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By Felix Adamo / The Californian
BY JOHN COX Californian staff writer email@example.com
A prominent local commercial real estate brokerage is switching affiliations -- and adding a big chunk of territory in the process.
Starting Wednesday, the full-service, independently owned Bakersfield office of CBRE becomes Pacific Commercial Realty Advisors, an affiliate of Cushman & Wakefield.
The deal fills a Central Valley gap for the large, privately held firm based in New York.
"In California, this strategic new alliance in the Bakersfield area allows Cushman & Wakefield to provide an unmatched, fully integrated level of connectivity between the L.A. and Sacramento markets," Cushman & Wakefield's western region area leader, Joe Vargas, stated in a Tuesday news release.
Pacific Commercial formed in 1982 as an affiliate of CBRE. Owned by Jeff Andrew, Duane Keathley, Wayne Kress and Vince Roche, it employs 25 people, including 14 agents.
CBRE, formerly known as CB Richard Ellis, is a large, publicly traded firm. The Bakersfield office was the firm's only independently owned affiliate west of the Mississippi.
Cushman & Wakefield has 35 affiliate partners, including offices in the west.
Keathley said he and his partners enjoyed a "terrific" 30 years with CBRE and that the split was "very amicable."
Roche said a key advantage of joining Cushman & Wakefield is the support it offers its affiliates, which he expects will be greater than CBRE was able to offer.
Andrew said the expanded territory promises benefits, too. Instead of being mostly limited to Kern County and the Antelope Valley, Pacific Commercial's region extends from Santa Clarita north to Madera, plus the Central Coast counties of Santa Barbara and San Luis Obispo.
Covering all that new territory will require hiring "elite talent" -- probably four or five new people, Roche said, adding that the firm is already interviewing candidates.
The principals said the local firm's clients will not notice much difference other than the new name, email addresses and different colors on the for-lease and for-sale signs on various properties.
Kress added that oil-related clients in particular can expect better service because Cushman & Wakefield has a large presence in the industry hotbeds of Texas and Oklahoma.
Steven Haupt, a principal with the Bakersfield office of Colliers International, a competing commercial real estate firm, said he doesn't expect Pacific Commercial's new affiliation to change the local market much.
"You still have the same local office and the same guys over there marketing real estate," he said.
Haupt added that the opportunity to increase its territory is a good thing for Pacific Commercial.
"Everybody likes to have territory," he said.
"They're a good group of guys and I wish them well."