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Property Management Company HMLC
July 16,2010: Mark E. Rose, Chair and CEO of Avison Young, Canada’s largest independently-owned commercial real estate services company, announced today that it has acquired Atlanta-based Hodges Management and Leasing Company (HMLC).
HMLC, which provides third-party property management and leasing services to real estate owners, currently manages 19.3 million square feet (msf) throughout the Southeast.
The acquisition expands Avison Young’s market coverage in the Atlanta region and also increases the company’s North American property management portfolio. Combined, the Avison Young and HMLC management portfolio now represents 50 msf of retail, industrial and office properties in Canada and the U.S. Avison Young will also now have the fourth largest portfolio of properties under management in Atlanta. Terms of the acquisition were not disclosed.
“We are extremely pleased to acquire Hodges Management and Leasing Company, its exceptional management team and employees. By bringing the Hodges team on board, we are gaining like-minded leaders and a company with a great legacy and culture similar to that of Avison Young’s,” comments Rose. “As part of our Southeastern U.S. expansion, and our commitment to provide our sophisticated clients with leasing and management solutions in addition to services, the combination of Hodges and Avison Young demonstrates once again the ongoing execution of our clearly defined strategy.”
The change in ownership will incorporate HMLC’s entire 36-member team – including leasing brokers, property managers, accounting personnel, engineers, marketing and project management staff – into Avison Young’s Atlanta operations.
Effective immediately, Hodges’ seven Principals become Principals of Avison Young. They include: Todd Blalock, Director of Management Services; Chet Koenig, Agency Leasing Group; Bruce Logue, Agency Leasing Group; Krista Reid, Director of Financial Management; Chris Stanley, Director of Project Management; Tom Crowe, Agency Leasing Group; and Belinda Lauderbaugh, Controller.
Today’s announcement comes on the heels of Avison Young’s acquisition of Tysons Corner, Virginia-based Appian Realty Advisors, LLC a week ago.
Avison Young opened its first U.S. office in Chicago, IL in 2009, followed by U.S. offices in Washington, DC, Atlanta, GA, Houston, TX and Tysons Corner, VA over the past year. In the last 18 months, Avison Young has grown from 11 to, now, 21 offices and from 300 to more than 700 real estate professionals in Canada and the U.S.
HMLC has been an independent company for 18 months but Hodges has been in operation for five decades. HMLC was spun off from ING Clarion Partners, LLC, which acquired M.D. Hodges in 2005 from The Blackstone Group. Blackstone purchased M.D. Hodges in 1999.
Founded in 1958, M.D. Hodges was a highly successful and well-known industrial development firm in Atlanta. Blackstone owned the company between 1999-2005 and expanded its development capabilities into the office and flex space arena. The HMLC team was spun off from ING Clarion in late 2008.
HMLC’s portfolio comprises 177 buildings totaling 19.3 msf in the Atlanta marketplace, as well as in Tennessee and Florida.
“The combining of Hodges Management and Leasing Company with Avison Young is a very significant event for Avison Young as we continue to expand our capabilities in Atlanta and throughout the U.S.,” states Steve Dils, Managing Director of Avison Young’s Atlanta office and Southeastern U.S. operations. “It was evident early in our discussions that this was about as perfect an alignment as you could hope for when you bring two companies together. Hodges has been an iconic name in Atlanta for many years and to have the opportunity to leverage Hodges’ strengths with Avison Young’s core skill sets and relationships, and to see the opportunities for growth this acquisition presents, is very exciting.”
Dils continues: “You build a great company with great people and Hodges’ leadership has assembled top professionals in all disciplines. It has also created a culture of excellence and a focus on clients’ needs that align perfectly with the culture at Avison Young.”
“Hodges adds a strong base of property management and leasing to our platform in the Southeast, with talented people and strong client relationships. We intend to build upon these fundamentals, while adopting the best practices that Hodges has developed over the years, and leverage them as we build our national management and leasing business,” notes Earl Webb, Avison Young’s President, U.S. Operations. “HMLC’s management team comprises seasoned professionals, many of whom are very well known and respected in our industry locally. We enthusiastically welcome the Hodges team to the Avison Young family as we expand our presence in the region.”
“Providing enhanced and expanded services to our clients while offering even better career opportunities for our team were clear goals of ours. To achieve them both while aligning with quality people in a growth-oriented company and with a similar culture is a real coup for Hodges Management and Leasing Company,” says Koenig. “We have no doubt that in the future, all stakeholders involved in this merger, including partners, employees and clients, will reflect back on this as a great decision. Our group could not be more pleased.”
Founded in 1978, Avison Young is Canada’s largest independently-owned commercial real estate services company and the only national, Canadian-owned, principal-managed real estate brokerage firm in the country. Headquartered in Toronto, Ontario and ranked among Canada’s leading national commercial real estate organizations, Avison Young is a full-service commercial real estate company comprising more than 700 real estate professionals in 21 offices across Canada and in the U.S. The company provides value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-residential properties.
This is a blog post for Real Estate Professionals, Investors, Landlord, Property Manager, and Property Management Companies. Avison Young acquires Hodges Management and Leasing Company is brought to you by SimplifyEm Pay Rent Online and Property Management SoftwareYou might also want to read:
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