Waterfall Asset Management announced its acquisition of Coldwell Banker Commercial Hunter Realty, a real estate brokerage and advisory services firm serving tenants and building owners in Manhattan.
The company will now do business as Coldwell Banker Commercial Alliance, an independently owned and operated affiliate of the Coldwell Banker Commercial (CBC) franchise system.
In addition to the Coldwell Banker Commercial Alliance New York location, the firm will focus on future expansion in major markets across the country under the executive leadership of industry veterans CEO Obie Walli and president Bruce Weissberg. It will be dedicated to serving small businesses and the owners of commercial assets in the under $10 million range, the company said in a statement.
Peter Sabesan and Richard Selig, the former owners of Coldwell Banker Commercial Hunter Realty, will remain with Coldwell Banker Commercial Alliance.
The small balance commercial property market totals $3.6 trillion in market value in the US with small-sized investors, users and owners of real estate making up 35% of commercial real estate business transacted annually – accounting for approximately $25 billion of gross commission on an annual basis.
In addition, the U.S Census Bureau estimates that 99% of the six million firms currently active in the U.S. fall into the small business category.
“We believe in the Coldwell Banker Commercial Alliance vision for excellence in the service of small businesses and small-cap assets, and we think the time is right to build an organization dedicated to fill this tremendous market need,” Sabesan said.
“We are delighted to be the first to step up and play a role in the growth and success of Coldwell Banker Commercial Alliance, and to be a part of this well capitalized and brilliantly conceived business model. We are especially keen to leverage the assets and relationships that Waterfall Asset Management brings to the table.”