Irvine Developer Files Suit Over ‘Hidden’ Conflict
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Los Angeles-based CB Commercial Real Estate Group Inc.--formerly known as the Coldwell Banker commercial real estate brokerage--was sued Thursday for $2 million in Orange County Superior Court by an Irvine developer.
The suit alleges that a Coldwell broker concealed a conflict of interest in representing one of the developer’s projects.
The developer, Reilly Commercial Corp., alleges in the suit that a CB Commercial broker owned an interest in two groups of buildings next to an industrial park in Fontana that the broker was retained to lease for Reilly.
Reilly Commercial alleges in the suit that its representative confronted the broker in late 1990 and told him that Reilly suspected that the alleged conflict of interest “was affecting his performance” in representing the industrial park, Sierra Gateway Industrial Center.
The broker denied that he owned an interest in the buildings, according to the suit.
A CB Commercial spokesman said the company has done nothing wrong and will defend itself vigorously.
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