Colliers International has acquired a majority stake in longtime Phoenix real estate firm Arcadia Management Group Inc., the companies announced on Wednesday.
Arcadia's senior leadership will retain a direct equity stake in the company and continue to lead operations through Colliers' partnership model, the companies said in a statement. The exact percentage of Arcadia that Colliers acquired wasn't immediately released. Arcadia currently has about 150 employees that provide property management, property accounting services and project management for more than 60 million square feet of office, retail and industrial properties across 24 states. The company said it manages more than 600 buildings through 578 commercial contracts.
"Colliers was a perfect fit for a strategic partnership because they really value what we've put together over the last 36 years," Shaw said."Colliers has a strong property management presence in the U.S. market, they really wanted to grow in Austin and Utah, which happens to overlap with our strongest markets, so it was a great national fit.
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