Coldwell Banker Commercial Alliance Enlists Industry Veteran Michael Dorsey to Launch Orange County, California Operation Latest Office Location for Growing National Commercial Real Estate Brokerage
NEW YORK, Jan. 28, 2013 /PRNewswire/ -- Coldwell Banker Commercial Alliance, a national real estate services firm dedicated to serving small businesses, private investors, and small/mid-cap corporate users of real estate, has announced the launch of a new Orange County, California brokerage and advisory services operation under the direction of renowned industry veteran Michael Dorsey.
Coldwell Banker Commercial Alliance was launched in New York City in August 2012 by Waterfall Asset Management (Waterfall), with an executive leadership team comprised of brokerage industry veterans CEO Obie Walli and President Bruce Weissberg. The first Coldwell Banker Commercial Alliance location was formed through its partnership with an established New York City brokerage firm, while the announcement of this new Orange County office will help facilitate the launch of the company's western region expansion. Coldwell Banker Commercial Alliance plans to enter as many as ten markets within the next twelve months to establish its national platform.
Mr. Dorsey has over 30 years of commercial real estate and brokerage experience, and most recently served as Senior Vice President with Voit Real Estate Services in their Irvine office. He has an extensive knowledge of the entire Southern California commercial real estate market and is being tapped to build the Orange County operation for Coldwell Banker Commercial Alliance.
"We are extremely pleased to have Michael Dorsey on board to spearhead our Orange County operation," said Mr. Walli. "Mike has a stellar reputation within this region and an extensive knowledge of the local commercial real estate landscape. Adding Mike to the Coldwell Banker Commercial Alliance platform will not only help in establishing our brand name within the Orange County market, but also serves as a significant catalyst towards the achievement of the long-term national goals we have set for Coldwell Banker Commercial Alliance."
The small balance commercial property market—totaling $3.6 trillion in market value in the US—is an underserved segment. Coldwell Banker Commercial Alliance noted that private investors, users and owners of real estate make up 35% of commercial real estate business transacted annually – accounting for approximately $25 billion of gross commission on an annual basis. In addition, the US Census Bureau estimates that 99% of the 6 million firms currently active in the nation fall into the small business category of which over one million are located within California.
"This is an opportunity to leverage our mid-market, full service platform that supports the underserved small business arena like never before," stated Dorsey. "Small to mid-cap companies make up the majority of all transactional real estate business within the Orange County market and we will focus on that segment as our core business. No other commercial real estate brokerage firm has built a consistent business model to service this strategic segment of the market, resulting in my excitement and enthusiasm to build this operation as an active partner and managing principal."
Mr. Dorsey's three decade real estate career has focused on providing real estate brokerage services for a number of recognized investors, developers and tenants. Prior to joining Voit, Mr. Dorsey was a top producing salesman for both CBRE and Grubb & Ellis. In addition to his transactional brokerage experience, he also served as the Sales Manager of Grubb & Ellis' number one producing office located in Newport Beach. He holds an undergraduate degree from the University of California Los Angeles (UCLA) and a post graduate degree from California State University at Los Angeles. He is also actively involved in numerous commercial real estate trade organizations such as NAIOP, ICSC, AIR, ULI & SIOR.
The Coldwell Banker Commercial Alliance Orange County branch office will operate out of Irvine, California. For more information about Coldwell Banker Commercial Alliance, visit their website at http://www.cbcalliance.com/.
About Coldwell Banker Commercial Alliance
Coldwell Banker Commercial Alliance is a national commercial real estate brokerage company headquartered in New York City, dedicated to serving small businesses, private investors, and small/mid-cap corporate users of real estate. The company is an independently owned and operated affiliate of Coldwell Banker Commercial®. Founded by Waterfall Asset Management (Waterfall), who is an investment manager with approximately $2.0 billion in client assets under management, Waterfall has acquired more than $800 million of small-balance commercial loans nationally for its clients.
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SOURCE Coldwell Banker Commercial Alliance