The state’s oldest commercial real estate company has acquired Newport Beach-based Collins Commercial.
DAUM Commercial Real Estate Services, headquartered in Los Angeles, was founded in 1904 and has nine offices throughout Southern California and Arizona, including one in Newport Beach.
Since its founding in 1983, Collins has served the real estate needs of a wide range of clients, including Bank of America, General Electric, Hyundai, Home Depot and the U.S. Postal Service
Collins’ staff of more than 25 will move into DAUM’s only Orange County office. And Michael Collins, the former principal of Collins Commercial, will become vice chairman of DAUM.
“In an era in which many other real estate firms are facing capital calls, DAUM is well capitalized and using that advantage to grow,” says DAUM Chairman and CEO Michael Nubel.
Collins calls the deal “a major strength move” that will benefit both firms: “I have known Mike (Nubel) for 30 years, and our mutual respect and similar corporate cultures make this alliance a natural fit.”
Nubel says the company is continuing to seek growth and acquisition opportunities through the remainder of the year.
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