TORRANCE, CA-Toronto-based Avison Young has acquired the assets of R7 Real Estate Inc., a locally based real estate property-management firm. The purchase further expands the Canadian company's business-line coverage in Los Angeles as 21 employees are added to the firm's L.A.-area operations from R7.
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 working to ensure clients are provided best-in-class services.
According to Mark Rose, chair and CEO of Avison Young, “We are thrilled that Stan and his highly regarded team have chosen to join Avison Young in our rapidly growing Los Angeles region. 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 adds that the firms “are a great cultural fit for each other, and we are pleased to have such a complementary addition to the Los Angeles region.”
R7 manages 8 million square feet 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 US to approximately 70 million square feet.
Among the 21 new members joining Avison Young are Karnis Wong, SVP; Victor Ramirez, VP, finance; Tender Baldwin, director of construction and project management; and Bob Iannessa, general manager. The majority of R7's members will remain on site in properties under management, while the senior management and accounting staff will relocate to Avison Young's existing Downtown L.A. office.
As GlobeSt.com reported last week, Avison Young has opened a new office in San Mateo, and Randy Keller has been hired as a principal and managing director of the office. The new location represents Avison Young's 34th outside of Canada, the company's ninth office in California, and an additional step in the firm's ongoing aggressive growth and expansion strategy.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
