David Browning, managing director for CBRE in Cleveland, willoversee the expanded Akron office. "For us, the motivation for theacquisition was that the Redstone principals are very dynamicretail brokers," Browning says. "We're looking to grow ourcorporate services retail sector."


Redstone has connections throughout the Midwest, particularlywith greenfield Ohio, Indiana and Michigan sites for Wal-Mart andSam's Club, Browning says. "They have an incredible knowledge ofbig-box strategies in the Midwest," he tells GlobeSt.com. "Retailis one of the most active property segments in recent years, thoughit's clear that it's going to take a breather in terms of overalldevelopment activity."


CBRE is expanding on other areas as well, acquiring threeaffiliated firms in Salt Lake City, UT; Fresno, CA and Albuquerque,NM, according to a CBRE spokesman. However, he says this is anapples-and-oranges comparison with the Redstone acquisition. "Wehave a plan of acquiring partner firms where they are in marketswith good growth potential. The Redstone purchase is more about ourdesire to grow in the Midwest." The Redstone acquisition price wasnot disclosed.

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