Avison Young to Acquire Colliers Affiliate in Miami
- Nov 11, 2014
In the latest in its ongoing string of acquisitions, Avison Young, of Toronto, will purchase Miami-based CRE brokerage and property management firm Abood Wood-Fay Real Estate Group LLC (doing business as Colliers International South Florida), AY announced Monday. The acquisition should close within 30 days, subject to customary closing conditions; further terms were not disclosed.
Abood Wood-Fay has offices in Miami, Fort Lauderdale and Palm Beach Gardens, and 70 of its employees will join AY.
The acquisition will bring AY’s total square feet of leasing and investment sales property under representation throughout Florida to 20 million square feet. AY will also assume Abood Wood-Fay’s property management portfolio, bringing AY’s total square footage of properties under management in Florida to 11 million square feet.
“With the addition of this team, we will have a total of 170 dedicated professionals statewide and a strong presence in every major city in Florida,” Pike Rowley, AY’s managing director for Florida, said in a release. “As a result, we will be able to better serve clients in the office, industrial, retail and multi-family sectors.”
The firm’s clients include Bank of America, BB&T, BBVA Compass, Cable & Wireless Communications, Cemex, Flagler Rail Road/Development, Florida East Coast Realty, FP&L/Nexterra, J.E. Roberts/C-III, LNR, National Parkinson Foundation, Northwestern University, Samsung and TIAA-CREF.
Abood Wood-Fay co-chairs and founding partners Michael Fay and Donna Abood will become principals of AY and managing directors of its Miami office. John Crotty, executive vice president of Abood Wood-Fay, will also become an AY principal.
Abood founded Abood & Associates Inc., a full-service real estate firm providing leasing, sales, property management and construction services, in 1989, the same year that Fay founded Wood-Fay Realty Group Inc., a more specialized CRE brokerage firm providing commercial and investment property sales and advisory services.
The two companies merged in 2002 to form Abood Wood-Fay Real Estate Group, which joined Colliers International in 2005 and became Colliers Abood Wood-Fay. In 2010, it rebranded and became Colliers International South Florida.
During a 30-year career, Abood has represented more than 50 million square feet of office space for local and institutional ownership groups and completed hundreds of transactions on behalf of tenants. She currently chairs the Beacon Council, Miami’s economic development organization, and also serves on the board of directors of the Real Estate Institute of Florida State University and was recently inducted into the FSU College of Business Hall of Fame.
Last year, Abood received both the Tom Richardson Award, the highest honor given by Colliers International, and the Commercial Real Estate Women 2013 Leadership Award. She graduated from FSU in 1981 with a B.A. in marketing and management.
Over his 30-year career, Fay has closed more than $4.2 billion in transactions. In 2012, he was inducted into Colliers International’s Everest Club for ranking among the top 10 percent of all brokers in the United States.
Fay received the Colliers Global Referral Award in 2013 and the Colliers International Team Innovation Award in 2012. He is a senior member of the Orange Bowl Committee, a graduate of LaGrange College and a member of the Pi Kappa Phi fraternity, as well as a sponsored national and world-ranked wakeboarder/wakeskater.
Crotty, a CCIM, has completed more than $1.25 billion in investment sales transactions during his career. He played 11 seasons in the NBA, including one with the Miami Heat, and is currently a TV studio analyst and radio broadcaster for the team.
Avison Young’s acquisitions have been coming quickly and steadily this year.
January: The Eidson Group, Atlanta (tenant rep specialists)
January: PSB Realty Advisors, Columbus
April: NAI Haywards L.L.P., London (AY’s first office outside North America)
April: Commercial Texas L.L.C., Austin
September: New Jersey-based asset management firm Kwartler Associates