Avison Young Buys Property Management Firm in Las Vegas
- Aug 02, 2012
Avison Young has acquired Las Vegas–based commercial property management firm Landry & Associates Inc., Avison Young announced Wednesday. The purchase is significant in that market, adding 2.6 million square feet to Avison Young’s existing Las Vegas management portfolio of 500,000 square feet and reportedly putting the Toronto-based company among Las Vegas’ top commercial property management firms.
Effective immediately, Landry & Associates’ business operations will transition to Avison Young branding, and Avison Young will assume property management of 32 office, retail, industrial and commercial association properties in Las Vegas.
The acquisition also adds to Avison Young’s portfolio of about 50 million square feet of retail, industrial and office properties already under management in Canada and the United States.
Landry & Associates was purchased from owners Margaret (Marge) Landry and Raymond A. Landry II. Founded in 1999 by Marge Landry, the company provides its clients with property management, project management, leasing, tenant representation, investment sales and construction/development coordination.
Marge Landry has 30 years of commercial management, sales, leasing and marketing experience, starting in El Paso, Texas, where she was a 1972 graduate of the University of Texas at El Paso. Subsequently, she was senior vice president of leasing and marketing for the Vista Group for five years, handling negotiation of all leases and management contracts for 1.2 million square feet of retail, office and industrial projects in Nevada and Southern California.
Landry was later president of the asset management division of Colliers International, where she was responsible for day-to-day supervision of the property management staff for 1.6 million square feet of commercial projects.
Avison Young opened its Nevada brokerage business in November 2011 with its first office in Las Vegas. Joseph Kupiec joined as a principal. The company opened a Reno office in March of this year.
The strategy behind the Landry acquisition, according to Mark Rose, Avison Young’s chair & CEO, is simply that markets with the largest inventories and the greatest numbers of headquarters are where the company’s clients need to be.
Rose emphasized that “Las Vegas was not a one-off, not short term.” With Avison Young expanding into more and more major U.S. cities (the company has grown from 290 personnel to about 1,000 in the past couple of years), its presence is increasingly felt in secondary markets.
The acquisition is also not about a specific perception that Las Vegas is recovering more quickly than other markets. “Most, if not all, of the U.S. markets need to recover,” Rose said. He noted that Avison Young is not trying to time the economic cycle, “certainly not city by city, or state by state.”
As of now, Avison Young has about 15 offices in the United States. “You’ll see a few more shortly,” Rose predicted—by the end of the year or perhaps sooner.
For more on Avison Young’s expansion strategy, turn to the executive profile “Border Crossing” in the August issue of Commercial Property Executive.