Avison Young Acquires Landry & Associates
LAS VEGAS-GlobeSt.com has exclusively learned that Toronto, ON-based Avison Young has acquired Las Vegas-based commercial property management firm, Landry & Associates Inc. The purchase adds 2.6 million square feet to Avison Young’s property management portfolio, which already consists of approximately 50 million square feet of retail, industrial and office properties.
Mark Rose, chair and CEO of Avison Young, points out that the firm purchased Landry & Associates, which was founded in 1999, from owners Margaret Landry and Raymond A. Landry II.
“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,” Rose says. “Marge and her team embrace our culture of intellectual capital delivered to clients by professionals who are accountable for client outcomes.”
The change in ownership will add four property management professionals to Avison Young’s Nevada operations: Marge Landry, EVP; Heather Lambert, senior property manager; Dawn Papen, accounting manager; and Dana Garrett, administrative assistant.
Rose also adds that “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.”
Effective immediately, Avison Young will assume the property management of 32 office, retail, industrial and commercial association properties in Las Vegas totaling 2.6 million square feet.
According to a prepared statement, 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 of US 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.”
No financing information could be disclosed to GlobeSt.com by deadline but we will update the story as we learn more.
Be sure to visit GlobeSt.com's NEW Sectors-to-Watch page for in-depth looks on the Hotels, Industrial, Multifamily, Office, Retail, Student Housing, Net Lease and Healthcare Real Estate markets.
You can now be notified via email if this story is updated by clicking on the "Follow this Story" link. You must be a registered member to take advantage of this "members only" benefit.