PHOENIX-Lucescu Realty has opened its second office this year, expanding into the local market. The California-based firm, which opened an office in Las Vegas earlier this year, recently brokered the $110 million sale of Scottsdale Promenade in suburban Phoenix.
“We had planned to open an office in both Phoenix and Las Vegas in 2007, but we heard some things in the market and decided to pull back and re-assess our decision,” says Mark Lucescu, president of Lucescu Realty. He tells GlobeSt.com that the firm tabled the expansion because of the recession.
“We’re patient, and we feel now is the right time to open an office,” Lucescu explains. “Both Phoenix and Vegas have hit bottom.” He says the firm is in the final stages of hiring an executive to lead the local office.
Lucescu Realty already has strong relationships in the local market. It has previously represented a number of real estate firms in Phoenix including KBS Realty Advisors, Levine Investments, Vestar Development and Vertical Holdings. “Opening an office here will further our continued success in the Phoenix and Tucson markets and position us for continued growth throughout the Southwestern US.”
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