Two longtime members of Colliers International's Memphis office have taken a majority stake in the real estate company.
Andy Cates, executive vice president of brokerage, and Brad Kornegay, CEO of Colliers Management Services LLC, are now the majority shareholders in the two legal entities that make up the Memphis office.
“This is just the official passing of the torch to Andy and Brad, who have both been partners and actively involved in leadership for a number of years,” said president Gene Woods in a statement. “We’ve always seen the need for succession planning and have known for quite some time that these two highly capable individuals represented the future of our company.”
Woods, Dan Wilkinson and Bayard Snowden were the second generation of leadership at the company founded in 1946 as Colliers Wilkinson by Wilkinson’s uncle, Russell Wilkinson, and Snowden’s father, Robert Snowden.
Woods, Wilkinson and Snowden will remain involved with the company for the foreseeable future. Woods will remain involved in the operations of the brokerage office, while Kornegay will continue as CEO of Colliers Management Services.
Cates, who joined Colliers in 1998 and became a partner in 2005, said Colliers, a major player in the local industrial real estate sector for decades, will seek to increase its presence in the retail and office sectors.
“A couple of years ago, we began growing our office and retail presence, and we’d like to see those sectors become as successful as our industrial real estate practice,” Cates said.