis Co. is more than a pastime. At a press conference today filling in the details of the 50/50 joint venture, principals of both firms revealed that they see a potential $10-billion market unfolding before them and the opportunity to brand a niche that heretofore has remained "fragmented."
As GlobeSt.com reported this morning, the two firms have entered into a joint venture to market ranch and recreational properties through a marriage of C&W's brokerage capabilities and Orvis' retail client list. What sets the initiative apart--other than its potential size, the executives said--is the global reach.
"Sales of ranch and recreational properties have historically been local and regional efforts," Orvis/C&W president and CEO John B. Watson stated. Any national efforts, such as those mounted by Christie's or Sotheby's, are franchised, he went on to say. "This is a global platform with access to multinational CEOs," said C&W president and CEO Bruce E. Mosler. "We're bringing breadth, depth and reach to a fragmented market."
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
