ST. LOUIS-Cassidy Turley has acquired the property management and brokerage divisions of Atlanta-based Carter, a 350-person commercial real estate firm. These divisions will immediately be folded into the locally based CT brand, while Carter will continue to operate its development, project management, investment, asset management and consulting divisions.
Scott Taylor, president of Carter, tells GlobeSt.com that the sale was made because of how the market has evolved for brokerage and property management. “The requirements for success have changed,” Taylor says. “We’ve been evaluating this for some time, as a way to serve our clients better, and improve the environment for our associates.”
His company was founded in 1958 specifically for brokerage and property management, and over time added the additional divisions. The firm has managed 25 million square feet in 11 states on behalf of private, institutional and corporate clients, as well as real estate funds.
Neither Taylor nor Cassidy Turley would comment on the price of the acquisition. Mark Burkhart, CEO of CT, said in a statement that the addition will allow his firm to add offices in the significant markets of Atlanta and Central Florida.
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