CBRE (CBG) Buys South Florida's Brenner Real Estate Group
Zacks Investment Research | May 15, 2017 09:08PM ET
CBRE Group, Inc. (NYSE:CBG) declared the acquisition of the full-service commercial real estate services firm – Brenner Real Estate Group (BREG) – in South Florida. The move strengthens the company’s capabilities in the region.
Brenner Real Estate Group was founded in 1987 and is based in Ft. Lauderdale, Boca Raton and Melbourne, Florida. The company offers comprehensive real estate services, including leasing brokerage, investment sales and property management. The firm has a team of over 20 professionals, which is led by Scott Brenner.
Per CBRE’s management, the acquisition brings on board the BREG professionals who have a solid reputation of excellent client servicing. Specifically, the acquisition adds “expertise and resources in Broward and Palm Beach counties”. Also, in its law firm, the move enhances “land services and healthcare specialty groups”.
Notably, strategic in-fill acquisitions have played a vital part in widening CBRE’s geographic coverage, as well as expanding and reinforcing its service offerings. Additionally, the company opts for larger transformational deals, driven by macro policies. In fact, in Apr 2017, CBRE Group acquired a technology company which provides mobile and SaaS technology solutions for facilities management operations.
As market conditions continue to improve, we believe that opportunistic acquisitions would serve as growth drivers, supplementing the company’s organic progression. However, uneasiness in certain economies and unfavorable foreign currency movement remain concerns for the company.
Shares of CBRE outperformed the Zacks categorized Original post
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