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Needham-based Atlantic Retail will merge with retail brokerage and property management firm The Dartmouth Co., the two firms announced today.
Boston-based The Dartmouth Co. specializes in retail landlord and tenant representation and property dispositions and investment sales with a focus on Boston and the surrounding area. Atlantic Retail is a suburban-focused, privately held retail brokerage and advisory firm with a much broader reach along the East Coast, plus an office in Los Angeles.
The combined firm will be headquartered in Boston with 9 offices nationwide offering tenant representation, third-party leasing, capital markets advisory, property management and mixed-use expertise operating under several banners including Atlantic Retail, Atlantic Urban and Atlantic Capital Partners. Most of Dartmouth’s operations will be folded into Atlantic’s divisions, but its Dartmouth Property Management arm will retain its brand under Atlantic ownership. Converge Ventures, its retail-residential brokerage joint venture with Columbus & Over Group focused on Boston-area mixed-use projects, will also become part of Atlantic.
“This is a move we have collectively investigated for years, but finally various factors came together and the timing was right to realign our focus.” Atlantic Managing Partner Bryan Anderson said in a statement. “While the pandemic has certainly impacted our industry, this is not a time to hunker down. We see it as a time to grow.”
The deal gives Atlantic a much stronger presence in Boston and New York City, Anderson added.
The combined company will have more than 60 brokers and advisors representing more than 200 retailers and over 450 properties in its 9 offices across the United States.
“This is a real opportunity to strengthen and enhance our existing client relationships. The national platform Atlantic has built over the last 15-plus years will give our clients a reach they have not had before,” Dartmouth Managing Partner David Smookler said in a statement. “Despite the larger size of the new company, this arrangement actually makes us nimble and better able to adapt and execute in a rapidly changing landscape. From our existing retail and urban divisions to more specialized advisory groups such as property management, capital Markets, distressed assets and mixed-use, we can offer clients a comprehensive real estate strategy from project inception to exit across a variety of asset classes and regions.”
