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Adena Commercial 401-K Savings Plan
The plan traces its origin to Adena Commercial LLC, a Columbus, Ohio-based real estate brokerage co-founded by Richard Bert Schuen and Ralph Joseph Miller.
Adena Commercial 401-K Savings Plan
The plan traces its origin to Adena Commercial LLC, a Columbus, Ohio-based real estate brokerage co-founded by Richard Bert Schuen and Ralph Joseph Miller. The 401-K savings plan was established in 1997 as the firm's employee retirement vehicle. When Colliers International merged with Adena Commercial in 2010, the plan was absorbed into the Colliers corporate structure, where it continues to operate as a legacy defined-contribution plan for former Adena employees and eligible Colliers participants in the region. The plan's investment posture is heavily concentrated in real estate and related assets, consistent with the sponsor's core business. Holdings include direct commercial property exposure through the Science and Technology Campus in Columbus — a property for which the firm provides management and accounting services to The Ohio State University — and the Agellan Portfolio, a mixed-use asset base spanning multiple US locations. The plan does not publicly disclose its asset allocation or fund menu, but its scale and sponsor profile suggest a mix of pooled real estate equity, fixed-income instruments, and possibly self-directed brokerage options linked to Colliers' own investment products. With an estimated $5 million in total plan assets (Altss estimate), the vehicle is among the smaller corporate retirement plans in the Colliers ecosystem. The plan's named fiduciaries remain Schuen and Miller, who continue as principals and brokers at Colliers International in the Columbus market. The plan maintains philanthropic connections through the principals' support of A Kid Again, Families Flourish, and YWCA Nashville & Middle Tennessee — though no formal donor-advised fund or foundation is directly tied to the plan itself. What distinguishes the Adena plan structurally is its status as a pre-merger legacy vehicle — a small, closed retirement pool that survived a major corporate acquisition without being terminated or rolled into a larger Colliers plan. That persistence makes it a narrow but instructive case study in how boutique real estate firms' retirement assets get preserved inside global consolidators, maintaining separate fiduciary governance and distinct investment profiles long after the originating entity disappears.
General information
Firm type
Pension Fund
Year founded
1997
Location
Region
North America
Country
United States
City
Columbus
Corporate office
Columbus, OH, United States
Principals
Richard Bert Schuen
Principal and Broker
Ralph Joseph Miller
Principal and Broker
Sector focus
Frequently asked questions
Who runs investment decisions at the Adena Commercial 401-K Savings Plan?
The plan's named fiduciaries are Richard Bert Schuen and Ralph Joseph Miller, who co-founded the original Adena Commercial LLC brokerage and continue as principals at Colliers International. As a small corporate defined-contribution plan, day-to-day investment oversight likely falls to a plan committee or third-party administrator, though the specific governance structure has not been publicly detailed.
How is the Adena Commercial 401-K Savings Plan related to Colliers International?
Colliers International merged with Adena Commercial LLC in 2010, absorbing the brokerage and its associated 401-K plan. The plan now operates as a legacy retirement vehicle under the Colliers corporate umbrella, with the original founders still serving in fiduciary roles within the Columbus, Ohio office. It has not been terminated or merged into a larger Colliers-wide retirement plan.
What real estate assets are held within the plan?
Public records link the plan to commercial properties including the Science and Technology Campus in Columbus, Ohio — a property managed for The Ohio State University — and the Agellan Portfolio, a mixed-use asset base spanning multiple US locations. The plan's small size suggests these may be held through pooled real estate funds or REITs rather than direct title.
Does the plan accept outside capital or co-investors?
No. As a corporate defined-contribution retirement plan, the Adena Commercial 401-K Savings Plan is closed to outside investors. Participation is limited to eligible employees and former employees of the original Adena Commercial entity and, potentially, certain Colliers International employees in the Columbus market.
What is the plan's current AUM?
Adena Commercial does not publicly disclose its 401-K plan assets. Altss estimates the plan holds approximately $5 million based on the small scale of the originating brokerage and the limited employee base, but this figure has not been confirmed by the firm or its fiduciaries.
Why does the Adena Commercial plan still exist after the Colliers acquisition?
When Colliers International merged with Adena Commercial LLC in 2010, the 401-K plan was retained as a distinct legal and fiduciary entity rather than being terminated or merged into a larger Colliers retirement vehicle. This preservation of a small legacy plan is unusual but can occur when the original plan's asset base, provider contracts, or fiduciary structure make termination administratively costly, or when the acquired entity operates as a separate division.
Does the plan maintain any philanthropic investment programs?
No philanthropic investment programs are directly tied to the plan. The named fiduciaries, Richard Bert Schuen and Ralph Joseph Miller, have personal philanthropic involvement with organizations including A Kid Again, Families Flourish, and YWCA Nashville & Middle Tennessee, but these are individual commitments separate from plan assets.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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