CBRE Group, Inc.
) disclosed the acquisition of Fameco, the retail real estate
services leader in the U.S. Mid-Atlantic region. The strategic
move is aimed at enhancing the company's retail business in the
greater Philadelphia area and throughout the Mid-Atlantic
Fameco, incepted in 1992, mainly offers retailer
representation, investment sales, agency leasing, property
management and land brokerage services in New Jersey, Delaware
and Pennsylvania. With the Fameco-buyout, CBRE's leasing
portfolio will add 250 shopping centers and retail properties
(spanning 20 million sq. ft). Also, the company will get 20
million sq. ft. of retail property management assignments.
In addition, Fameco's 75 retailers will be enrolled in CBRE's
tenant list. Fameco's tenants comprise several industry leading
companies such as
The Home Depot, Inc.
), CVS Pharmacy,
Chipotle Mexican Grill, Inc.
) and CarMax.
Moreover, Fameco's efficient team that consists of over 100
professionals will now become part of CBRE's workforce. In fact,
CBRE intends the Fameco team to provide retail real estate
services throughout the Mid-Atlantic region under the trade name
We expect this strategic deal to boost CBRE's competence in
the retail domain and further boost the company's capability to
meet the increasing client demand. In addition, the inclusion of
high-end tenants promises steady top-line growth for CBRE.
Notably, CBRE has been focusing on enhancing the depth and
breadth of its real estate services on a global platform.
Consequently, in Mar 2013, CBRE acquired IMPACT-CORTI a.s - a
Prague-based full-service real estate provider firm. Such upscale
acquisitions pave the way for the enhancement of CBRE's quality
of service offering and market position on both a national and
CBRE currently carries a Zacks Rank #3 (Hold).
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