CBRE recently announced the acquisition of Cold River Land, a Georgia-based firm that provides a property tax management software platform. Cold River Land’s services include document management, data management, research and monitoring, and client payment. Employees at the property tax firm will now work within CBRE’s Valuation and Advisory Services (VAS) unit.
For an undisclosed sum, the strategic acquisition by CBRE expands the global real estate firm’s property and transaction tax capabilities. Tim Edwards, global president of VAS for CBRE, said Cold River Land enables CBRE “to provide a holistic approach that meets all out clients’ property tax needs.” Cold River Land was founded in 2007, and John Pearson, the company’s founder and managing partner, said its tax management product “allows clients to focus on their business while we manage each parcel from appeal to payment.”
CBRE’s acquisition will create a new market for the firm and give them an additional value add service for their clients. The investment is somewhat similar to JLL’s recent purchase of Metropolitan Valuation Services, a property appraisal and real estate consultant in the New York metro area. Both JLL’s and CBRE’s acquisitions prevent competitors from making similar moves and bring more expertise and tech-enabled services in-house.