CHICAGO-IndCor, a locally based affiliate Blackstone Real Estate Advisors, has selected Cassidy Turley to manage industrial property throughout the Midwest. The 7.8 million square feet includes a bulk of properties through Indiana, as well as Illinois, Ohio, Colorado, Missouri and Kentucky.
Blackstone purchased the portfolio of properties from ProLogis and two smaller firms, and formed IndCor in 2010 as the ownership group. The new firm owns more than 45 million square feet in 21 states.
Dean Mueller, president of CT’s Investor Services, tells GlobeSt.com that the new firm is trying to buy large industrial portfolios across the United States. The industrial market is flat, he says, but should be turning around soon. “Fundamentals are still challenged, but there’s a lot of money chasing deals, we’re hoping that turns into job growth,” he says.
This large national client win is proof that the formation of Cassidy Turley last year was the right thing to do, Mueller says. On March 1 2010, a number of separate firms formed a single company, Cassidy Turley, including Colliers Turley Martin Tucker, Cassidy & Pinkard Colliers, Colliers ABR, Colliers Pinkard, BT Commercial, BRE Commercial in Southern California and BRE Commercial in Arizona “This is a confirmation for us, winning national business,” he says.
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