August 11, 2021
JRES is happy to announce the recent merger/sale of JRES with Intelica CRE of St. Louis. Here is an article in the Denver Business Journal.
St. Louis-based commercial real estate firm expands to Denver with local acquisition
Aug 10, 2021, 2:55pm MDT
Intelica Commercial Real Estate, a St. Louis-based firm known for its brokerage and property management services, is moving into Denver. The company recently acquired James Real Estate Services (JRES), a long-running commercial real estate advisory firm that has been based in Denver since 1982.
The deal gives Intelica a foothold in the Denver area and also diversifies its offerings, co-founder and CEO Dan Dokovic told Denver Business Journal. JRES is known for its appraisal services, which Intelica did not provide prior to the acquisition.
Intelica, which focuses on what Dokovic refers to as “midmarket” tenants and properties, will look to expand its brokerage and property management platform in Denver, while also acquiring properties through a sister company, Bamboo Equity Partners.
“It was kind of a symbiotic relationship,” Dokovic said of the JRES acquisition. Financial terms of the deal were not disclosed.
Bamboo Equity Partners will look to acquire between 3 million and 5 million square feet of commercial property in Denver within the next two to three years, Dokovic said. The firm is currently under contract for one industrial property in the area and expects to close on that transaction later this month, according to Dokovic.
“We see Denver as a huge opportunity,” Dokovic said. “Obviously, Denver has been growing over the last decade or more, and we see that that growth is not going to dwindle anytime soon. There are plenty of areas to grow in. From our perspective, the first way that we can see us growing in Denver, and the first way we’re looking to grow, is acquiring property through our Bamboo Equity Partners flag.”
Adding properties to its portfolio will make it much easier to grow Intelica’s brokerage and property management operations in Denver, Dokovic said.
JRES advises clients in the insurance, transportation, housing, government and corporate markets. The company will continue to provide appraisal, market analysis and investment consulting after the acquisition.
Bill James, president and founder of JRES, said he’d been exploring opportunities to sell his company for a few years, and had “looked real hard” at a potential deal with another company before he was connected with Intelica.
James said he has an agreement with Intelica to remain at JRES for a few years to ensure a smooth transition. The JRES brand will remain, although its name will be amended slightly to note its affiliation with Intelica.
“I, and I think our company, will continue to be a significant part of the business community in Denver, Colorado,” James said. “I welcome the opportunity to work with a company that is more substantial than we are. There’s some initiatives that contribute to the efficiency with which we can work and the breadth of the services that we can provide, things like that, that we haven’t done. And this partnership will make expansion possible.” JRES will retain all of its 11 employees after the acquisition. Prior to the acquisition, Intelica and Bamboo Equity Partners had a combined 58 employees.