Residential power looking to make waves in commercial market

Cleveland can expect a new player in the commercial real estate sector.

A major player in Pittsburgh's residential real estate market is ready to expand into the commercial sector.

Howard Hanna Real Estate Services is gearing for a jump into to the Northeast Ohio commercial market with its purchase of Chartwell Group, according to The Plain Dealer. Howard Hanna announced that it will combine its efforts with the the Cleveland-based auction company in a new venture called Hanna Chartwell.

The new company will maintain its affiliation with TCN Worldwide Commercial Real Estate, which is a global association of independent real estate brokerages.

Existing Chartwell principal Mac Biggar is slated to become Hanna Chartwell's president and chief operating officer.

"We had just completed our strategic plan, looking at the next one, three and five years," said Bill Nice, a fellow Chartwell existing principal who will hold a minority stake in the new venture. "One of the goals was to grow Chartwell both locally and regionally. That fit very well when we started speaking with Howard Hanna. You really need capital to grow in this day and age."

Goal of the new company
According to Inman News, Biggar stated the merging company's new goal would be to increase revenue by 20 percent.

In addition to Pittsburgh and Cleveland, Hanna Chartwell has brokerage and auction offices in Hartford, Conn., and Boca Raton, Fla. The company has conducted commercial sales in 35 U.S. states, four Canadian provinces and numerous international hotspots, including Spain, the Netherlands, Bahamas and Italy.

Excited for growth in commercial industry. 
Howard Hanna has long been a force in the residential industry, but the company added a commercial division two years ago and has quietly made purchases of office spaces, shopping centers, industrial properties and apartments.

Howard "Hoby" Hanna, the president of Howard Hanna Ohio, told the Plain Dealer that commercial real estate investments constitute 5 percent of the revenue from its parent company, Hanna Holdings, Inc.

"I don't want to overstate it, but I'm so excited about the leadership that has been at Chartwell that I believe we'll be sitting here a year from now and the fastest-growing part of the company will be this commercial business in the Midwest," Hanna said.

According to the Plain Dealer, Hanna Chartwell is the fourth-largest brokerage in the Cleveland area. It trails CBRE Group Inc., Newmark Grubb Knight Frank and Ostendorf-Morris Co.

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