CORAL GABLES, FL-Under an agreement with locally based Colliers Abood Wood-Fay, Clearwater, FL-based Colliers Arnold will add 4.5 million sf to its property-management portfolio. Prior to the joint venture, Colliers Arnold managed more than 10 million sf throughout Florida. With the addition of 4.5 million sf, it will manage more than 14 million sf in the state.

Colliers Arnold will be overseeing the day-to-day operations of the South Florida property management division. Principal and executive vice president Howard Rosenthal tells GlobeSt.com that the goal of the joint venture is to maximize economies of scale and grow the firms’ property-management business. “The joint venture gives us an opportunity to pull our operations together and have a statewide presence,” he states.

With the combination of the portfolios, Colliers offers property management services in seven Florida offices: Miami, Fort Lauderdale, Orlando, Tampa, Clearwater, Fort Myers and Jacksonville. Some new managers have been hired to facilitate the change.

“This is a great opportunity for Colliers partners to bring property-management services throughout Florida while utilizing the local expertise of the transactional divisions,” says Rosenthal. “This teaming of forces will enable us to grow our real estate services for existing clients.”

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