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(Carl Cronan is editor of Real Estate Florida.)

MIAMI-As part of its ongoing expansion into South Florida markets, The Lynd Co. has acquired a 50% stake in Easton Management, the property management division of Doral-based Easton Group. The new partnership is being called Easton Lynd Management. No financial details are being disclosed.

San Antonio, TX-based Lynd opened its Miami office last summer with plans to target class A and B commercial assets, along with value-add properties. The company hired Andrew Ginsburg, a local real estate executive, to lead its new South Florida presence as regional vice president.

Edward Easton, founder and chairman of Easton Group, will remain an equal partner in Easton Lynd Management, according to Ginsburg. The initial plan is to combine Lynd’s technology strengths with Easton’s commercial real estate expertise.

“This partnership gives us a greater base from which we can grow,” Ginsburg tells GlobeSt.com. “Partnering with us made a whole lot of sense to Ed. We’re both eager to leverage each other’s expertise and grow into the future.”

Lynd manages medium- and large-sized apartment complexes with 35,000 units under management in Texas and the Southeast. Easton Lynd Management will provide third-party commercial property management services in Florida and 13 other states where Lynd now has a footprint.

Joining forces with an existing firm makes expansion into a new market much easier for Lynd, which now has 19 employees in Miami, Ginsburg explains. “We were looking to come into the market one way or the other,” he says.

“This deal fits perfectly with our strategy of joint venturing with companies that are a natural complement to our business,” adds Easton. “We have always managed assets that we bought or developed, but with Lynd as our partner, we’ll now be able to grab a bigger piece of the market, both regionally and nationally.”

David Lynd, president and COO, says his company is now two-thirds of the way to creating a full-service management platform for all types of commercial properties, not just apartments or condominiums. “Since we wanted to enter the Florida market in a big way, partnering with Easton Management accomplished both goals in one transaction,” Lynd stated in a release.

Easton Group has three business units other than property management—commercial real estate investment, development and brokerage. Its new partnership with Lynd manages more than seven million square feet of commercial property.

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