Ed Schreyer, SVP of global corporate services for CBRE, tellsGlobeSt.com that his firm has been tasked with transactionmanagement and portfolio evaluation for all the properties forefficiency, possible sales or even expansion. "We're going to seeif we can find superior sites for properties that they have now,sublease or sell duplicate sites and, based on the company'sgrowing nature, expand some properties to handle more buses,"Schreyer says.


Many of the properties are in industrial-type settings, he says."Think of all the yellow school buses in a community, and you havethese 3- or 4-acre sites where the bus drivers show up and pickthem up. Then you have maintenance facilities, refurbishment areas,and then you even have all the Greyhound terminals in every town,"Schreyer says. The company also runs many of the airport shuttlebus systems, such as in Miami and Baltimore, and is one of thelargest vehicle maintenance companies, with clients such as thefederal government and the US Navy.


The company has undertaken a massive study to see how theproperties, scattered everywhere in the US and Canada, could bebetter used. "It's going to take six months just to evaluate eachproperty, with the major strategy going to be cost-savings,"Schreyer says. "For example, you may have an old Greyhound busstation that's in the path of progress, or in a redevelopment area,where the property would be worth more to sell as a site for ahigh-rise office or condo tower. There may be numerous bus stationsnow owned by the company that service the same area, or thepopulation has shifted to another area. If there are two propertiesnear each other, one recently acquired, it makes sense to expandone and close another." He says the firm doesn't have a good figureon sf or acreage owned yet.


He says the economy will factor into the evaluations, but it'shard to tell how, though it's clear the price of gas will be afactor. "One could argue that as gas prices go up, buses are goingto be in higher demand, people are more apt to take publictransportation. However, by the same token, buses have to eat thecost of the gas prices," Schreyer says.

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