13
Oct2009
Commercial Properties, Inc./CORFAC International Acquires EBS & Associates
From left to right; Fred Buck, Ken Elmer, Ron Schooler, Tom C. Arendt, Greg Lake, Brian Ruddle, Leroy Breinholt, Tyson BreinholtTempe, Arizona (October 12, 2009) – COMMERCIAL PROPERTIES, INC./CORFAC International (CPI), the leading provider of commercial real estate services in the southeast valley, today announced that it acquired EBS & Associates (EBS), a leading commercial real estate investment sales firm located in Scottsdale, to become one of the valley’s largest locally owned and managed commercial real estate firms. CPI’s acquisition of EBS will further enhance CPI’s ability to offer comprehensive real estate services including larger investment sales of industrial, office, and retail properties valley wide.In a statement by Leroy Breinholt, President and Designated Broker of CPI, he made clear that while next year will continue to be a difficult year in commercial real estate, CPI is taking steps to better enhance its position in the market place while continuing to serve the needs of its clients. “CPI’s strong commitment to service has allowed us to solidify our market niche in sales, leasing, and property management and now with the addition of EBS, CPI can market and manage anything for sale or lease valley wide,” said Breinholt.Going forward, EBS will become a branch office of CPI, with CPI’s corporate headquarters remaining in Tempe, AZ. The principals of EBS & Associates, Ken Elmer, Fred Buck, and Ron Schooler, will join CPI as agents and continue to work out of the Scottsdale office. When asked about the transition Mr. Elmer said, “CPI has always kept their client’s best interests in mind and always works hard to put deals together. That matches how EBS has always operated.” “Fair, fun and they know what they are doing,” was Mr. Schooler’s sentiment when asked about CPI. He was also quick to point out that CPI is a good fit for the EBS agents because, similar to EBS, CPI is directed by an agent/owner. “Being in the trenches on a day to day basis as the head of a brokerage firm allows the company to stay in tune with the market and the tools that agents need in order to deal with market conditions,” Schooler said.Mr. Buck is looking forward to what the future holds. “Our dedication and knowledge about what needs to happen to correctly position a property in order to sell it as an investment combined with CPI’s skill in leasing and property management, should produce some exciting opportunities,” Buck said.Elmer, Buck, and Schooler agreed that CPI’s property management division was a big draw when it came time to figure out how to best serve their clients. CPI’s management division will fill a service gap that EBS would typically refer to third party management firms. With in-house property management services, clients benefit from additional coordination between brokerage and management which leads to higher tenant retention and quicker turn over of vacant space. Currently CPI’s management division is responsible for approximately three million square feet of space.There were several challenges leading up to the acquisition, including strict confidentiality and a time frame of less than five weeks. Mr. Breinholt said the acquisition was able to come together due to the team of professionals involved. This included the acquisition team of Brian Ruddle, CPI’s General Manager, Jeff Bassett, CPI’s Director of Marketing and Research, and Tyson Breinholt, CPI’s Vice President of the Office Group.Another key item that allowed the transaction to proceed was the three partners of EBS. “They [EBS] have the same vision, motivation, and work ethic that we [CPI] have, and they are truly fantastic people to work with,” Mr. Breinholt said.Mr. Ruddle is clear on one thing; this is not the finish line. Having added 8 new agents to their Tempe location in the last 3 months, the Scottsdale location will also provide much needed space to add even more agents. “CPI’s recent growth coupled with the addition of EBS tells a great story during a negative market. The additional exposure and the combined resources and skills will create a stronger CPI.” Ruddle said.According to Mr. Bassett, “It is important to remember that whenever something like this takes place, it is not good enough to simply ‘provide the same great service’, you must provide better service than before. With over 160 new CPI sign faces going up throughout the valley in the coming weeks, we are excited at the opportunities and additional exposure that this will bring to each of our listings.” The statement was echoed by everyone involved. In three separate interviews, each principal repeated the phrase ‘the whole will be substantially greater than the sum of the parts.’ Commercial Properties, Inc. (CPI) is one of the Valley’s most trusted and respected commercial real estate firms and the only local member of CORFAC International, an international organization of real estate services companies consisting of only the top real estate firms in each member’s marketplace. As CPI’s client base has grown so has its dedication to providing the very best in customer satisfaction. CPI’s mission is to help transform our clients’ business dreams into reality through teamwork, personal relationships, responsive service and unparalleled knowledge of the Phoenix Metro area commercial real estate market. For more information contact Jeff Bassett, Director of Marketing & Research at 480-214-1107 or visit: www.cpiaz.comCPI is affiliated with U.S.-based CORFAC International and its international associates King Sturge, BDI, Latin American Corporate Property Services and Rios Commercial. CORFAC International is one of the largest commercial real estate services organizations in the world and comprised of privately held entrepreneurial firms serving more than 150 markets worldwide. In recent years, CORFAC firms completed over 9,000 commercial real estate transactions annually, encompassing more than 300 million square feet and valued each year in excess of $30 billion. For more information on CORFAC contact 954-923-6160, info@corfac.com or visit www.corfac.com.
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