Avison Young acquires California-based R7 Real Estate, Inc.
Purchase strengthens Avison Young's business-line coverage in L.A., adds 8 million square feet under management; 21 members join, Stan Yoshihara becomes Principal
TORONTO, Aug. 1, 2013 /PRNewswire/ - Mark E. Rose, Chair and CEO of Avison Young, the world's fastest-growing commercial real estate services firm, announced today that it has acquired the assets of R7 Real Estate, Inc., a Torrance, CA-based real estate property management firm.
The purchase further expands Avison Young's business-line coverage in Los Angeles. The change in ownership adds 21 employees to Avison Young's Los Angeles-area operations.
Effective immediately, Stan Yoshihara, primary Principal of R7 Real Estate, joins Avison Young as a Principal and Managing Director of the company's Southern California asset services business. He will focus on building Avison Young's management and agency leasing business in Southern California, as well as ensuring clients are provided best-in-class services.
R7 Real Estate currently manages 8 million square feet (msf) of property in Southern California. The acquisition brings Avison Young's total square feet of retail, industrial and office properties under management in Canada and the U.S. to approximately 70 msf.
"We are thrilled that Stan and his highly regarded team have chosen to join Avison Young in our rapidly-growing Los Angeles region," comments Rose. "Stan is well respected in the Southern California and national real estate communities. R7 Real Estate brings to Avison Young and to our clients a robust and best-in-class property management, project management and accounting platform. Our depth in the market has just dramatically increased with the addition of this team."
Rose continues: "Many Avison Young Principals and I have known Stan for many years and are confident that this leading group, coupled with our Principal-led platform, will yield exceptional results for both Avison Young and our clients. Our respective firms are a great cultural fit for each other, and we are pleased to have such a complementary addition to the Los Angeles region."
Established in 2009 by a team of highly diverse seasoned individuals with a combined 60-plus years of real estate experience, R7 Real Estate provides property management, facilities management, project management, agency leasing, accounting, lease administration and consulting services to a variety of clients.
Current and past clients include: the EVOQ portfolio, including Alameda Square (American Apparel, Ella Moss, Splendid) and the 7th Street Produce Market, 100 North Crescent (Real D building, Clarion Partners), Valencia Town Center (Target, Sprouts retail center, SPI Holdings), Digital Realty Trust portfolio (National Consulting); as well as Maxxam Properties, Entertainment Partners, TRF Pacific, Watt Companies, MetLife, Prudential Real Estate, Principal Financial, Blackrock Realty, Cornerstone Realty Advisers, UBS, Alliance Commercial Partners, TIAA, Meiji Life, Takenaka Construction and Mitsubishi, to name a few.
"We are very excited to have this talented group join Avison Young as we continue to build our business in the Southern California region," states Earl Webb, Avison Young's President, U.S. Operations. "This acquisition is a critical step in fulfilling our full-service delivery platform in Southern California. Stan Yoshihara is a household name in the Southern California real estate industry and is synonymous with client service, creative solutions and collaboration - all of which are consistent with our approach here at Avison Young."
"R7 Real Estate's business is a significant addition to our Southern California agency leasing and sales practice," adds Webb. "With R7 Real Estate's 8-msf portfolio, we immediately become a significant provider in the Southern California management and leasing arena."
Among the 21 new members joining Avison Young's growing Southern California team are: Karnis Wong, Senior Vice-President; Victor Ramirez, Vice-President, Finance; Tender Baldwin, Director of Construction and Project Management; and Bob Iannessa, General Manager.
Effective immediately, the majority of R7 Real Estate's members will remain on site in properties under management. The senior management and accounting staff will relocate to Avison Young's existing Downtown Los Angeles office.
Avison Young opened its first Southern California office in Los Angeles in August 2011, followed by a second L.A. office in December 2011 through the acquisition of Ramsey-Shilling Commercial Real Estate Services, Inc. In March 2012, industry leader Chris Cooper joined as a Principal and Managing Director of the Southern California region. In September 2012, Avison Young acquired Starrpoint Commercial Partners, Inc. and opened a third L.A. office in Santa Monica. In November 2012, Avison Young opened its fourth L.A. office in Downtown L.A., followed that same month by a new office in Irvine, CA. Avison Young opened its San Diego office in March 2013. The company has nine offices in California.
According to Cooper: "Stan's exceptional history and reputation in the Southern California real estate community will provide exceptional leverage in connection with Avison Young's aggressive recruiting effort in the region. We now have the ability to provide agency leasing, tenant representation, project management, investment sales, lease administration and property management services to all types of clients in the region. The addition of this team further demonstrates Avison Young's commitment to serving our clients and building the company's local presence."
Today's announcement comes on the heels of Avison Young opening an office in San Mateo, California on Monday.
Over the past four years, Avison Young has grown from 11 to 49 offices and from 300 to more than 1,300 real estate professionals across Canada and the U.S.
"Joining a privately-held, Principal-led company versus a publicly-traded company was a key reason in our decision to join Avison Young," says Yoshihara. "We did not anticipate selling R7 Real Estate so soon, as we felt that we had the best people, the best capabilities, the best relationships, and that no other company could offer us this environment. How incorrect we were. Avison Young's resources and international capabilities allow us to be even better, and to grow our business more effectively and with a greater reach in the industry. Essentially, we keep the exact same culture, but have a plethora of resources to choose from, spanning not just Southern California, but the West Coast and the East Coast as well. The sky is truly the limit for us now."
Stan Yoshihara brings more than 30 years of commercial real estate experience in the Los Angeles market to Avison Young. He joins the firm after a successful three and a half years with R7 Real Estate, Inc., where he served as the primary Principal and Chief Visionary Officer. Prior to R7 Real Estate, he served as the Managing Director-Greater Los Angeles with CB Richard Ellis (CBRE) from 2003-2009. He moved to CBRE as a result of its merger with Insignia/ESG, where he had held the position of Executive Director, Broker and Property Management-Western Region and Southern CA since 1998.
Yoshihara has also held senior management positions with Cushman & Wakefield and PM Realty Group in Greater Los Angeles. He entered the commercial real estate industry after three years in retail merchandising and six years in manufacturing/wholesale of sportswear. He holds an MBA from the University of Southern California, and a Bachelor of Arts with Honors in economics from the University of California-Los Angeles.
Avison Young is the world's fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 1,300 real estate professionals in 49 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.
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For further information/comment/photos:
Sherry Quan, National Director of Communications & Media Relations, Avison Young: 604.647.5098; cell: 604.726.0959
Mark Rose, Chair and CEO, Avison Young: 416.673.4028
Earl Webb, President, U.S. Operations, Avison Young: 312.957.7610
Christopher Cooper, Principal & Managing Director, Southern California Region, Avison
- Stan Yoshihara, Principal, Avison Young: 213-471-7019
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SOURCE Avison Young Commercial Real Estate (BC)