Hunt Real Estate Corp. has acquired a real estate management company so it can start its own division managing properties for clients.
The Buffalo-based real estate brokerage didn't say how much it paid to buy Engineered Facility Solutions, which will be combined with Hunt's existing portfolio of properties owned by the Hunt family to form Hunt Property Solutions LLC.
The new business will work with Hunt Commercial Real Estate to offer more extensive services to its brokerage clients.
The merger does not affect Hunt's sales force of 1,200 licensed agents.
“We have added a new layer of service that we can offer our customers and clients that we have not had before,” said Charles Hunt, executive vice president and chief operating office for Hunt Real Estate, and chief operating officer for Hunt Property Solutions.
Hunt already owns and manages the Brisbane Building in downtown Buffalo, as well as a company office building in the Syracuse suburb of Liverpool and the firm's real estate brokerage offices that range in size from 3,000 square feet to 13,000 square feet.
Founded by William Hibbard in 2005, EFS manages commercial, industrial, retail and health care properties and maintains buildings for clients across the United States and Canada, including Quebecor Printing, Quad Graphics, Bristol-Myers Squibb, Stryker Medical, Hero Beech-Nut and Silgan Plastics. It operates facilities as far away as Illinois, as well as in Toronto.
Locally, it manages Calspan Business Park, Dent Tower, Postmedia, Grand Island Plaza and the Darwin Martin House.
“The benefits to both companies are immediate, with potential for growth in Western New York and across New York State,” said Hibbard, who is president of the new entity.
After the merger, the new HPS will manage a total of 1.8 million square feet locally, but will also focus on acquiring new commercial and industrial properties of various sizes where it can lower expenses and boost tenancy. Charles Hunt said the firm is now bidding for management contracts on "a couple of local properties," but he declined to identify them yet.
"We're not looking to only take on big office buildings or parks," he said. "We look to save the building owner wherever we can."