Not only did CBRE get the powerbrokers, but they got the entire team: John Robinson, Angie Wright, Peter Billipp, Eleanor Wheat and Lisa Tarves. Today is everyone's first day on the job.
Richard A. Pogue, CBRE's executive managing director in Dallas, tells GlobeSt.com that Fraker has been tapped not just to lead Dallas, but to help on a national level with the creation of an industrial advisory committee to collaborate on national practices. Fraker gets the title of executive vice president for the Investment Properties-Institutional Group while Baird is named senior vice president. Under the C&W hierarchy, Fraker, a 15-year employee, also held an EVP title; Baird was senior director.
Last year, CBRE started looking at ways to strengthen its industrial presence, with the path leading straight to the Dallas duo. Fraker, the top producer in C&W's Dallas office since 1992, has leased or sold more than 120 million sf and 1,500-plus acres of development sites in his 20-year career. Baird, ranked in the DFW's Top 15 since 1996, has been involved in the trade of more than 100 million sf of industrial investment transactions with a total value of close to $4 billion.
"Jack Fraker and Randy Baird are the perfect complement to the top-notch industrial investment teams we already have in place," Greg Vorwaller, president of CBRE's Investment Properties for the Americas, said in prepared statement.
Pogue admits CBRE's Dallas office has not been a major player in the industrial sales arena. "That's why they fill a major opportunity for us," he said, noting the team didn't bring their clients with them, not even the leaders of the pack. "But, I'm sure they'll be talking to them." That black book includes many of the nation's largest and most active corporations, pension fund advisers and REITs.
The high-powered team brings a sales volume to CBRE's table for industrial equal in reputation to its office investment sales duo of Gary Carr and Russell Ingrum. The Fraker-Baird team, in fact, closed out 2002 with the largest industrial sale in Texas, delivering $155.3 million to San Francisco-based AMB Property Corp. for 4.4 million sf in Houston and Dallas.
Pogue said the addition "rounds out our investment approach to our market." Institutional retail is handled by Larry Casey and Doug Hazelbaker while private retail clients fall to Jennifer Pierson and private industrial clients are under the watch of Judd Clements.
Elizabeth C. Trocchio, senior managing director in Dallas for Cushman & Wakefield, said the team will be replaced, with a search both inside and outside the corporate walls. "The group that is here still remains the best of the best," she tells GlobeSt.com, "and everyone pulls together and is more stronger for it at the end of the day."
Trocchio, in a prepared statement, said "Jack Fraker and his team, including Randy Baird, John Robinson and Angie Wright, have served Cushman & Wakefield for over 25 years, collectively, and we thank them for their significant contributions to the strength of the industrial investment platform. C&W will continue to build on the existing platform of industrial investment sales, which has consistently led the nation in transaction activity for our clients under the leadership of Bruce Mosler, president of US Operations. We wish Jack Fraker and his team continued success in their future endeavors.
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