Three Firms Form Regional Brokerage

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VICTORVILLE, CA-The Bradco Cos. and two other commercial real estate firms based in the Inland Empire and San Diego County have combined to form a new entity called Coldwell Banker Commercial SoCal to capitalize on the continuing growth of the Inland Empire and adjoining regions.

Joe Brady, the founder and president of the Bradco Cos., tells GlobeSt.com that the new alliance will enable all three firms to better meet the increasing demand from firms that want to do business in the High Desert region that his firm specializes in as well as in other parts of the Inland Empire and surrounding markets.

In addition to the Bradco Cos., the other two firms combining to form the new brokerage are Coldwell Banker Commercial Almar Real Estate Group and Coldwell Banker Commercial Inland Empire. The three firms operate a combined five offices with 60 agents and a transaction volume exceeding $1 billion in sales and leasing. Their new organization will be led by Brady and principals Daniel Richards of Coldwell Banker Commercial Inland Empire and Alan Scott of Coldwell Banker Commercial Almar.

Brady tells GlobeSt.com that the other two brokerages have relationships with clients that want to do business in the High Desert, and his firm has clients that want to do business in markets where the other two firms have a strong presence. Another reason for the companies to combine is that the continuing growth of the Inland Empire is pushing growth toward Victorville and other High Desert communities, where commercial and industrial interests are ramping up development.

“We’re starting to see a big move here [in the High Desert] in the industrial sector,” Brady tells GlobeSt.com. “A lot of major players are looking at industrial projects up here right now, and we already have a lot of commercial development on the boards.”

Brady’s firm is tracking six million sf of new commercial space, primarily retail, that is either under development or in planning. “We know that 3.5 million sf of it will definitely be completed within the next 30 months, which is a lot when you consider that our base is about 14 million or 15 million sf,” Brady says. Companies like Wal-Mart, Circuit City, Best Buy and others are already in the High Desert in a big way, he says, with others following.

Industrial users considering the High Desert are looking at developments of about 150,000 sf to one million sf. That’s because more companies are realizing that with about 60% of the goods that come through Southern California’s ports being shipped through the High Desert either by rail or by truck, having facilities in the High Desert is a good bet for the future.

Although many of those same industrial firms have existing facilities in and around Ontario, that city is running out of land. “For those who want to expand, there is nowhere else to go” except the High Desert, Brady says.

In addition to its High Desert, Inland Empire and San Diego County presences, the firms that form Coldwell Banker Commercial SoCal have established a presence in other regions surrounding the I-15 corridor, which stretches from Mexico to Nevada. The newly formed firm also plans an office in Orange County within six months and an Imperial County office within a few years, according to Brady.

The services offered by Coldwell Banker Commercial SoCal include leasing and sales of commercial, industrial, residential, agricultural, ranch and environmentally sensitive land; water right entitlements; off-site mitigation; research on industrial and commercial office inventory and properties and advisory services for all other investment property categories. The new company is a part of the national Coldwell Banker Commercial network of 500 offices and more than 4,000 associates.