FirstService Expands into Commercial Property Association Management
TORONTO, CANADA and ALISO VIEJO, CALIFORNIA, January 7, 2013 – FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U) today announced that its subsidiary, Merit Property Management, an operating unit of FirstService Residential, has acquired Mar West Real Estate, one of the leading providers of commercial property association management services in the western US, with operations in California, Arizona and Nevada. The acquisition adds a total of 160 commercial property associations totalling more than 50 million square feet of office, industrial and medical properties. Terms of the transaction were not disclosed.
Founded in 2003 by entrepreneurs Craig Stevens and April Buchner, Mar West has built an excellent reputation providing consulting and management services to developers and owners of commercial property associations. “Our entire team is thrilled to be joining Merit and FirstService and we look forward to leveraging the entire FirstService platform to provide our clients with a higher level of service together with value-added programs that will further differentiate us from our competition.” said John Strockis, who has been promoted from President to CEO of Mar West Real Estate and will continue to lead day-to-day operations.
“Mar West Real Estate has long been regarded as the gold standard in the commercial property association management industry. Integrating them into our existing operations will not only complement our services, but will help us expand our existing commercial property association management operations in the West,” said Bob Cardoza, CEO of Merit Property Management. “We look forward to working with John and his team to enhance service offerings, create additional value and provide career opportunities for their people”.
“Over the last decade, the commercial property association management industry has evolved to a stage where increasingly, services are being required on a national basis by market leaders, including national procurement, energy efficiency, and other enhanced property service programs. FirstService is not only the leader in residential association management with over 5,700 properties and more than 1.3 million residential units under management; it is also one of the leading global players in commercial real estate through Colliers International. This powerful combination will not only take Mar West to the next level, but will provide another significant growth opportunity as we leverage our best practices and build value for FirstService shareholders.” said Jay S. Hennick, Founder & CEO of FirstService Corporation.