Downtown L.A. real estate giant CBRE Group Inc. is expanding its retail footprint in the Midwest.
The firm announced Monday that it has acquired Sitehawk Retail Real Estate in Indiana. Terms of the sale were not disclosed.
Sitehawk plans and executes local and national retail strategies for retailers. Its clients include Costco, Hobby Lobby, Gap, and L.A. Fitness.
Sitehawk’s four principals will join CBRE in regional leadership roles. There will be no layoffs; all of Sitehawk’s 24 employees will become part of CBRE. They will remain based in Sitehawk’s current office in Indianapolis.
The addition of Sitehawk’s employees beefs up CBRE’s Indianapolis-area retail division from four brokers to 15.
The acquisition follows CBRE’s acquisitions of two other retail real estate service companies. It acquired Dallas’ United Commercial Realty in January and Philadelphia’s Fameco two years ago. CBRE also acquired a facilities management business from Milwaukee’s Johnson Controls Inc. in September as the company aims to bolster its capabilities as a one-stop real estate shop for corporate clients.
The acquisitions are part of CBRE’s plan to expand its retail presence nationwide, Cal Frese, chief executive officer of CBRE, said in a statement.
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