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Colliers, First Capital Divide Coldwell Banker Commercial Advisors Offices in Seven States

CBC Advisors Offices in Utah Rebrand as Colliers; NYC-Based First Capital Acquires 12 Locations Across US
April 3, 2018
Brandon Fugal, left, will head the newly rebranded Colliers Utah. Rob Cord, former president of CBC Advisors, will serve as president for newly formed Advisors Commercial Real Estate.

A privately held New York-based real estate finance firm has acquired 12 offices of Coldwell Banker Commercial's largest affiliate to establish a new CRE brokerage firm with more than 150 brokers in offices across six states.

In addition, Colliers International (Nasdaq: CIGI) said Tuesday it acquired CBC Advisors' three offices in greater Salt Lake City and one in Glendale, CA under a separate agreement.

New York City based First Capital Master Advisor LLC has launched Advisors Commercial Real Estate (ACRE) after acquiring the former CBC Advisors offices in New York, New Jersey, Colorado, Texas, Arizona and Southern California for an undisclosed price.

Meanwhile, the investment sales, leasing, property management and advisory professionals covering Utah and other intermountain states for CBC Advisors have been rebranded as Colliers Utah and will be led by CBC Advisors co-founder and former chairman Brandon Fugal, who will serve as chairman and lead partner.

"We had a big gap in greater Salt Lake City and we've been trying to figure a way to get into that market for the better part of five years," Colliers President/ U.S. Brokerage Marty Pupil told CoStar News. "We integrated about 300 people in Salt Lake City over the last two days alone."

CBC Advisors was the largest commercial brokerage firm in the Coldwell Banker Commercial network and the top-performing CBC affiliate globally, with over $4 billion in assets under management and more than $2 billion in closed sales in 2017.

The transaction announced Tuesday combines First Capital's investment platform with Coldwell Banker Commercial Advisor's national network of brokers and asset managers. Previous CBC Advisors President Rob Cord will serve as president and CEO for ACRE.

Overseeing the new ACRE brokerage operation for First Capital will be Suneet Singal, a real estate investor and developer who acquired First Capital Real Estate Trust Inc., a non-traded REIT, from United Realty Capital Trust Inc. in 2015. Companies affiliated with First Capital acquire and develop property and sponsor various public and private market vehicles, including First Capital Real Estate Trust Inc. and First Capital Investment Corp., a non-traded business development company (BDC).

First Capital companies have undergone some C-suite turnover in recent weeks. On March 13, privately held StHealth Capital Partners LLC agreed to acquire the membership units owned by First Capital Master Advisor, which controls FCIC Advisors LLC, the investment adviser to First Capital Investment Corp.

As part of the closing of the StHealth transaction last month, Dr. Bob Froehlich, Suneet Singal and Brian Wall all resigned from various board and senior executive positions with FCIC, according to U.S Securities and Exchange Commission documents.

The trio was replaced by Dr. Derek Taller as CEO, Dr. Reid Maclellan as chief operating officer, and Paul Saint-Pierre as appointed director and board chairman, among other executive changes in the board and management of FCIC.

First Capital Investment today filed a notification that it needed to delay the filing of its annual 10-K report for the year ended Dec. 31, 2017, citing the recent board changes.

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