Adam Marcus Hendry
MIAMI—Locally-based Tzadik Management has closed on the acquisition of a full-service commercial brokerage real estate firm, marking the first acquisition for the rapidly growing property management company in 2020. While Tzadik currently owns and manages commercial real estate nationwide, this deal marks the first time Tzadik has acquired a commercial brokerage real estate firm.
Tzadik's purchase includes management contracts for 60 locations totaling over 2.5 million square feet of retail, office, medical and industrial type properties. "We could not be more excited to get started. This allows us to continue our company's growth while expanding our footprint through the entire real estate market," said CEO Adam Marcus Hendry. "We firmly believe in exploring all options and this is one we have had our eye on for a while."
Hendry tells GlobeSt.com that due to a confidentiality agreement with the seller, he cannot disclose the name of the company. He anticipates more "special circumstance" acquisitions in 2020.
"We were able to grow by over 100% in 2019, and have several deals in the pipeline set to close in Q1 alone," Hendry says. "Goal is to acquire three property management businesses and over 10,000 apartments in Wyoming, Montana, North Dakota, South Dakota, Nebraska, and Iowa…We ultimately are looking to grow our presence in the upper Midwest where we project a lot of long term economic stability, but in general we stay opportunistic in the US."
Since its formation in 2007, Tzadik has managed over $1 billion in apartment complexes, over 15 million square feet of commercial real estate and over 19,000 units in over 20 states.
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