Merger Planned For Two Guilford Real Estate Firms

Two of the region’s major commercial real estate firms, NAI Piedmont Triad and Alliance Commercial Property Management, will merge their operations as of March 15, according to company officials.

The deal involves an exchange of ownership stakes but no money is changing hands, the principals involved said. Rather, Alliance’s smaller property brokerage will be folded into NAI Piedmont Triad, which is one of the largest in the region and part of the global NAI brokerage network.

Meanwhile, NAI Piedmont Triad’s property management unit, which handles about 600,000 square feet of space, will be absorbed into the larger management operation of Alliance. In all, the combined firm will have 17 brokers.

The combined firm will also have about 1.5 million square feet of space under management, slightly less than the 1.56 million managed by High Point-based Craven Johnson Pollock, which ranked No. 11 in the most recent Business Journal survey of Triad commercial property managers. (The two largest commercial property managers in the Triad, Highwoods Properties and CB Richard Ellis, each had more than 6 million square feet in their portfolios.)

read the original article from The Business Journal of the Greater Triad Area »

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