CB Richard Ellis boosts retail capabilities with Blackrock buy.

CB Richard Ellis Group, Inc. (CBRE) announced the acquisition of Miami-based Blackrock Retail Property Advisors, Inc., a move that significantly enhances the company's service offerings to retail property owners in the Southeastern United States.

Blackrock Retail Property Advisors (which has no affiliation with Black-Rock, Inc. based in New York) is one of the foremost investment sales and debt/ equity finance specialists focused exclusively on retail properties in the Southeast. The Miami-based company, led by founders Dennis Carson and Casey Rosen, is presently engaged in the sale of 21 retail properties valued at more than $400 million.

"Blackrock is a strong regional player that fills several strategic objectives for us," said James Reid, CBRE's president of the Eastern Division.

"First, because they specialize in both equity and debt capital, they support our efforts to offer fully integrated capital markets solutions, which real estate investors increasingly require. Second, they enhance our service offering to retail property owners, which is a significant growth opportunity nationally. Finally, they fit seamlessly into our Capital Markets platform in Florida, bringing a retail property specialization that complements our existing strength in office, industrial and multi-family."

Blackrock Retail Property Advisors has completed many recent high-profile transactions, including the $40 million sale of Pines City Center in Pembroke Pines, Florida, and the $33 million sale of the Ramblewood Square shopping center in Coral Springs, Florida.

It has also sold 10 Orlando-area shopping centers, with an aggregate value of more than $217 million, in the past two years.

Founded in 1996, Blackrock Retail Property Advisors has six employees who will join CBRE's Miami office. They will cover the state of Florida and the Southeast, partnering with CBRE capital markets professionals in Atlanta, Orlando, Tampa and Jacksonville.

"We are thrilled to be joining CBRE," said Mr. Carson. "Backed by the industry's most extensive platform, deepest service offering and most admired brand, we can now serve our existing and new clients in more markets nationally and internationally with strong on-the-ground resources and keen market intelligence.

"Our union with CBRE is the perfect partnership."