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.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
