Canada-based investment management firm Colliers is expanding its US property management business with the acquisition of Arcadia Management.

Colliers said it is investing an undisclosed sum to acquire a controlling interest in Arcadia, a leading commercial real estate management firm focused in the Southwest US.

Arcadia’s senior leadership will retain a direct equity stake in the business and continue to drive operations. Arcadia will rebrand as Colliers immediately following the closing of the deal.

Founded in Phoenix in 1986, Arcadia and its 150 professionals provide property management, property accounting services, and project management to over 60m sqft of office, retail, and industrial properties in 24 states.

Colliers operates in 63 countries and has $87bn of assets under management.

Karen Whitt, president in charge of real estate management services at Colliers in the US, said: “Our strategic investment in Arcadia positions Colliers as the leading property management firm in the important and fast-growing Southwest US market.

“We are excited to welcome this talented group of professionals to our organisation and look forward to helping them accelerate their success – and that of their clients – as part of Colliers.”

Gary Shaw, regional managing director and partner of Colliers real estate management services in Arizona, Utah and Austin, said: “Arcadia has enjoyed tremendous success in our 36 years as an independent firm, and the natural next step for us was to partner with a leading global brand and operating platform with national and global capabilities and operating tools to better meet the needs of our clients.

“Both leadership teams recognised early in the process that we share an entrepreneurial and collaborative culture. We look forward to enhancing client service and helping our professionals leverage the benefits of this world-class organisation.”

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