Los Angeles, CA – July 22, 2011 – (RealEstateRama) — CB Richard Ellis Group, Inc. (CBRE) today announced that it has been selected by IndCor Properties, Inc. (IndCor), an affiliate of Blackstone Real Estate Advisors, to provide property management services for a 22 million sq. ft. national industrial portfolio. The appointment comes on the heels of IndCor’s selection of CB Richard Ellis to manage a 4 million sq. ft. industrial portfolio in late 2010.
The IndCor portfolio is comprised of 175 properties located in ten states including Arizona, California, Florida, Georgia, Nevada, North Carolina, Oregon, South Carolina, Tennessee and Texas. Properties include bulk distribution hub facilities and industrial facilities.
“CBRE’s property management team has a proven track record of delivering best in class service to IndCor’s customers,” said Tim Beaudin, President and CEO of IndCor Properties. “The decision to expand our existing relationship into multiple states was also directly related to the strength and coverage of CBRE’s national platform.”
“IndCor is one of our key Strategic Accounts, and this major new assignment represents a significant expansion of our relationship,” said Tony Long, CBRE’s president of Asset Services. “Our selection underscores the tremendous value that our people and platform can deliver for property owners with large multi-state portfolios who are looking to achieve operating efficiencies and enhance property performance.”
IndCor’s strategic account team at CB Richard Ellis will be directed by Steve Bassett, Senior Managing Director, Strategic Accounts. Other key CBRE professionals working on the IndCor portfolio include Rebecca Finley, Operations Director and Joseph Summers Director, Strategic Accounts.
About Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2010 revenue). The Company has approximately 31,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our Web site at www.cbre.com.
About IndCor Properties
IndCor Properties, an affiliate of Blackstone Real Estate Advisors, is a privately held real estate investment firm that acquires, develops, owns and operates high quality industrial distribution properties throughout North America. IndCor currently owns 45 million square feet of strategically located industrial assets across 31 markets in 21 states and continues to actively expand its ownership platform through single building and portfolio acquisitions while maintaining best in class services for its 650 customers. IndCor Properties is headquartered in Chicago, Illinois.