Donna Abood (Cristina Diaz)
A fast-growing Canadian real estate brokerage gained control of more than 20 million square feet of Florida real estate following a Miami purchase.
Toronto-based Avison Young Inc. is expanding its U.S. reach, announcing Monday that it’s entered a definitive agreement to acquire Miami-based commercial real estate brokerage and property management firm Abood Wood-Fay Real Estate Group LLC.
The deal is expected to close by Dec. 10. Terms were not disclosed.
It is the third Florida acquisition in the last 18 months for Avison, following its purchase of WG Compass Realty Cos. in West Palm Beach and sister companies L&W Commercial Property Management and Lane Witherspoon & Carswell Commercial Real Estate Advisors in Tampa.
“Avison Young has had a focus on building our business throughout Florida for several years, and until now we hadn’t found the right fit for us in the critically important Miami market,” said Earl Webb, president of U.S. operations.
Avison manages more than 70 million square feet of real estate across Canada and the U.S. with a network of 1,600 professionals in 60 offices in North America and Europe.
Its newest acquisition, which also operates as Colliers International South Florida, is a 70-employee operation that offers brokerage, project management, sales, leasing, research, marketing and real estate investment advice.
The Miami company resulted from the merger of Abood & Associates Inc. and Wood-Fay Realty Group Inc., which both date back to 1989 and later teamed with global brokerage house Colliers International.
The deal gives Avison a large leasing and investment sales portfolio and brings its Florida leasing and investment sales property under representation to 20 million square feet and its management properties to 11 million square feet.
“This strategic acquisition will give Avison Young an even broader client-service platform in the Florida market as we continue to expand our capabilities throughout the U.S. and overseas,” said Mark E. Rose, Avison’s chairman and CEO.