LOS ANGELES—CBRE Group said Wednesday it had acquired a 50% interest in strategy and design company Streetsense; deal terms were not disclosed. As part of the investment, CBRE has acquired Streetsense's retail brokerage serving clients in the Washington, DC market; the new business will be called Streetsense|CBRE.
“Streetsense's focus on 'creating brands people love and places people love to be' will be amplified by CBRE's powerful service offering, client base and commitment to innovation,' says Anthony Buono, CBRE executive managing director, Americas retail advisory & transactions services. “Together, we strengthen our ability to connect with end-users across industries and geographies.”
Headquartered in Bethesda, MD, Streetsense was founded in 2001. The Washington Business Journal reported that its growth over the past decade has stemmed mainly from its design, branding and concept creation business. Its roster of clients has included the Ritz-Carlton, JBG Smith, Interbake Foods, General Growth Properties, Chef Mike Isabella, and the Detroit Economic Growth Corp.
The joint venture between CBRE and Streetsense occurs on the cusp of the holiday selling season, and CBRE has identified four holiday retail trends for this season, including an increasing proliferation of pop-up stores, the emergence of “pop-up warehouses,” an expansion of mobile commerce and strength in discount retailing. “As e-commerce reshapes modern retailing, blurring the lines between online and in-store activity, retailers and shopping center owners must continue to adapt with fresh approaches,” says Melina Codero, CBRE head of retail research, the Americas. “We anticipate that this season will showcase strategies of reaching customers through multiple selling channels as well as catering to their demand for new concepts and value pricing.”
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
