Toronto's Avison Young has acquired Alcor Commercial Realty, a Vancouver-based commercial real estate management company, for an unspecified price.
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As a result of the deal, Avison Young is adding 37 commercial, retail and industrial properties totaling more than 1.8M SF under management in British Columbia. The addition of the Alcor portfolio brings Avison Young’s total square footage under management in the province to more than 3.9M SF.
Avison Young's total management portfolio in North America includes about 110M SF of retail, industrial and office properties.
Notable properties managed by Alcor included 570 Dunsmuir Street/Queensland Investments, Vancouver; Killarney Centre, Vancouver; 7725 Lougheed Highway, Burnaby; and 3131 Lake City Way, Burnaby.
Founded in 2006 by Aaron Burry, Alcor specialized in property management, acquisition due diligence and consulting, as well as construction and project management. With the acquisition, the Alcor name is going away, to be replaced by Avison Young.
Burry has become a principal of Avison Young, and according to the buyer, he will help expand the company’s property management business in British Columbia. Seven other employees are also joining Avison Young from Alcor.
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