A source familiar with the deal tells GlobeSt.com that the merger will effectively combine Insite's strengths--retail and land investment--with Colliers' strong position in the industrial sectors. "This merger will help Colliers secure Detroit, and help make them one of the largest brokerage houses in Michigan," he adds. The merger increases Colliers' sales staff by 22 agents and support staff by eight individuals.
Mike Gerard, managing director of CB Richard Ellis Group Inc.'s Southfield office, sees good things with the merger. "Insite brings a significant retail presence to Colliers, and I'd expect the two organizations will mesh quite well with one another," he tells GlobeSt.com. "I'm confident that the synergies created by these two organizations will be beneficial to their customers in the marketplace."
The merger also allows Insite to tap into Colliers resources, including its base of 248 markets in 51 countries. "Insite was approached by many companies," said Randy Thomas, president and CEO of Insite in a prepared statement. "We felt matching Insite and Colliers is a great strategic move based upon our respective strengths and is a big win for our collective clients."
Operationally, Colliers' Cameron P. McCausland and Insite's Thomas will direct brokerage operations, while Len R. Tosto of Colliers will lead the consulting and investment services group. Property management services will continue to be managed by Vincent Butterly, who is also with Colliers.
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