Colliers International Arkansas on Wednesday announced an agreement to acquire Hathaway Group of Little Rock's property management business.
The deal takes effect Oct. 1. Financial terms of the transaction were not disclosed.
In a news release, the companies said they will continue to operate independently with no change in ownership or leadership at either firm.
The transaction was triggered by a decision at Hathaway Group to focus entirely on its real estate brokerage operations, which delivered the company’s highest production numbers in its 46-year history in 2022, according to the release.
Jeff Hathaway, president of Hathaway Group, said the firm decided sell its property management division after it took "an honest and in-depth look at our strengths and weaknesses and concluded that a laser focus on our brokerage business will be best for our clients and for us."
Hathaway Group has 15 employees in its property management division and 996,191 SF of space under management, down from 1.14 million SF in 2022.
The firm's primary properties include the Chenal Marketplace Shoppes in west Little Rock, Union Station in downtown Little Rock, warehouse and office spaces off Interstate 630 in midtown Little Rock, and a 40,000-SF office park in North Little Rock.
Colliers has 20 million SF of space under management, up from 19.3 million in 2022. Properties include Riverfront Plaza in Little Rock's Riverdale neighborhood, the Westlake Corporate Park in west Little Rock, and the Victory Building and USAble Corporate Center in downtown Little Rock.
“We are grateful to our close and respected friends at Hathaway Group to be adding quality properties and people to our management department,” Isaac Smith, president of Colliers International Arkansas, said in the release. “This addition of great real estate assets, as well as the key Hathaway personnel who care for those assets, really strengthens our ability to continue meeting the needs of our clients.”