JM Real Estate, Inc., a full-service commercial property management, leasing and sales company based in Brevard County, was acquired by Tzadik Management, an industry-leading, multi-family property management company based in Miami-Dade County and in Sioux Falls, South Dakota.
The acquisition includes management contracts for 60 locations, totaling over 2.5 million square feet of retail, office, medical and industrial-type properties.
“We are thrilled to join our principles with Tzadik Management, a larger management company, and continue to expand outside our local market,” said Jewel McDonald, broker/director of Brokerage Services for JM Real Estate, Inc. “This acquisition allows us to stay competitive with today’s technological advancements in commercial property management and brokerage activities.”
JM Real Estate, Inc., which was founded in 1997, has a current portfolio of approximately 2.5 million square feet and an estimated value of more than $300 million. It has been involved in millions of square feet of acquisitions and dispositions of commercial investment properties, primarily multi-tenant office and retail spaces. The company has also been involved in development projects, and ultimately disposition spanning the full spectrum of commercial investment real estate.
This marks the first acquisition in 2020 for Tzadik Management, a rapidly growing and innovative company. While Tzadik Management currently owns and manages commercial real estate nationwide, this is the first time the company has acquired a commercial brokerage real estate firm. JM Real Estate, Inc., has thrived in its local market of Melbourne, Florida, and Tzadik Management has been successful at expanding and branching into new markets. This acquisition allows for a strong, full-service real estate company, that offers both residential and commercial services.
A few of the projects that Tzadik Management currently manages are Tzadik Bay in Daytona Beach, Florida; and City View Apartments in Omaha, Nebraska.
JM Real Estate, Inc., has recently leased or sold several high-profile properties. These include a new management contract for Shoppes of Minton in West Melbourne; a renewal with Ross Stores and TGI Fridays in the Best Buy Plaza in Melbourne; and significant leases in the Rialto Place Office Tower for L3 Harris in Melbourne.
As the market begins to turn via receivership and third-party opportunities, Tzadik Management is poised to acquire assets. Since being founded in 2007, Tzadik Management has managed more than $1 billion in apartment complexes, over 15 million square feet of commercial real estate, and more than 19,000 units in over 20 states.
In 2020, Tzadik Management will continue to strategically target property management partners whose core values align with its own, while also expanding its real estate investments in the Upper Midwest and other special circumstance acquisitions.
Overseeing the onboarding and transition for the acquisition is Christina Alletto, chief people officer with Tzadik Management and president of JM Real Estate, Inc.
“We look forward to this integration and building on an already stellar reputation,” said Alletto. “Through excellent management, a focus on company culture, and a tech-driven style of operating, we are pleased to bring a new level of automation and customer service to the JM team.”