Avison Young Inc has bought Metrix Realty Group (Ontario) Inc, a property appraisal company based in Richmond Hill, Ontario. No financial terms were disclosed. Avison, a commercial real estate services provider, said the deal expands its valuation and advisory service business-line coverage in the Greater Toronto Area and across Canada. Toronto-based Avison has been a portfolio investment of Canadian private equity firm Tricor Pacifc Capital since 2011. Late last year, Tricor rebranded its fifth fund, Tricor Pacific Capital Partners Fund V, creating a new private equity firm: Parallel49 Equity.
Avison Young acquires Toronto-based appraisal firm Metrix Realty Group (Ontario) Inc.
Purchase expands company’s property valuation services throughout GTA and Canada;
Paul Stewart and Matthew McWatters become Principals; 17 members join
TORONTO, Jan. 4, 2016 /CNW/ – Mark E. Rose, Chair and CEO of Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has acquired Toronto-based property appraisal company Metrix Realty Group (Ontario) Inc.
The purchase further expands Avison Young’s valuation and advisory service business-line coverage across the Greater Toronto Area (GTA) and the rest of Canada. The change in ownership adds 18 employees to Avison Young’s operations. Terms of the acquisition were not disclosed.
Established in 2002, Metrix Ontario is a leader in property valuations and offers clients a broad range of advisory services in the GTA. Metrix Ontario uses recent technological innovations and the most up-to-date financial software to present bold, contemporary appraisal documents.
Metrix Ontario has completed appraisals on a wide range of property types, including office, retail, industrial and multi-family real estate, as well as all types of development land. Clients have included a diverse range of public, private and institutional investors, as well as a wide variety of financial institutions.
Effective immediately, Metrix Ontario is rebranded as Avison Young, and Metrix Ontario Founder and President Paul Stewart and Vice-President Matthew McWatters become Principals of Avison Young.
“We are extremely pleased to announce the acquisition of Metrix Ontario, which is the next step in our ongoing growth in Canada,” comments Rose. “This expansion of our existing property appraisal service-line offering will give us greater capabilities to provide valuation and advisory services to our clients on a local and national basis – something that our clients are asking for. This acquisition is the ideal way to accomplish that goal.”
Rose continues: “Paul Stewart is a respected and recognized expert in his field, and he has assembled a team of trusted professionals at Metrix Ontario. The firm’s collaborative, client-focused culture means that Paul and his team are an ideal fit for Avison Young. By bringing the Metrix Ontario team and its service offerings in-house, we aim to provide a seamless experience and an extra level of convenience to our clients.”
Stewart, a 31-year real estate industry veteran, will lead the GTA valuation and advisory team. He will be responsible for expanding Avison Young’s property appraisal service offerings in all business classes throughout the GTA and assisting with the strategic expansion of Avison Young’s valuation service line across Canada. In addition, Stewart will manage Avison Young’s day-to-day appraisal operations in the GTA and collaborate with other offices across the country.
Also joining Avison Young from Metrix Ontario are: Kristina Armstrong, Mor Levy, Justin McWatters, Michael Parr, Marc Smith, Nicolle Forget, Madison Cowan, Liran Tal, Graham Morrison, Jamie Padda, Zach Read, Stefan Van Houtte, Richard Chen, Benjamin Chen and Andrea Callegari. All of the new additions will eventually be based in Avison Young’s Toronto North office, which is being expanded to accommodate them.
“With the capabilities that Paul and his team bring to the table, this strategic acquisition not only helps us build out our platform of appraisal services in the GTA, but will allow us to provide our clients with the best level of service,” states Mark Fieder, Avison Young’s Chief Operating Officer, Canada. “We welcome Paul and the entire Metrix Ontario team to Avison Young and look forward to collaborating with them as we continue to grow the company in ways that benefit our clients.”
Over the past seven years, Avison Young has grown from 11 to 74 offices and from 300 to more than 2,100 real estate professionals in Canada, the U.S., Mexico and Europe.
“I am excited by the opportunity to bring our team’s experience and commitment to Avison Young,” says Stewart. “At Metrix Ontario, we have worked hard to assemble a team of valuation professionals that is second to none, while maintaining a corporate culture that benefits both our staff and our clients – a culture very similar to that of Avison Young. We couldn’t be more pleased to be joining this Principal-led firm, and look forward to meeting and collaborating with our new colleagues across Canada, the U.S., Mexico and Europe.”
Adds McWatters: “On behalf of the entire team at Metrix Ontario, we look forward to joining Avison Young and contributing our enthusiasm and expertise to the company’s ongoing growth and success – and providing our existing and new clients with the quality service they have come to expect from us.”
Today’s announcement comes on the heels of Avison Young opening a new office in Mexico City on December 2, 2015 and in Memphis, Tennessee on December 7, 2015.
Paul Stewart brings 31 years of commercial real estate industry experience to Avison Young, most recently as the Founder and President of Metrix Realty Group (Ontario) Inc. in Toronto. During his career, he has appraised a wide range of investment-grade commercial property in Canada and the United States. Stewart co-founded Metrix Realty Group (Ontario) Inc. in 2002. He has also worked for The Altus Group, Colliers International in Toronto, and Edward F. Heberger and Associates in Connecticut. He runs a balanced book of business between office, industrial, retail, land and multi-residential valuations.
Matthew McWatters brings to Avison Young more than 10 years of valuation experience with a wide range of property types, including office, retail, industrial and multi-residential properties, as well as special-use facilities. He has worked on valuations across Canada, producing cash flows and financial models for investment properties. McWatters was most recently Vice-President with Metrix Realty Group (Ontario) Inc., where he was responsible for managing a team of appraisers, developing new business and identifying growth opportunities. McWatters holds a Bachelor of Commerce degree in information technology management from Ryerson University. He also completed the Appraisal Institute of Canada’s education program and achieved his AACI designation in March 2015.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,100 real estate professionals in 74 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial and multi-family properties.
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•Sherry Quan, Principal, Global Director of Communications & Media Relations, Avison Young: 604.647.5098; cell: 604.726.0959
•Mark Rose, Chair and CEO, Avison Young: 416.673.4028
•Mark Fieder, Chief Operations Officer, Canada, Avison Young: 416.673-4051
•Paul Stewart, Principal, Avison Young: 905-709-5880 ext 231
•Matthew McWatters, Principal, Avison Young: 905-709-5880 ext 241
Avison Young was a winner of Canada’s Best Managed Companies program in 2011, 2012 and 2013 and has demonstrated its commitment to the program and successfully reapplied for the designation as a Gold Standard winner in 2014.
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