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VANCOUVER, BC-A group of former senior members of Torode Realty Ltd. have completed their acquisition of the company’s commercial brokerage operations with the purchase of Torode Realty Vancouver. The group previously acquired Torode Realty Edmonton and Torode Realty Calgary.

The group currently has 14 shareholders, each with equal stake in the company. Company president and broker David Wallach tells GlobeSt.com that the acquisition of the local operation follows the stabilization of the previous acquisitions. As of Sept. 15, he says, the offices have eclipsed the annual revenue they generated in each of the past two years.

Wallach says that current ownership will seek to take on additional shareholders from within the city’s employee base. The opportunity will be given to brokers who perform over a period of time and have the right personality. “We continually strive to create an environment that rewards success,” says Wallach. “By keeping the ownership within our employee base, we ultimately control its success.”

John Torode incorporated Torode Realty in Calgary, Alberta in 1973. In the 1990′s, the firm acquired the Canadian operations of Knowlton Realty and Calgary-based Merrett Management, creating the second largest commercial brokerage/management firm in Canada. In 1997, the firm began trading publicly. Senior members of the company launched their buyback of the brokerage arm in 2001. In August 2003, trading of Torode Realty Ltd. was halted after it announced it had arranged for the sale of the remainder of its real estate-related assets and entered into a reverse merger agreement with CMQ Resources Inc., a mining exploration company.

Wallach says the brokerage arm’s new ownerhsip also acquired Torode Realty Toronto, but immediately shuttered the office because “we didn’t have good people.” Next up for the three-office brokerage firm is to continue its expansion eastward into Saskatchewan and Maintoba and, eventually, back into Onatrio. “We’ve conquered the west,” he says. “Now we look to the east.”

Earlier this year, the brokerage arm affiliated with Oncor International, an organization of 50 privately owned commercial real estate firms in 200 markets in North America, Europe, Latin America, South Africa, and India. It is currently the only brokerage firm in Canada affiliated with Oncor, says Wallach.

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