Purchase adds 2.6 million square feet to Avison Young's property management portfolio
TORONTO, Aug. 1, 2012 /PRNewswire/ - Mark E. Rose, Chair and CEO of Avison Young, Canada's largest independently owned commercial real estate services company, announced today that it has acquired Landry & Associates, Inc., a Las Vegas-based commercial property management firm.
The purchase will add 2.6 million square feet (msf) to Avison Young's approximately 50 msf of retail, industrial and office properties already under management in Canada and the U.S.
With its existing portfolio of 500,000 sf in Las Vegas, Avison Young - now with 3.1 msf under management in the Nevada city - will rank among Las Vegas' top commercial property management firms.
Avison Young purchased Landry & Associates from owners Margaret (Marge) Landry and Raymond A. Landry, II. Founded in 1999 by Marge Landry, Landry & Associates provides its clients with property management; project management; industrial, retail and office leasing; tenant representation; investment sales; and construction/development co-ordination services.
"This acquisition deepens Avison Young's presence in Nevada and is in line with the company's strategy to further strengthen our property management platform and capabilities in North America," comments Rose. "Marge and her team embrace our culture of intellectual capital delivered to clients by professionals who are accountable for client outcomes."
Rose continues: "The Landry portfolio is balanced in all product types and the company has been able to maintain long-term client relationships, many dating back to the company's formation. We couldn't be more pleased to be working with such a well-respected team."
The change in ownership will add four property management professionals to Avison Young's Nevada operations: Marge Landry, Executive Vice-President; Heather Lambert, Senior Property Manager; Dawn Papen, Accounting Manager; and Dana Garrett, Administrative Assistant.
Effective immediately, Avison Young will assume the property management of 32 office, retail, industrial and commercial association properties in Las Vegas totalling 2.6 msf.
Avison Young opened its first Nevada office in November 2011 in Las Vegas, with industry veteran Joseph Kupiec joining as a Principal to help launch the company's brokerage business in Nevada. The company opened in Reno in March 2012.
"We are extremely pleased to have Marge Landry and her outstanding team of professionals join our growing operation in Las Vegas. We have always admired her company's commitment to providing best-in-class property management services to their longstanding and valued clients," states Kupiec. "Going forward together, we intend to further develop the depth of our suite of services. This strategic initiative further demonstrates Avison Young's commitment to the Las Vegas market, and is another important step in the execution of our company's aggressive growth plan."
Landry & Associates' business operations will immediately transition to Avison Young branding.
"We are excited about our new relationship with the tenants of these properties and the opportunity to continue our growth," says Earl Webb, Avison Young's President, U.S. Operations. "This is a strategic acquisition that will give Avison Young a competitive business advantage in the Las Vegas-area market. Marge, Heather, Dawn and Dana will be great additions to our growing Nevada team and will give us a much broader client-service platform in the Nevada area."
"Landry & Associates is very excited about the opportunity to join the team of Avison Young," states Landry. "Avison Young is the fastest-growing commercial real estate company in North America, and I believe the Las Vegas market is ready for a debt-free and well-capitalized organization that strives to exceed its clients' expectations. We look forward to the challenges of this new journey."
Marge Landry brings 30 years of commercial management, sales, leasing and marketing experience to Avison Young. She and her associates joined forces in 1999 to form Landry & Associates, a full-service real estate company that services 32 small- to medium-sized properties totalling 2.6 msf. As a Nevada real estate broker, Landry represents numerous Las Vegas and California clients. Her experience in leasing and property management enables her to understand the economic forces in the Las Vegas real estate market. She is able to evaluate property in terms of operating income, forecast its potential for the future, and construct a management plan that reflects the owner's objectives.
Prior to forming Landry & Associates, Landry was President of the asset management division of Colliers International where she was instrumental in developing a marketing plan for property management, and responsible for the day-to-day supervision of the property management staff for 1.6 msf of commercial projects. Prior to that, Landry was Senior Vice-President of Leasing and Marketing for the Vista Group for five years. Her role included the negotiation of all leases and management contracts for 1.2 msf of retail, office and industrial projects in Nevada and Southern California. Landry began her real estate career in El Paso, Texas where she was a 1972 graduate of the University of Texas at El Paso. She worked in both the Phoenix and San Diego markets prior to moving to Las Vegas in 1987.
An active member of the Las Vegas community, Landry was a member of the University of Nevada-Las Vegas (UNLV) Lied Institute for Real Estate Studies executive committee for 10 years and continues to participate in the annual Lied Round Table Discussions and Career Day at UNLV. She is also a member of the Building Owners and Management Association (BOMA), the National Association of Industrial and Office Properties (NAIOP), the International Council of Shopping Centers (ICSC), and the Southern Nevada Chapter of the Certified Commercial Investment Member Institute (CCIM). In addition, she is Past President of the Commercial Marketing Group and of the Commercial Alliance at the Greater Las Vegas Association of Realtors. She also recently served for three years on the Board of Directors of Safe Nest, an organization dedicated to assisting victims of domestic violence.
Founded in 1978, Avison Young is Canada's largest independently-owned commercial real estate services company. Headquartered in Toronto, Ontario, Avison Young is also the largest Canadian-owned, principal-managed commercial real estate brokerage firm in North America. Comprising more than 950 real estate professionals in 32 offices across Canada and the U.S., the full-service commercial real estate company provides value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-residential properties.
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SOURCE Avison Young (Canada) Inc.