Tzadik Management, a multifamily property management company, has acquired commercial property management company JM Real Estate.
Based in Brevard County, Florida, JM Real Estate's acquisition includes management contracts for 60 locations and 2.5 million square feet of retail, office, medical and industrial properties. JM Real Estate was founded in 1997.
"This acquisition allows us to stay competitive with today's technological advancements in commercial property management and brokerage activities," said Jewel McDonald, broker and director of brokerage services for JM Real Estate.
JM Real Estate's portfolio includes 2.5 million square feet, with an estimated value of more than $300 million of primarily multi-tenant office and retail space. The firm has been involved in development projects and the acquisitions and dispositions of commercial investment properties such as multi-tenant office and retail spaces.
JM Real Estate has a great presence in the Melbourne, Florida, area. The firm's high-profile properties include a management contract for Shoppes of Minton in West Melbourne, Florida, a contract renewal with Ross Stores and TGI Fridays in the Best Buy Plaza in Melbourne, Florida, and leases in the Rialto Place Office Tower for L3 Harris in Melbourne, Florida.
The acquisition is the first this year, and the first commercial brokerage real estate firm acquisition for Tzadik Management. Going forward, the management company is focusing on expanding its real estate investments in the upper Midwest. Tzadik Management is based in Florida's Miami-Dade County and Sioux Falls, South Dakota. The company was founded in 2007.
Tzadik Management currently manages Tzadik Bay in Daytona Beach, Florida, and City View Apartments in Omaha, Nebraska. The management company has managed more than$1 billion in apartment complexes, 15 million square feet of commercial real estate and more than 19,000 units in more than 20 states.
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