CGS Real Estate to Acquire 2 Firms
NEWPORT BEACH —
CGS Real Estate Co. Inc. said Thursday that it has agreed to acquire two out-of-state real estate firms. Terms of the purchases were not disclosed.
The Newport Beach-based property manager, founded seven years ago by Jay Carden and John N. Galardi, will acquire Denver-based Spectrum Real Estate Services Inc. which manages 7.5 million square feet of commercial space and 4,000 residential units. It also will purchase Nooney Krombach Co. in St. Louis, which manages more than 9 million square feet of commercial properties in six states throughout the Midwest.
As part of the consolidation, CGS will change the name of its major operating subsidiary, Banc Commercial, to American Spectrum and move the unit’s offices to Denver.
